NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Marco C. Sammon

Department of Financce
Kellog School
Northwestern University
2001 Sheridan Rd, Evanston, IL 60208

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Northwestern University, Kellogg School of Management

NBER Working Papers and Publications

November 2017Environmental, Social, and Governance Criteria: Why Investors are Paying Attention
with Ravi Jagannathan, Ashwin Ravikumar: w24063
We find that money managers could reduce portfolio risk by incorporating Environmental, Social, and Governance (ESG) criteria into their investment process. ESG-related issues can cause sudden regulatory changes and shifts in consumer tastes, resulting in large asset price swings which leave investors limited time to react. By incorporating ESG criteria in their investment strategy, money managers can tilt their holdings towards firms which are well prepared to deal with these changes, thereby managing exposure to these rare but potentially large risks.
 
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