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

The Impact of Top Executive Gender on Asset Prices: Evidence from Stock Price Crash Risk

We examine the implication of executive gender on asset prices. Using a large sample of US public firms during 2006--2015, we find a negative association between female CFOs and future stock price crash risk. However, the impact of female CEOs on crash risk is not statistically significant. The results support the notion that CFOs play [...]

By | January 29th, 2018|New research|0 Comments

The Burden of Attention: CEO Publicity and Tax Avoidance

We use search volume index (SVI) for a CEO’s name and stock ticker from Google Trends to measure CEO publicity, and examine the competing hypotheses on its relation to tax avoidance. On the one hand, CEOs who receive more attention from retail investors may engage in tax evasion activities to meet investors’ performance expectations; on [...]

By | January 29th, 2018|New research|0 Comments

Moderating Powerful CEOs through Improved Governance

This paper interfaces with two controversies in the literature: how to reign in powerful CEOs, and whether and when shareholders gain governance mandates, such as those in the Sarbanes-Oxley Act (SOX) of 2002 and NYSE/NASDAQ listing rules. We use the concurrent passage of the Sarbanes-Oxley Act (SOX) of 2002 and NYSE/NASDAQ listing rule changes as [...]

By | January 29th, 2018|New research|0 Comments

An Analysis of Oil & Gas Company Disclosures from the Perspective of the TCFD

We conducted a type of “field experiment” to evaluate how difficult it will be for companies to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) published in June of 2017. These recommendations are based on the four categories of governance, strategy, risk management, and targets and metrics. Beneath these are 11 [...]

By | January 29th, 2018|New research|0 Comments

New analysis of the Danish ESG reporting

FSR – danske revisorer (Danish Auditor Association) has published an analysis of the status of the non-financial reporting for all the listed Danish companies with more than 500 employees. The analysis showed many interesting insights – one of them being that, in general, there is a need for increased robustness to the reporting. If the [...]

By | January 13th, 2018|New research|0 Comments

04.01.2018 Berlingske: Article on ESG for pension funds – three different stages

In this article in the Danish national paper Berlingske Business, Center for ESG Research shows the 3 stages of ESG activities that pension funds can go through - where the Danish pension funds in general only have reached the first stage of negative screening, which has a lot of drawbacks. But what could they do [...]

By | January 8th, 2018|Presse|0 Comments

Center for ESG Research launches Integrated Ratio Guideline

How do you measure CO2 or Employee Turnover Ratio? Which integrated metrics can Number of Full Time Employees be part of? Can you combine share price with pollution? How do you report on compensation in a useful way? - and how should that be used for by the investors? Are there ways to report non-financial [...]

By | January 1st, 2018|Ikke kategoriseret, Presse|0 Comments