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Bushman’s PhD Seminar Fall 2021
Short Selling, Executive Compensation, Stakeholder Theory/ESG Reporting & Investing
This year we will do three topics. So, the emphasis will be on breadth more than depth. If you are interested in any of these areas, the class will serve as a down payment and set the stage for you to dig deeper into the literature
Short sellers, while often vilified as market manipulators, play a crucial role in policing overvaluation in markets and discovering fraud. In this segment, the emphasis will be on the limits to arbitrage and how short sellers influence the flow of information into markets. Information flows will span firm disclosures, media coverage and disclosures by short sellers under their own names. We will examine the economics of the market for share lending in some detail and consider some deep econometric issues.
Accounting information plays a central role in executive compensation, both in determining payoffs to cash bonus plans and the vesting of equity grants that contain performance-based vesting provisions. There has been a resurgence of interest in this area by accounting and finance researchers. I will give some background, but will focus almost exclusively on recent research. We will consider cash bonus plans, equity grants and executives’ portfolio incentives deriving from their overall holdings of firm-specific stock and options.
It has been 50 years since Milton Friedman published one of the most influential op-eds of the 20th century entitled, The Social Responsibility of Business is to Increase Its Profits. ProMarket recently published “Milton Friedman 50 Years Later” containing 27 articles by the best minds in economics and the law that provide an excellent overview of the diversity of opinions still existing on this topic. The issues involved are often cast as a contest between shareholder primacy and a stakeholder perspective. Under the shareholder primacy view, the main purpose of the business corporation is to make profits for shareholders. In contrast, “stakeholder governance” or “stakeholder capitalism” argue that business organizations must take into account the interests and the role of any group or individual who can affect or is affected by the achievement of an organization’s purpose. For example, under this view it has been posited that (i) the purpose of business should be to produce profitable solutions to problems of people and planet; (ii) the purpose of corporations should be to create value for society—and, by doing so, increase profits as a by-product; (iii) capitalism should be reimagined so that companies embrace a pro-social purpose beyond profit maximization and take responsibility for the health of the natural and social systems. This is a deep and important debate that has important implications for economic freedom, long-run economic growth, political economy, and for accounting.
Think about A=L+OE. Where are the stakeholders’ interests being represented in the central equation of accounting? Directly related to this debate is the ever growing interest in ESG reporting and investing. My objective is to achieve a deeper understanding of the issues underpinning this debate in order to become informed participants in the debate. With the explosion of research in this area, I am also interested in finding the cutting edge of this literature in order to assess future research possibilities.
Session Details
Session 1 Wednesday October 20 12:00pm to 3:00pm
Limits of arbitrage, activist short selling, public disclosure of fraud allegations, demand shifts in the share lending market
Papers for Class Discussion
Diamond and Verrecchia, 1987. Constraints on Short-Selling and Asset Price Adjustment to Private Information. JFE. Lecture Slides
Bushman, Hyun Ahn and Pataoukas, 2021. A market-based approach to assessing the relevance and reliability of activist short sellers’ fraud disclosures.
I will directly refer to these papers, but not formally present them
Ljungqvist, A., and Qian, W., 2016. How Constraining Are Limits to Arbitrage? The Review of Financial Studies, 29(8): 1975-2028.
Cohen, L.H., Diether, K.B., and Malloy, C.J., 2007. Supply and Demand Shifts in the Shorting Market. The Journal of Finance, 62(5): 2061-2096
Reed, A.V., 2015. Connecting Supply, Short Sellers, and Stock Returns: Research Challenges. Journal of Accounting and Economics, 60: 97–103.
Related Literature
Beneish, M.D., Lee, C.M., and Nichols, D.C., 2015. In Short Supply: Short Sellers and Stock Returns. Journal of Accounting and Economics, 60(2-3): 33-57.
Jank, S., Roling, C. and Smajlbegovic, E., 2021. Flying Under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices. Journal of Financial Economics, 139(1): 209-233.
Karpoff, J.M. and Lou, X., 2010. Short Sellers and Financial Misconduct. The Journal of Finance, 65(5): 1879-1913.
Lamont, O.A., 2012. Go Down Fighting: Short Sellers vs. Firms. Review of Asset Pricing Studies, 2(1): 1-30.
