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Moscan, Nicola <1994>. "Sustainable Investing: ESG Mutual Funds Performance." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15128.
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Sustainability has become an integrating part of our society as the world faces significant issues related to pollution and resources mismanagement. The finance sector has not been spared. In fact, new forms of investments have been divulgated, following the investors’ growing demand for sustainable products. This study aims at analyzing the performance of ESG (“Environmental, Social and Governance”) mutual funds, comparing them with a sample of conventional open-end funds. Our data belong to the 2008-2018 period, with a specific focus on European and American equity-focused funds. Funds whose activity ceased during the selected time-window have been excluded to get rid of the survivorship bias. Multifactor models are the designated tool through which we seek to give empirical evidence to our results. In particular, we are going to exploit two models, the well known Carhart 4-factor model, and the Fama and French 5-factor model. Moreover, we are attempting to integrate an additional “ESG” factor which accounts for the sustainability component. The final part of the paper comments the results of the regressions, with the goal of offering a clear picture of which results that investors should expect when sustainable-wise components have been integrated into the investment strategy.
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Latino, Carmelo <1994>. "The environmental, social and governance (ESG) investing landscape." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15961.
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Questo lavoro contribuisce alla discussione sugli investimenti ambientali, sociali e di governance (ESG), con l'intenzione di formare un'analisi completa di questo fenomeno. La tesi utilizza una visione olistica per identificare gli ostacoli e le opportunità di investimento. La prima parte della ricerca si concentra sull'affidabilità delle agenzie di rating ESG. Particolare attenzione viene data alla convergenza dei risultati offerti da queste agenzie, evidenziando la mancanza di una definizione accettata a livello globale di investimenti ESG come una tassonomia chiara ed estesa. La seconda parte si concentra sulle prestazioni e sul ruolo di questa classe di investimenti nel campo della gestione patrimoniale. Per quanto riguarda le prestazioni, le ricerche precedenti non hanno ancora mostrato consenso. Questo studio suggerisce diversi approcci e prove empiriche per mostrare la sovraperformance degli investimenti ESG rispetto agli investimenti "non ESG" negli ultimi otto anni. Inoltre, attraverso analisi di portafoglio, saranno analizzati gli effetti del rating ESG sul rendimento delle obbligazioni societarie e sulla struttura del capitale delle società, aprendo le porte a ulteriori ricerche. Infine, grazie alla collaborazione di Crèdit-Agricole Italia, sono stati intervistati esperti nel settore della gestione patrimoniale per disegnare sviluppi e scenari futuri.
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Bortoletto, Emanuele <1994>. "ESG a new boundary for hedge fund investing." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/17174.
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In questo lavoro viene analizzata una tematica che ormai dal 2010 ha un ruolo fondamentale e sempre più importante nel mercato: gli investimenti ESG (Environmental, Society and Governance). Oggi non è più abbastanza soffermarsi sull’ analizzare la mera performance finanziaria di un investimento, ma è altresì necessario valutare il suo impatto sociale e le esternalità che genera. È opinione diffusa che l’integrazione dei criteri ESG può migliorare il profilo rischio/rendimento dei portafogli. L’ attenzione viene focalizzata sugli investitori istituzionali più rilevanti, in particolare sugli Hedge Funds, che si servono delle loro abilità finanziarie avanzate per trarre i vantaggi più ampi da questi strumenti. La prassi conferma che i caratteri ESG sono sfruttabili dalle imprese per rendere qualitativamente meglio nel lungo periodo, riuscendo a sviluppare una maggiore resilienza alle crisi grazie a rendimenti nella media superiori ai concorrenti. Le strategie di investimento sostenibili presentano un rischio di tracking error più alto, se gestite con riferimento ai benchmark tradizionali, ovvero non conformi ai criteri ESG. Nella parte finale vengono analizzati due fondi d’ investimento che operano su aree geografiche diverse, per poi farne un confronto sulla base dei dati analizzati con i principali indicatori di performance economica.
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Boffo, Riccardo <1995>. "ESG Investing: Performances and impact in Italy and U.S." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/18123.
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This Master’s thesis analyses performances of Environmental, Social and Governance (ESG) portfolios built through specific investment approaches in different geographical regions (Italy and U.S.). The intention is to understand how certain ESG investment strategies affect portfolio performances and how these compare to the benchmark portfolio. Moreover, the work aims to study how the application of these criteria affects the sustainability of these portfolios through an analysis of selected environmental, social and governance metrics.
