Publications

We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or...

This paper studies how firms allocate their Corporate Social Responsibility (CSR) expenditures to inform the welfare effects of corporate...

We provide worldwide large-sample evidence of a recent innovation in corporate governance: the voluntary creation of a separate board committee to...

A global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris...

The anti-ESG backlash could have an unexpected upside for European index fund managers.

We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...

We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...

Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major...

We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...

The Financial Reporting Council has got it about right with its revised UK Stewardship Code.

A recent paper from the Net Zero Lawyers Alliance does little to resolve the underlying dilemmas for fiduciaries in relation to climate change.

We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors...

Competitive challenges and regulatory uncertainty associated with the green transition should incentivize firms to innovate and to sway regulatory...

We study bank capital requirements as a tool to address climate-related financial risks and evaluate whether a prudential mandate for bank regulators...