Kovbasyuk, S. and Pagano, M., 2020. Advertising Arbitrage. SSRN Working Paper: https://ssrn.com/abstract=2509735
Shleifer and Vishny 1997 “The Limits of Arbitrage.” The Journal of Finance, Vol LII, NO. 1.
Mitts, J., 2020. Short and Distort. Journal of Legal Studies 49 (2020): 287–334.
Zhao, Wuyang, Activist Short-Selling and Corporate Opacity (May 24, 2020). Available at SSRN: https://ssrn.com/abstract=2852041
Brendel, J. and Ryans, J., 2021. Responding to Activist Short sellers: Allegations, Firm Disclosure Choices, and Outcomes. Journal of Accounting Research 59(2): 487-528.
Session 2 Wednesday October 27 12:00pm to 3:00pm
Short selling constraints, information flows through the media and earnings management
Videos ZerosTV 3
Papers for Class Discussion
Engelberg, J.E., Reed, A.V., and Ringgenberg, M.C., 2012. How Are Shorts Informed? Short sellers, News, and Information Processing. Journal of Financial Economics, 105(2): 260-278.
Fang, V.W., Huang, A.H., and Karpoff, J.M., 2016, Short Selling and Earnings Management: A Controlled Experiment. The Journal of Finance, 71(3): 1251-1294.
Bushman, R.M. and Pinto, J., 2021. The Influence of Short Selling on the Production and Market Consequences of Negative Press Coverage. (Coming soon)
I will refer to these papers, but not formally present them
Heath, Davidson and Ringgenberg, Matthew C. and Samadi, Mehrdad and Werner, Ingrid M., 2021. Reusing Natural Experiments. Available at SSRN: https://ssrn.com/abstract=3457525
Di Maggio, Marco and Franzoni, Francesco A. and Massa, Massimo and Tubaldi, Roberto, 2020. Strategic Trading As a Response to Short Sellers. Swiss Finance Institute Research Paper No. 19-23, Available at SSRN: https://ssrn.com/abstract=3357801
Related Literature
Massa, Massimo, Bohui Zhang, and Hong Zhang, 2015. The invisible hand of short selling: Does short selling discipline earnings management? Review of Financial Studies 28: 1701-1736.
Boehmer, E., Jones, C. M., & Zhang, X. (2020a). Potential pilot problems: Treatment spillovers in financial regulatory experiments. Journal of Financial Economics, 135(1), 68-87.
Chu, Y., Hirshleifer, D., & Ma, L. (2020). The causal effect of limits to arbitrage on asset pricing anomalies. The Journal of Finance, 75(5), 2631-2672.
Christophe, S.E., Ferri, M.G., Angel, J.J., 2004, Short-Selling Prior to Earnings Announcements. The Journal of Finance, 59(4): 1845-1875.
Fox, M.B., Glosten, L.R., and Tetlock, P., 2010. Short Selling and the News: A Preliminary Report on an Empirical Study. New York Law School Law Review, 54(3): 645-686.
Session 3 Wednesday November 3rd 12:00pm to 3:00pm
Shareholder primacy perspective, equity incentives, grant strategies
Papers for Class Discussion (Lecture Slides Tirole 2001)
Milton Friedman, 1970. The Social Responsibility of Business is to Increase Its Profits, The New York Times
What Stakeholder Capitalism Can Learn From Jensen and Meckling, 2021. Alex Edmans.
Tirole, Jean, 2001. Corporate Governance. Econometrica, Vol. 69, No. 1 January, 2001, 1-35. Read pages 1-23.
Bushman and Smith, 2001. Financial Accounting Information and Corporate Governance, Journal of Accounting & Economics, Vol. 32, Nos. 1-3, August/October/December 2001. The focus will be on section 2.4 Theoretical framework.
Bushman, Dai and Zhang, August 2021. Equity Grant Strategies and Dynamic Adjustment of CEO Incentives to Target Levels.
I will directly refer to these papers, but not formally present them
Core, J., Guay, W., 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28, 151-184.
Bettis, J., Bizjak, J., Coles, J., and Kalpathy, S., 2018. Performance-vesting provisions in executive compensation. Journal of Accounting & Economics 66 (1), 194-221.
Shue, Kelly and Townsend, Richard R., 2017. How Do Quasi-Random Option Grants Affect CEO Risk-Taking? Journal of Finance.
