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The Journal of Impact and ESG Investing最新文献

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Editor’s Letter 编辑的信
The Journal of Impact and ESG Investing Pub Date : 2023-05-31 DOI: 10.3905/jesg.2023.3.4.001
Brian R. Bruce
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引用次数: 0
To Net or Not to Net, That Is the Question: A Regulatory Review for Calculating the ESG Impact of Hedge Fund Portfolios 净还是不净，这是一个问题:计算对冲基金投资组合的ESG影响的监管审查
The Journal of Impact and ESG Investing Pub Date : 2023-04-25 DOI: 10.3905/jesg.2023.1.074
J. Mitchell
{"title":"To Net or Not to Net, That Is the Question: A Regulatory Review for Calculating the ESG Impact of Hedge Fund Portfolios","authors":"J. Mitchell","doi":"10.3905/jesg.2023.1.074","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.074","url":null,"abstract":"Sustainable finance regulation has largely overlooked alternatives, particularly hedge funds, given the greater complexity of strategies and asset classes. However, regulators are now expanding their scope to recognize the role that hedge funds can play in sustainable finance. The role of short selling in sustainable finance, especially in a net zero context, has been increasingly discussed and debated among regulators, market participants, investor initiatives, investor trade organizations and ESG data providers. There is a concern that hedge funds may intentionally or unintentionally employ short selling to misrepresent their real-world impact which is distinct from exposure to financial risk. This article summarizes these arguments and traces the signals from UK, US, and European regulators. It contributes to the discourse by providing considerations to the channels of influence, specifically the efficacy of short selling among different asset classes to affect the cost of capital; the time-varying aspect of short selling; and the limitations that short sellers face when engaging corporates. Last, the EU—as the regulator with the most mature regulatory framework—appears to establish a compromise that balances safeguards against greenwashing with the mechanics of portfolio management and reporting.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122178411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Greenwashing or Definitional Disagreement? Coming to Terms with Sustainable Investing 漂绿还是定义上的分歧?接受可持续投资
The Journal of Impact and ESG Investing Pub Date : 2023-04-11 DOI: 10.3905/jesg.2023.1.072
Jon N. Hale
{"title":"Greenwashing or Definitional Disagreement? Coming to Terms with Sustainable Investing","authors":"Jon N. Hale","doi":"10.3905/jesg.2023.1.072","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.072","url":null,"abstract":"Greenwashing is perceived to be a problem for sustainable investing. In a relatively new and rapidly growing field, however, claims of greenwashing are often less about asset managers misleading investors and more about unsettled definitional disagreements. Investors should be aware of this when encountering greenwashing claims and develop an understanding of the three main rationales for sustainable investing: values alignment, ESG integration, and impact. By providing investors the means to evaluate sustainable investments and their own sustainability preferences, this can reduce the mismatch between investor expectations and what sustainable investing products deliver, thereby reducing the perception that greenwashing is rampant.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130269375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the Performance of Portfolios Based on ESG Ratings 基于ESG评级的投资组合绩效研究
The Journal of Impact and ESG Investing Pub Date : 2023-04-11 DOI: 10.3905/jesg.2023.1.071
Jorge Alfaro, Arturo Cifuentes
{"title":"On the Performance of Portfolios Based on ESG Ratings","authors":"Jorge Alfaro, Arturo Cifuentes","doi":"10.3905/jesg.2023.1.071","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.071","url":null,"abstract":"The enthusiasm for structuring ESG-compliant investment portfolios has grown hand-in-hand with the confusion regarding what ESG actually means. Given this situation, this study investigates whether there is a relationship between ESG ratings (in this case provided by MSCI and S&P) and financial performance, based on either return or risk. Using three rank order metrics (Hamming distance, Spearman footrule, and Kendall Tau rank distance), as well as pairwise comparisons based on total return and the CVaR, we find no evidence of any clear relationship between ESG ratings and performance. Hence, ESG ratings, at least at present, do not seem to offer any clear guidance to investors wishing to incorporate ESG criteria into their investing process.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131495720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can the Homo Economicus Save the World? Finding the Sweet Spot between Greenwashing and Greenblushing 经济人能拯救世界吗?在“漂绿”和“羞绿”之间找到平衡点
The Journal of Impact and ESG Investing Pub Date : 2023-04-11 DOI: 10.3905/jesg.2023.1.073
François Marchessaux, Mathieu Vaissié
{"title":"Can the Homo Economicus Save the World? Finding the Sweet Spot between Greenwashing and Greenblushing","authors":"François Marchessaux, Mathieu Vaissié","doi":"10.3905/jesg.2023.1.073","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.073","url":null,"abstract":"ESG risk scores of European public companies have improved since the ESG wave took off, but the evolution remains modest and, to a certain extent, in trompe l’oeil (i.e., the overall quantity of ESG risk is still on a rising trend and the environmental dimension keeps on lagging behind the other two). The good news, though, is that we do find some anecdotal evidence that investors could have started, at least in some sectors, to discriminate among companies based on their ESG profiles. The challenge today is clearly to shift gears. Unfortunately, if the homo economicus seems at first sight to have significant room to improve its ESG risk profile, its capacity to accompany, let alone drive, the transition of our socioeconomic system toward sustainability is much more questionable, at least for now, given the ESG characteristics of listed companies. This is a gentle reminder, to all the agents in the system, that we are still far away from the objective, and that they/we are all part of the solution.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123194209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do ESG ETFs “Greenwash”? Evidence from the US Market ESG etf“洗绿”了吗?来自美国市场的证据
The Journal of Impact and ESG Investing Pub Date : 2023-04-06 DOI: 10.3905/jesg.2023.1.070