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Ammann, Reto. "ESG Integration Among Large Nordic Institutional Asset Owners : Mapping Large Nordic Institutional Asset Owners’ Approaches to Sustainability and ESG Integration in the Investment Process." Thesis, KTH, Hållbar utveckling, miljövetenskap och teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-256486.
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Traditional investing is mainly concerned with creating a financial return on investment for the investor and hence disregards other non-financial issues such as adverse environmental and societal impacts. This negligence of negative impacts in the investment process is beginning to be addressed with the emergence of environmental, social, and governance (ESG) investing, socially responsible investing (SRI), and other sustainable investing types. Therefore, this thesis aims to establish if and how large Nordic institutional asset owners integrate sustainability and ESG concerns into their respective investment processes. Moreover, a secondary goal is to determine what type of investing the current investment processes of the seasset owners resembles most. The thesis utilizes a qualitative methodology in order to gather the necessary data-points. All the information in this thesis comes from publicly available sources such as annual reports and sustainability reports. The study found that the asset owners analyzed utilize ESG integration in their investment processes. The asset owners have specific guidelines that pertain to ESG issues, and screen for non-compliance to ensure that investments with potentially detrimental effects on society are excluded from their respective portfolios. Aminority of the asset owners also utilizes best-in-class screening to identify investments with the strongest ESG performance. Hence, the asset owners, in general, are located between SRI and ESG investing on the motivation spectrum.
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Rezec, Michael. "Alternative approaches in ESG investing : four essays on investment performance & risk." Thesis, University of St Andrews, 2016. http://hdl.handle.net/10023/8127.
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ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.
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Berg, Edvin, and Karl Wilhelm Lange. "Enhancing ESG-Risk Modelling - A study of the dependence structure of sustainable investing." Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-266378.
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The interest in sustainable investing has increased significantly during recent years. Asset managers and institutional investors are urged to invest more sustainable from their stakeholders, reducing their investment universe. This thesis has found that sustainable investments have a different linear dependence structure compared to the regional markets in Europe and North America, but not in Asia-Pacific. However, the largest drawdowns of an sustainable compliant portfolio has historically been lower compared to the a random market portfolio, especially in Europe and North America.Intresset för hållbara investeringar har ökat avsevärt de senaste åren. Fondförvaltare och institutionella investerare är, från deras intressenter, manade att investera mer hållbart vilket minskar förvaltarnas investeringsuniversum. Denna uppsats har funnit att hållbara investeringar har en beroendestruktur som är skild från de regionala marknaderna i Europa och Nordamerika, men inte för Asien-Stillahavsregionen. De största värdeminskningarna i en hållbar portfölj har historiskt varit mindre än värdeminskningarna från en slumpmässig marknadsportfölj, framförallt i Europa och Nordamerika.
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Grundström, Gustav, and Isabelle Miedel. "Sustainable Investing : On the relation between sustainability rating and greenhouse gas emissions." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185219.
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Sustainability and finance should go hand in hand. A financial system that supports sustainablegrowth is necessary for the transition to a carbon-free society. Environmental, Social andGovernance (ESG) is a sustainability performance measurement used worldwide. Previousresearch within the ESG area has mainly focused on ESG score and financial performance.Environmental performance gets more attention from investors, and the Nordic countries areall in the top five when it comes to sustainability ranking. This research examines the relationbetween sustainability ratings (E score and ESG score) in the Nordic countries as well as if therelation differs between different rating agencies. To study the relationships, a regressionanalysis was performed, and we could not draw any concrete conclusions whether low CO2emissions are associated with a higher E- or ESG score in the Nordic countries. The resultindicates that a high E- or ESG score does not seem to be associated with lower CO2 emissions.A significant result was found on the fact that the E- and ESG scores relation to CO2 aredifferent between rating agencies. However, full access to one of the rating agencies has notbeen granted, which entails some limitations and further research on the questions isrecommended.
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Dahlberg, Linnea, and Frida Wiklund. "ESG Investing In Nordic Countries : An analysis of the Shareholder view of creating value." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149988.