Shue, Kelly and Townsend, Richard R., 2017. Growth Through Rigidity: An Explanation for the Rise in CEO Pay. Journal of Financial Economics
Armstrong, C., Core, J., Guay, W., 2018. Why do CEOs hold equity? Working paper, Wharton and MIT.
Related Literature
Edmans, Alex and Gosling, Tom and Jenter, Dirk, CEO Compensation: Evidence from the Field (June 30, 2021). European Corporate Governance Institute – Finance Working Paper No. 771/2021, Available at SSRN: https://ssrn.com/abstract=3877391
Hermalin, B., Weisbach, M., 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. FRBNY Economic Policy Review (April), 7-26.
Core, J., Guay, W., Larcker, D., 2003. Executive equity compensation and incentives: A survey. Economic Policy Review (Apr), 27–50.
Bennett, B., Bettis, J., Gopalan, R., and Milbourn, T., 2017. Compensation goals and firm performance. Journal of Financial Economics 124 (2), 307-330.
Chaigneau, Pierre and Edmans, Alex and Gottlieb, Daniel, How Should Performance Signals Affect Contracts? (January 11, 2021). Review of Financial Studies.
Edmans, Alex and Gabaix, Xavier and Jenter, Dirk, Executive Compensation: A Survey of Theory and Evidence (July 17, 2017). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 514/2016, Available at SSRN: https://ssrn.com/abstract=2992287
Session 4 Wednesday November 10th 12:00pm to 3:00pm
Executive Compensation: Cash-based bonus plans and relative performance evaluation
Papers for class discussion (Lecture Slides on Bonus Plans)
Bushman, Robert M., 2021. Cash-based bonus plans as a strategic communication, coordination and commitment mechanism. Journal of Accounting & Economics. Lecture Slides
Guay, W., Kepler, J., and Tsui, D., 2019. The role of executive cash bonuses in providing individual and team incentives. Journal of Financial Economics 133 (2), 441-471.
Bloomfield, M., 2021. Compensation disclosures and strategic commitment: Evidence from revenue-based pay. Journal of Financial Economics, 141 (2), 620-643.
Fershtman, C. and K. L. Judd, 1987. Equilibrium incentives in oligopoly. The American Economic Review, 927-940.
Bloomfield, M. and Gipper, B., and Kepler, J., and Tsui, D., 2021. Cost Shielding in Executive Bonus Plans. Journal of Accounting & Economics, Forthcoming.
Bloomfield, Matthew J. and Guay, Wayne R. and Timmermans, Oscar, 2021. Relative Performance Evaluation and the Peer Group Opportunity Set .
Bloomfield, Matthew J. and Marvão, Catarina Moura Pinto and Spagnolo, Giancarlo, 2021. Relative Performance Evaluation, Sabotage and Collusion.
Related Literature
Bushman, R., Dai, Z., Zhang, W., 2016. Management team incentive: Dispersion and firm performance. The Accounting Review 91, 21-45.
Bloomfield, Matthew J. and Heinle, Mirko Stanislav and Timmermans, Oscar, 2021. Relative Performance Evaluation, Sabotage, and Disclosure.
Feichter, Christoph and Moers, Frank and Timmermans, Oscar, 2021. Relative Performance Evaluation and Competitive Aggressiveness.
Aggarwal, R.K., and A.A. Samwick, 1999. Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. Journal of Finance 54, 1999-2043
Gipper, B., 2021. The Economic Effects of Expanded Compensation Disclosures. Journal of Accounting & Economics, Vol. 70, No. 1.
Armstrong, C., Chau, Y., Ittner, C., and Xiao, J., 2021. Earnings per Share Goals and CEO Incentives. Simon Business School Working Paper No. FR 17-09.
Choi, J., Gipper, B. and Shi, S., 2020. Executive Pay Transparency and Relative Performance Evaluation: Evidence from the 2006 Pay Disclosure Reforms.
Edmans, A., and Fang, V., and Lewellen, K., 2017. Equity Vesting and Investment. Review of Financial Studies, 30(7), 2229-2271.
Gopalan, R., T. Milbourn, F. Song, and A. V. Thakor. 2014. Duration of executive compensation. Journal of Finance 69:2777–2817.
