An independent think tank that conducts and disseminates research on ESG and finance

Revision & Regnskabsvæsen, 9, 2017: TCFD = IFRS + Klimarisici

Understand how environmental reporting will affect your IFRS report Normally, when you hear about environmental reporting, the company is asked to report how it affects the environment. But what if it is the environment that affects the company and the company's economy? What if the climate agreement from COP21 in Paris 2015, and its requirement [...]

By | September 22nd, 2017|Presse|0 Comments

MSCI: Funds for 2.7 trillion USD in Net Asset Value are exposed to Asset Stranding risk

A confluence of regulatory and non-regulatory factors is driving the adoption of renewable energy and other clean energy technologies globally, while headwinds facing fossil fuels continue to mount. Measuring how one’s investments are positioned relative to this transition towards a low carbon economy can help the end investor understand what long-term bets – intended and [...]

By | September 20th, 2017|New research|0 Comments

Investment Professionals’ Use of Corporate Social Responsibility Disclosures

We conduct an experiment to examine investment professionals’ use of corporate social responsibility (CSR) disclosures when making personal investment decisions or investment recommendations to clients. We predict and find that investment professionals are more willing to personally invest and recommend investment to a client when a firm discloses positive CSR performance than when it makes [...]

By | September 1st, 2017|New research|0 Comments

Corporate Environmental Policy and Shareholder Value: Following the Smart Money

We examine the value consequences of corporate social responsibility through the lens of institutional shareholders. We find a sharp asymmetry between corporate policies that mitigate the firm’s exposure to environmental risk and those that enhance its perceived environmental friendliness (“greenness”). Institutional investors shun stocks with high environmental risk exposure, which we show have lower valuations [...]

By | September 1st, 2017|New research|0 Comments