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

About Jane Jagd

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So far Jane Jagd has created 55 blog entries.

Corporate ESG Profiles and Investor Horizons

Questions and debate surround institutional investor preferences regarding the Environmental, Social and Governance (ESG) profiles of their portfolio firms. To address these issues, we examine changes in their portfolios and find that preferences for corporate ESG depend critically on investor horizons: Investors with longer horizons tend to prefer higher-ESG firms, while short-term investors prefer the [...]

By | November 18th, 2017|New research|0 Comments

The Effects of Environmental, Social and Governance Disclosures and Performance on Firm Value: A Review of the Literature in Accounting and Finance

This paper not only attempts to survey the burgeoning literature on environmental, social and governance disclosures and performance and their effects on firm value, but its focus also lies on highlighting stylised observations coming from the most recent work that has not yet become part of the ‘conventional wisdom’ in the field. In addition, it [...]

By | November 18th, 2017|New research|0 Comments

How global is international CSR research?

While studies on international corporate social responsibility (CSR) have expanded significantly, their true global nature can be questioned. We systematically review 494 articles in 31 journals over a 31-year period. We assess the embeddedness of CSR in international management/business (IB); analyze the coverage of developing, emerging, and developed countries; map the literature thematically; summarize key [...]

By | November 18th, 2017|New research|0 Comments

MSCI: Out of Whack – U.S. CEO Pay and Long-term Investment Returns

Last year, MSCI asked whether pay packages given to U.S. chief executive officers reflected long-term shareholder returns and found they did not.1 The bottom fifth of companies by equity incentive award outperformed the top fifth by nearly 39% on average on a 10-year cumulative basis. That study looked at awarded pay — of which 60%-70% [...]

By | October 6th, 2017|New research|0 Comments

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

UNGC Canada: Designing an anti-corruption compliance program

The 10th Principle of the UN Global Compact states, “Businesses should work against corruption in all its forms, including extortion and bribery.” Corruption, as the Global Compact recognizes, is corrosive to local communities, hinders economic development and perverts free markets. It is a driver of poverty and conflict, and is directly antithetical to the rule [...]

By | August 30th, 2017|New research|0 Comments

ESG Risks and the Cross-Section of Stock Returns

This paper studies the effect of ESG risks on shareholder value, using data from RepRisk to measure the risk exposure of a firm to ESG incidents. A firm has high ESG risks when it had many ESG incidents in the past. This paper shows that a portfolio of these firms generates negative stock returns over [...]

By | July 18th, 2017|New research|0 Comments