Session 5 Wednesday November 17th 12:00pm to 3:00pm
Shareholder Primacy versus Stakeholder Governance
I will overview the debate on shareholder primacy vs. stakeholder governance. I will also discuss Friedman’s The Social Responsibility of Business is to Increase Its Profits, in the spirit of M&M’s capital structure irrelevance theorem. That is, I will consider the assumptions underpinning Friedman’s conclusions, and then consider the validity of these assumptions. I will rely most heavily on the following materials as the basis for my talk:
Background Materials for my introductory discussion of the issues (Lecture Slides on Stakeholder Theory)
Bebchuk, Lucian A. and Tallarita, Roberto, 2021. The Illusory Promise of Stakeholder Governance. Cornell Law Review, Volume 106, 2020, pp. 91-178.
Milton Friedman 50 Years Later (Zingales (p1); Edmans (p11); Lipton (p22); Bebchuk & Tallarita (p26); Bebchuk et al. (p31); Blair (p38); Hart (p51); Hart and Zingales (p55); Fama (p59); Mayer et al. (p65); Zingales (p128). The whole thing is worth reading!
Business Roundtable: Statement on the Purpose of a Corporation
Highly Recommended
Tirole, Jean, 2001. Corporate Governance. Econometrica, Vol. 69, No. 1 January, 2001, 1-35 (Stakeholder society discussion, pp 23-33).
Jensen, Michael C., 2002. Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly Vol. 12,235-256.
Hart, Oliver D. and Zingales, Luigi, 2017. Companies Should Maximize Shareholder Welfare Not Market Value. Journal of Law, Finance, and Accounting, 2: 247–274
Macey, Jonathan R., 2021. ESG Investing: Why Here? Why Now? George Mason University Law & Economics Research Paper Series.
Grow the Pie: How Great Companies Deliver Both Purpose and Profit, 2020. by Alex Edmans
Papers for Class Discussion
Raghunandan, Aneesh and Rajgopal, Shivaram, 2021.Do Socially Responsible Firms Walk the Talk?
Bertrand, Marianne and Bombardini, Matilde and Fisman, Raymond and Trebbi, Francesco, 2020. Tax-Exempt Lobbying: Corporate Philanthropy as a Tool for Political Influence. American Economic Review, VOL. 110, NO. 7, 2065-2102.
Other Literature
Dewatripont, Mathias and Jean Tirole. 2020. The Morality of Markets and the Nature of Competition. Unpublished paper.
Bebchuk, Lucian A. and Kastiel, Kobi and Tallarita, Roberto, 2021. For Whom Corporate Leaders Bargain. Southern California Law Review, Vol. 93.
Cheng, Ing-Haw and Hong, Harrison G. and Shue, Kelly, 2020. Do Managers Do Good with Other Peoples' Money?
Flugum, Ryan and Souther, Matthew, 2021. Stakeholder Value: A Convenient Excuse for Underperforming Managers?
"Investing in influence: Investors, portfolio firms, and political giving" 2020. Bertrand et al.
Hall of Mirrors: Corporate Philanthropy and Strategic Advocacy, 2021. Bertrand et al., The Quarterly Journal of Economics, 2021
Henderson, R, and Van den Steen, E. 2015. Why do firms have “purpose”? The firm's role as a carrier of identity and reputation. AER, 105(5), 326-330.
Davidson, Robert, Aiyesha Dey, and Abbie Smith, 2019. "CEO Materialism and Corporate Social Responsibility." Accounting Review 94, no. 1.
Videos
Friedman Speech: Is Capitalism Humane?
Ayn Rand Talks: What is Capitalism? Capitalism vs. Communism
Session 6 Wednesday November 24 12:00pm to 3:00pm
Measurement and disclosure of ESG
The ESG Industrial Complex: Saving the planet or the rise of corporatism? (Lecture Slides on ESG and Corporatism)
Cochrane, John, 2021. A convenient myth: Climate risk and the financial system
Darwall, Rupert, 2021. Climate-Risk Disclosure: A Flimsy Pretext for a Green Power Grab
Darwall, Rupert, 2021. Capitalism, Socialism and ESG
Counting the Shareholder Out: When the Ruling Class Changes the Rules
Coates, John C., 2018. The Future of Corporate Governance Part I: The Problem of Twelve. Harvard Public Law Working Paper No. 19-07.