Gerasimos G. Rompotis
{"title":"Do ESG ETFs “Greenwash”? Evidence from the US Market","authors":"Gerasimos G. Rompotis","doi":"10.3905/jesg.2023.1.070","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.070","url":null,"abstract":"This article investigates whether the US-traded exchange traded funds (ETFs) applying environmental, social, and governance investing principles (ESG) are involved in “greenwashing” tactics. Greenwashing implies that a “green” company or a fund needs to make consumers and investors believe that they are doing more to protect the environment than they actually do. Twenty-four ESG ETFs are examined with data from the inception of each fund up to June 30, 2022. A simple research approach is employed. First, the correlations of ETFs with the S&P 500 Index are calculated. Corresponding betas are estimated too. Then, the portion of the S&P 500 companies with severe or high Morningstar ESG risk scores included in each ESG ETF’s holdings is calculated. The findings reveal a high correlation of ESG ETFs with the S&P 500 Index for the majority of ETFs in the sample. In addition, 25% of the examined ETFs invest a significant portion of their assets in S&P 500 companies with high or severe ESG risk. The latter finding could be indicative of greenwashing behavior on behalf of ETFs that are supposed to be doing their best to protect the environment and serve the society and the investment community.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115671923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Greenwashing and Divestment: The Hidden Problem in an Old Sustainable Finance Strategy 漂绿与撤资:旧的可持续金融战略中的隐藏问题
The Journal of Impact and ESG Investing Pub Date : 2023-04-05 DOI: 10.3905/jesg.2023.1.068
Tom Johansmeyer
{"title":"Greenwashing and Divestment: The Hidden Problem in an Old Sustainable Finance Strategy","authors":"Tom Johansmeyer","doi":"10.3905/jesg.2023.1.068","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.068","url":null,"abstract":"Divestment has been demonstrated to be an ineffective tool for diverting capital flows, and within the context of the fossil fuel sector, it amounts to nothing more than greenwashing. Despite the fact that divestment is generally popular—and that fossil fuel divestment is believed to be the most effective divestment campaign attempted—the practice of divestment actually attracts capital to the targeted sector, rather than impeding its flow. The act of divestment necessarily entails simultaneous investment by another party, to buy the asset that is being divested by the seller. This process not only fails to achieve sustainable finance goals, but it can result in new incentives for the buyer to improve the asset being purchased, which could conceivably make the fossil fuel problem worse. Running off assets can be much more effective than divestment, in that the approach develops a plan for removing the offending asset from the market. On its own, though, divestment is clearly a form of greenwashing.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126985570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
ESG Fund Usage among Individual Investor Households: A Machine Learning–Based Behavioral Study ESG基金在个人投资者家庭中的使用:基于机器学习的行为研究
The Journal of Impact and ESG Investing Pub Date : 2023-02-28 DOI: 10.3905/jesg.2023.3.3.028
Thomas J. De Luca, D. Mehta
{"title":"ESG Fund Usage among Individual Investor Households: A Machine Learning–Based Behavioral Study","authors":"Thomas J. De Luca, D. Mehta","doi":"10.3905/jesg.2023.3.3.028","DOIUrl":"https://doi.org/10.3905/jesg.2023.3.3.028","url":null,"abstract":"Interest in environmental, social, and governance (ESG) investing has increased substantially in recent years. Still, little research has demonstrated how ESG funds are being incorporated into portfolios by individual investor households. In this article, the authors explore a unique dataset containing the demographic and portfolio characteristics of more than five million households and identify those holding an ESG fund. Using an unsupervised machine learning technique called K-prototype clustering, the authors find five unique types of investors who have incorporated ESG mutual funds and/or ETFs into their portfolios. The authors then test to what extent incorporating ESG funds biases traditional portfolio construction decisions and find that ESG households have a strong growth tilt compared with similar non-ESG households. The research serves as a foundation for further study into the motivations behind, and portfolio implications of, implementing any of the identified ESG investment strategies.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115511126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Editor’s Letter 编辑的信
The Journal of Impact and ESG Investing Pub Date : 2023-02-28 DOI: 10.3905/jesg.2023.3.3.001
Brian R. Bruce
{"title":"Editor’s Letter","authors":"Brian R. Bruce","doi":"10.3905/jesg.2023.3.3.001","DOIUrl":"https://doi.org/10.3905/jesg.2023.3.3.001","url":null,"abstract":"","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122219655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
ESG and Quality Are Not the Same ESG和质量不是一回事
The Journal of Impact and ESG Investing Pub Date : 2023-02-22 DOI: 10.3905/jesg.2023.1.067
A. Behringer, R. Bush, Jascha Dahlhaus, Irina Sidorovitch
{"title":"ESG and Quality Are Not the Same","authors":"A. Behringer, R. Bush, Jascha Dahlhaus, Irina Sidorovitch","doi":"10.3905/jesg.2023.1.067","DOIUrl":"https://doi.org/10.3905/jesg.2023.1.067","url":null,"abstract":"There is a perception from some investors that ESG and quality approaches are either very similar or that claims of ESG outperformance might in fact be capturing an unintended exposure to the well-documented quality factor instead. The authors enter the debate on this topic by using a 3 × 3 framework to further analyze ESG and quality in the main equity regions, arguing the following: (1) that ESG can be deconstructed into three metrics—E (environmental), S (social), and G (governance); (2) that quality can broadly be thought of as representing three features of corporate performance—profitability, growth, and stability; and (3) that these relationships can usefully be examined across the three main equity regions—North America, Europe, and the emerging markets. The authors report nuances from this more granular approach.","PeriodicalId":213872,"journal":{"name":"The Journal of Impact and ESG Investing","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123995357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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