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ESG ratings have become a recognised sustainability performance measurement throughout the world. The Nordic countries Sweden, Finland, Denmark, and Norway are ranked top four in the world when it comes to ESG ratings. However, do investors in these countries recognise the sustainability performance of the firms in their investment decisions? The purpose of this study was to see if Nordic investors value ESG factors, by testing for a relationship between high ESG ratings and corporate financial performance. To be able to fulfil this purpose, several multiple regression models were conducted on data for a time-span between 2007-2017 on 108 firm observations and 995 firm-year observations. Corporate financial performance was represented by the dependent variables Tobin’s Q and Return on Assets as measurements for market and accounting performance respectively. The results showed a significant positive relationship between several ESG ratings and market performance, while no significantly positive, nor negative, relationship could be found between accounting performance and ESG ratings. Based on the results from the tests, conclusions were drawn that Nordic investors do value ESG ratings when choosing their investments, indicating that companies can benefit from having good sustainability policies. This thesis challenges the classical view of profit maximisation being the ultimate interest of shareholders, as it shows a positive relationship between ESG and financial market performance. The results indicate that investors take more factors into consideration in their investment decisions than only financial accounting returns. Therefore, conclusions have been made that the Stakeholder theory better explains value creation than the Shareholder theory does. This because the Stakeholder theory emphasises that firms maximise value by taking all stakeholders affected by their business cycle into account, not only the shareholders. Furthermore, based on the results, this thesis concludes that Nordic investors’ interests are in line with the society’s interests as they do value ESG ratings when investing. No previous study on the topic has been conducted on the Nordic market, thus this study fills a research gap on the relationship between financial performance and corporate sustainability.
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Heger, Levin, and Lisa Åkerman. "Momentum in ESG Indexes : A study on the passive capital flows effect on ESG stock prices." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185265.
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The aim with this thesis is to investigate whether increased capital flows to ESG screened indexes create higher price-to-earnings (P/E) ratios and momentum in the included stocks during the chosen time period of three years, from 2018 to 2020. The thesis will evaluate the capital flows to ESG indexes and compare both performance and P/E ratios between those and their corresponding Mother indexes. The study will also look at the development of capital flows, performance and P/E ratios separately in the four chosen geographical indexes; Global, Europe, US and Emerging Markets. The theoretical framework goes through four relevant subjects for this study; passive investing, ESG, momentum and the P/E ratio. The study has shown that the capital flows in all four ESG indexes increased during the chosen time period. Moreover, it could be proven that three out of four ESG indexes outperformed their Mother indexes, namely, Global, Europe and Emerging Markets. In the U.S. the Mother index outperformed the ESG index. Three out of four geographical indexes also had a higher increase in the average P/E ratio than their mother indexes. Here, the Global market stood out as the one that had a lower increase in P/E ratio than its Mother index. Lastly, regression analyses were made to see the relationship between the variables capital flows, average P/E ratios in the indexes and the performance of the indexes. The study showed significantly that capital flows is the explanatory variable for the increased P/E ratios on the European ESG index. However, for the other indexes no significant correlation could be proved. This led to an interesting discussion and conclusion, and also left us with a question mark. What is the reason behind this result on the European market, and why was it not possible to see any significant correlation on the other markets? Further research in this field is needed and some ideas are discussed in the last chapter of the thesis.
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Andersson, Kajsa, and Simon Mårtensson. "ESG investing in the Eurozone : Portfolio performance of best-effort and best-in-class approaches." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-161407.
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The last decades have seen a rapid increase of sustainable investing, also known as ESG (Environmental, Social and Governance) investing. There has also been an increasing body of academic literature devoted to whether investors can gain any financial benefits from taking ESG under consideration. Previous literature of portfolio performance in terms of risk-adjusted returns has given much of its attention to best-in-class approaches, which is a strategy that selects top performers in ESG within a sector or industry. The purpose of this study is foremost to investigate a best-effort approach to ESG investing, which is a strategy that focuses on the top improvers in ESG. The purpose is further to compare this with a best-in-class approach, since the findings from earlier studies of this strategy still are inconsistent. The region chosen to perform this study in is the Eurozone. Several theories that have implications for portfolio studies and abnormal returns are taken under consideration in relation to the study and its findings. This includes the efficient market hypothesis, the adaptive market hypothesis and modern portfolio theory. The theoretical framework also cover asset-pricing models and the notions of risk-adjusted returns. A quantitative study with a deductive approach are used to form portfolios, with a Eurozone index as the investable universe. Best-effort and best-in-class portfolios as well as difference portfolios of the two approaches are created, based on ESG data and different cut-off rates for portfolio inclusion. As for risk-adjusted performance measure, the Carhart four-factor model are used. The overall results are mostly insignificant findings in terms of abnormal returns. However, three best-effort portfolios based on the top ESG improvers show significant positive abnormal returns. These findings are strongest for the environmental and social factor. As for the best-in-class approach, only the governance portfolios provided weakly significant results in terms of abnormal returns. Further, the study is not able to significantly distinguish between a best-effort and a best-in-class approach when it comes to risk-adjusted performance. The exception is the environmental factor based on the top performers in each approach, where the best-effort portfolio outperforms the best-in-class portfolio. Finally, none of the portfolios provided significant negative risk-adjusted returns. This can at least be considered as good news for ESG investing, since it indicates that investors do not have to sacrifice risk-adjusted returns in order to invest in a more sustainable way.