Financial Stability Board, 2021. FSB Roadmap for Addressing Climate-Related Financial Risks
Financial Stability Board, 2021. Report on promoting climate-related disclosures
Omarova, Saule T., 2021. The People’s Ledger: How to Democratize Money and Finance the Economy. Vanderbilt Law Review 1231.
Papers for Class Discussion
Khan, Mozaffar and Serafeim, George and Yoon, Aaron, Corporate Sustainability: First Evidence on Materiality, 2017. The Accounting Review, Vol. 91, No. 6, pp. 1697-1724., Available at SSRN.
Berchicci, Luca and King, Andrew A., 2021. Materiality and Corporate Sustainability: A Model Uncertainty Analysis. Available at SSRN:
Christensen, Dane M. and Serafeim, George and Sikochi, Anywhere, 2021. Why is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings. The Accounting Review.
Berg, Florian and Kölbel, Julian and Rigobon, Roberto, 2020. Aggregate Confusion: The Divergence of ESG Ratings. Available at SSRN.
Review papers
Christensen, Hans Bonde and Hail, Luzi and Leuz, Christian, 2021. Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review. Available at SSRN.
Grewal, Jyothika and Serafeim, George, 2020. Research on Corporate Sustainability: Review and Directions for Future Research. Foundations and Trends® in Accounting: Vol. 14: No. 2, pp 73-127, 2020.
Giglio, Stefano and Kelly, Bryan T. and Stroebel, Johannes, 2021. Climate Finance. Annual Review of Financial Economics Vol. 13:15-36.
Stroebel, J., and J. Wurgler, 2021. What do you think about climate finance? Journal of Financial Economics 142(2), 487-498.
The Battle over Measurement; Extending the Accounting Model
Accounting for Climate Change by Robert S. Kaplan and Karthik Ramanna
Heroic Accounting, 2021. Andrew A. King & Kenneth P. Pucker. Stanford Social Innovation Review
A Framework for Product Impact-Weighted Accounts by George Serafeim and Katie Trinh
Accounting For Organizational Impact by David Freiberg, Katie Panella, George Serafeim, and T. Robert Zochowski
The Role of Accounting and Auditing in Addressing Climate Change, Center for American Progress.
The New Separation of Ownership and Control: Institutional Investors and ESG. Columbia Business Law Review 2021(2).
Measuring What Counts: The Global Movement for Well-Being, Stiglitz, Fitoussi and Durand.
False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet, Bjorn Lomborg Power Hour Interview ; Hoover Interview ; JBP Interview
Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It Matters, Steven E. Koonin
Apocalypse Never: Why Environmental Alarmism Hurts Us All. Michael Shellenberger. Podcast interview Tedx talk1 Tedx Talk 2
How to Think About Climate Change. William Happer
Carbon Disclosure
Bolton et al., 2021. Mandatory Corporate Carbon Disclosures and the Path to Net Zero
Bolton, Patrick and Kacperczyk, Marcin T., 2021. Do Investors Care about Carbon Risk? Journal of Financial Economics (JFE), Volume 142, Issue 2, 517-549.
Bolton, Patrick and Kacperczyk, Marcin T., 2021. Signaling through Carbon Disclosure. Available at SSRN.
Aswani, J., Raghunandan, A., Rajgopal, S., 2021. Are Carbon Emissions Associated with Stock Returns? Columbia Business School Research Paper.
Limits to Private Climate Change Mitigation, 2021. Dalya Elmalt ; Divya Kirti ; Deniz O Igan. IMF Working paper No. 2021/112.
Other Literature
Callahan, Michael and Larcker, David F. and Tayan, Brian, 2021.The General Counsel View of ESG Risk. Rock Center for Corporate Governance at Stanford
Larcker, David F. and Tayan, Brian and Watts, Edward, 2021. Seven Myths of ESG. Rock Center for Corporate Governance at Stanford University Working
Eccles, R., and Lee, L., Stroehle, J., 2019. The Social Origins of ESG: An Analysis of Innovest and KLD. Organization & Environment
Friedman, Henry L. and Heinle, Mirko Stanislav and Luneva, Irina. 2021. A Theoretical Framework for Environmental and Social Impact Reporting .
Kotsantonis, S., Serafeim, G., 2019. Four Things No One Will Tell You About ESG Data. Journal of Applied Corporate Finance 31 (2), 50-58.
Grewal, J. and Hauptmann, C., Serafeim, G., 2020. Material Sustainability Information and Stock Price Informativeness Journal of Business Ethics.
Busco, Cristiano and Consolandi, Costanza and Eccles, Robert G. and Sofra, Elena, 2020. A Preliminary Analysis of SASB Reporting: Disclosure Topics, Financial Relevance, and the Financial Intensity of ESG Materiality. Journal of Applied Corporate Finance, Vol. 32, Issue 2, 2020.
GAO-20-530 Environmental, Social, and Governance Disclosures. U.S. Government Accountability Office.
Session 7 Wednesday December 1st 12:00pm to 3:00pm
ESG and Impact Investing
Papers for Class Discussion
Cohen, Lauren and Gurun, Umit G. and Nguyen, Quoc, 2021. The ESG - Innovation Disconnect: Evidence from Green Patenting. European Corporate Governance Institute – Finance Working Paper No. 744/2021.
Berk, Jonathan B. and van Binsbergen, Jules H., 2021. The Impact of Impact Investing. Stanford University Graduate School of Business Research Paper
Hartzmark, Samuel M. and Sussman, Abigail B., 2019. Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows. Journal of Finance. Volume 74, Issue 6, 2789-2837
Flammer, Caroline, 2021. Corporate Green Bonds. Journal of Financial Economics
Law and Economics Perspective
Macey, Jonathan R., 2021. ESG Investing: Why Here? Why Now?. George Mason Law & Economics.
Review papers
Atz, Ulrich and Liu, Zongyuan Zoe and Bruno, Christopher and Van Holt, Tracy, 2021. Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions.
Impact Investing
Lo, Andrew W. and Zhang, Ruixun, 2021. Quantifying the Impact of Impact Investing. Available at SSRN.
Barber, Brad M. and Morse, Adair and Yasuda, Ayako, 2021. Impact Investing. Journal of Financial Economics Volume 139, Issue 1, 162-185.
Jeffers, Jessica and Lyu, Tianshu and Posenau, Kelly, 2021. The Risk and Return of Impact Investing Funds.
Burton, et al., 2021. The Project on Impact Investments' Impact Investment Database. Harvard Business School
Asset Pricing
Bolton, Patrick and Li, Tao and Ravina, Enrichetta and Rosenthal, Howard, 2020. Investor Ideology. Journal of Financial Economics 137, 2, 320-352.
Exit vs. Voice, 2020. Eleonora Broccardo, Oliver Hart, and Luigi Zingales.
Berg, Florian and Kölbel, Julian and Pavlova, Anna and Rigobon, Roberto, 2021. ESG Confusion and Stock Returns: Tackling the Problem of Noise.
Pedersen, and Fitzgibbons, and Pomorski, 2020. Responsible Investing: The ESG-Efficient Frontier. Journal of Financial Economics
Gibson, Rajna and Krueger, Philipp and Schmidt, Peter Steffen, 2019. ESG Rating Disagreement and Stock Returns .
Serafeim, George and Yoon, Aaron, 2021. Which Corporate ESG News does the Market React to? Financial Analysts Journal.
Green Bonds
Larcker, David F. and Watts, Edward, 2020. Where's the Greenium? Journal of Accounting and Economics Volume 69, Issues 2–3, April–May.
Lu, Shirley, 2021.The Green Bonding Hypothesis: How do Green Bonds Enhance the Credibility of Environmental Commitments? Available at SSRN.
Other Literature
Tariq Fancy, 2021. The Secret Life of a Sustainable Investor; Capitalisn’t podcast interview; The Hypocrisy of ESG Investing.
Heath et al., 2021. Does Socially Responsible Investing Change Firm Behavior? SSRN.
Friedman, Henry L. and Heinle, Mirko Stanislav, 2015. Taste, Information, and Asset Prices: Implications for the Valuation of CSR. Review of Accounting Studies, Forthcoming, Available at SSRN.
The Importance of Climate Risks for Institutional Investors, Philipp Krueger, Zacharias Sautner, Laura T Starks, The Review of Financial Studies, Volume 33, Issue 3, March 2020, Pages 1067–1111,
Cornell, Bradford and Damodaran, Aswath, 2020. Valuing ESG: Doing Good or Sounding Good? NYU Stern School of Business. Damodaran blog: Musings on Markets 1 Musings on Markets 2 Video: Doing good or Sounding Good: A Skeptical Look at ESG!
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