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Gelotte, Kevin. "A comparison between ESG funds and traditional funds from a sustainable perspectiv." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-121901.
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During recent years many fund managers have merchandised their funds as accounting for “ethical”, “responsible” and “sustainable” criterions during the investment process (the generic term “ESG funds” will be used hereafter). These managers have used this as a marketing tool and claimed that this brings added value to their investors. However, it has been very hard for investors to actually determine if the fund managers have been following these announced “ESG” criterions and strategies. In addition to this there have been a lot of discussions around whether or not funds that incorporate “ESG” criterions during their investment process sacrifice return in order to fulfill their obligations. During March this year Morningstar launched the first independent rating that aims to evaluate how the underlying holdings in fund, i.e. companies in which the fund own shares, manage environmental, social and governance (ESG) matters. By analyzing the underlying holdings from the aspects mentioned above, Morningstar has been able to aggregate this information into a sustainability measure for funds. This new sustainability measure has been named Morningstar Sustainability Rating™, which is a rating for how sustainable a fund is. This thesis address questions regarding how ESG funds, or rather funds that market themselves as ESG funds, tend to have different attributes compared to traditional funds in the Nordic countries Sweden, Denmark, Finland and Norway. The specific attributes that has been examined are relative fund flows, total returns, risk-adjusted ratings and sustainability ratings. The results suggest that ESG funds do not show a difference in Sustainability Ratings compared to traditional funds. Furthermore, it could be verified that ESG funds in some cases generate higher relative fund flows compared to traditional funds. It has also been confirmed that these ESG funds actually outperforms traditional funds from a total return perspective.
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Hörnmark, Pontus. "Responsible Investments: Should Investors Incorporate ESG Principles When Investing in Emerging Markets? : With Descriptions from Sub-Saharan Africa." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26732.
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The aim of this thesis is to test whether incorporating principles of responsible investment will have an impact on financial performance when investing in emerging markets. A developed market is included to bring up potential structural differences between emerging and developed markets. Principles of responsible investment suggested by the UN concerns environmental, social, and governance (ESG) issues. The financial performance of highly rated ESG portfolios was evaluated by using the capital asset pricing model (CAPM) and the Fama French 3-factor model. Alpha has been used as the performance measurement. Results reveal that incorporating principles of responsible investment by using a best-in-class approach generates statistically significant and positive alphas in emerging markets, while the developed market of the U.S generates an insignificant alpha.
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Malmlund, Alexander. "The Financial Incentives to Adopting Corporate Social Responsibility and Socially Responsible Investing Practices." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2103.
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As corporate social responsibility and socially responsible investing practices have increased substantially over the past decade, the possible financial advantages have been examined in great depth. Utilizing firms from the S&P 500 I have investigated the possible outperformance of accounting based and market based measures. I did this by examining the relationship between ESG scores, a common measure of CSR level, and the following dependent variables: return on assets, total risk, systematic risk, and idiosyncratic risk. I obtained strong evidence that an increase in CSR levels are correlated with an increased return on assets.
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Reich, Anna Lisa, and Christian Sass. "Responsible Investing in Exchange-Traded Funds : An empirical analysis of information obstacles faced by retail investors." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-296569.
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In the context of the Sustainable Development Goals and the Paris Agreement, the European Union has devised a sustainable finance strategy that relies on the engagement of both institutional and private investors in responsible investing to deliver on those goals. Several studies have found high interest in responsible investing among retail investors, but a relatively low engagement therein. Research up to this point on the responsible investing experience of retails investors has not established a clear cause for the gap between interest and engagement and has particularly neglected the increasingly popular investment type of exchange-traded funds (ETFs). This thesis therefore aims to shed light on the obstacles that prevent retail investors from investing in responsible ETFs. The research is organized by a five-stage framework for the responsible ETF investing process that identifies potential obstacles in the first three process stages problem recognition, information search, and evaluation of alternatives. An empirical analysis was performed by means of an online survey of European retail ETF investors and non-ETF investors (n = 101). The results indicate that the majority of retail investors experience a gap between their interest and engagement in responsible ETF investing. The most difficult stage of the responsible ETF investing process appears to be the evaluation of alternatives. Incomparability of information on responsible ETFs and a lack of labels and standardization present obstacles that impair investors’ ability to evaluate different options for responsible ETFs. The incomparability of information can be ascribed to the divergence of environmental, social and governance (ESG) ratings. The survey further found a high support among ETF investors for the planned standardizations and regulations by the EU and increased willingness to invest in responsible ETFs if these measures are implemented. These findings emphasize the role of regulations in facilitating responsible investing and pave the way for more comprehensive studies on the information needs and obstacles of European retail ETF investors.Inom ramen för målen för hållbar utveckling och Parisavtalet har Europeiska unionen utformat en hållbar finansstrategi som bygger på att både institutionella och privata investerare engagerar sig i ansvarsfulla investeringar för att uppnå dessa mål. Flera studier har visat stort intresse för att göra ansvarsfulla investeringar bland privatinvesterare, men ett relativt lågt engagemang däri. Forskning som är aktuell om privatinvesterare erfarenheter har inte visat någon tydlig orsak till klyftan mellan intresse och engagemang och har särskilt försummat den alltmer populära investeringstypen av börshandlade fonder (ETF). Avhandlingen syftar därför till att belysa de hinder som hindrar privatinvesterare från att investera i ansvarsfulla ETF:er. Forskningen är organiserad av ett femstegsramverk för den ansvarsfulla ETF-investeringsprocessen som identifierar potentiella hinder i de tre första processtegen för problemigenkänning, informationssökning och utvärdering av alternativ. En empirisk analys utfördes med hjälp av en online-undersökning av europeiska ETF-investerare och icke-ETFinvesterare (n = 101). Resultaten visar att majoriteten av privatinvesterare upplever ett gap mellan deras intresse och engagemang för ansvarsfull ETF-investering. Det svåraste steget i den ansvariga ETF-investeringsprocessen verkar vara utvärderingen av alternativ. Ojämförbarheten mellan information om ansvarsfulla ETF:er och brist på klassificering och standardisering utgör betydande hinder som försämrar investerarnas förmåga att utvärdera olika alternativ för ansvariga ETF:er. Informationens ojämförbarhet kan tillskrivas skillnaderna mellan miljömässiga, sociala och styresmässiga (ESG) betyg. Undersökningen fann vidare ett stort stöd bland ETF-investerare för EU:s planerade standardiseringar och regler och ökad vilja att investera i ansvarsfulla ETF om dessa åtgärder genomförs. Dessa resultat betonar regelverkets roll för att underlätta ansvarsfulla investeringar och banar väg för mer omfattande studier om informationsbehov och hinder för europeiska ETF-privatinvesterare.
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Blandford, Nicholas, Timothy Nash, and André Winter. "Strategic Sustainable Investing : Recognizing Value in Transitional Leadership." Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2265.
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Institutional Investors own a large share of publicly traded companies, controlling a significant amount of the economy‟s working capital. These investors currently use little or no sustainability-related information to make their decisions, reinforcing a loop of increasingly unsustainable growth. This paper puts forward a new investment strategy that recognizes true movement towards sustainability and its link with bottom line benefits for investors: Strategic Sustainable Investing (SSI). To achieve this desired future, Institutional Investors must be able to recognize corporations that are strategically leading the transition towards sustainability. An Analysis Tool was developed to help address this need by identifying sectoral Emerging Sustainability Issues (ESI) using a consensus-based scientific definition of sustainability. Once ESIs are identified, companies‟ strategies regarding each issue are assessed. This Tool was scrutinized by a panel of experts in the financial and sustainable development industries, and was tested on three companies within the Unconventional Oil & Gas Sector in Canada. Results confirmed the usefulness of a tool that can recognize which companies are leading the sustainable development agenda, and identified the need for future research on the financial materiality of sustainability-oriented actions.
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Chowdhury, Rubab, and Louise Holming. "The art of making a sustainable decision : Svenska Venture Capitals ESG strategier vid investering i tech." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-445979.
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Venture Capitals and early stage companies are of fundamental importance for how the market operates and develops. In the last decade more focus has been put on the ESG strategies and governance of organizations. However, ESG is a relatively new and complex research area in which ignorance and measurement problems have led to inconsistency in applications of ESG concepts and strategies. Based on empirical data consisting of qualitative document analysis and interviews with Swedish Venture Capitals this thesis aims, from theoretical perspectives within decision-making and ESG strategies, to investigate which ESG strategies are used among Swedish Venture Capitals investing in tech, and how these are applied in, are weighted and impact the decision-making process. The result shows that the decision making process can be assumed to be based on bounded rationality tinged by fragmented application of ESG concepts and strategies in which diversity and CO2 impact are prioritized focus areas. The common perception was also that investing in tech created a natural aligning to ESG. Active Ownership, Positive- and Negative screening are the central strategies that were applied with the aim to develop and manage the lack of information and the risks that follows with early stage investing.Venture Capitals och early stage bolag är av fundamental betydelse för hur marknaden fungerar och utvecklas och under det senaste årtiondet har större fokus riktats mot organisationers ESG strategier och styrning. ESG är dock ett relativt nytt och komplext forskningsområde där okunskap och mätningsproblematik har lett till att begrepp och strategier tillämpas inkonsekvent. Utifrån empiri baserad på kvalitativ dokumentanalys och intervjuer från svenska Venture Capitals avser denna studie, utifrån teoretiska perspektiv inom beslutsfattande och ESG strategi, att undersöka vilka ESG strategier som används bland svenska Venture Capitals och hur de tillämpas, viktas och påverkar beslutsfattandet vid investeringar i tech. Resultatet visade att beslutsprocessen kan antas baseras på begränsad rationalitet präglad av fragmenterad tillämpning av ESG begrepp och strategier där jämställdhet och CO2 påverkan var prioriterade fokusområden. Den gemensamma bilden var även att investering i tech skapade en naturlig förankring till ESG. Active ownership, Positive- och Negative screening var de centrala strategierna som tillämpades i syfte att utveckla och hantera den informationsbrist och de risker som medföljde early stage investering.
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Amankwah, George, and Viyu Harrison Abonge. "Investigating Environmental, Social and Governance (ESG) considerations in Venture Capital & Private Equity firms: A study in US and UK venture capital industry." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-45293.
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Environmental, Social and Governance (ESG) issues are becoming more and more significant for comprehensive evaluation of companies responsible investing activities. Over the years, the growth in corporate responsibility to the society and policies towards environmental consciousness has necessitated the need for comprehensive ESG integration into investment decision-making process and the impact of such activities on company‟s financial performance. Although, studies suggest that there is an increasing trend in ESG considerations among large-cap companies and public investors, little have been written about the link with private investors. Venture capital and private equity investors have an important role in shaping current innovative companies to become future leaders in the market and therefore posses the ability to influence entrepreneurs towards sustainability by incorporating ESG issues in their investment selection processes. This study sought to find out if venture capital and private equity investors consider ESG issues in their activities and if so, do cultural and institutional contexts in which they operate have any effect on their considerations? We have used two of the most advanced venture capital and private equity industries in the world – USA and UK to analysed the response of this sector to ESG issues. Essential ESG factors have been coded using content analysis method for 122 companies from both countries relating to how they practise and integrate environmental, social and corporate governance issues into their investment decision process. Statistical multivariate analysis was conducted with SPSS to analyse data gathered. Our findings revealed that in general venture capital and private equity investors are responding to calls for ESG considerations in their activities, with almost all studied companies reporting some form of ESG issues on their corporate website. However, majority of them are just at the initial stage of mentioning with little information on how it is been used as part of investment selection criteria. Results of the study also show that, investors in environmental related products and services (Cleantech) have higher levels of ESG considerations than other investors. An indication that investor‟s who finance innovative companies that provide solutions to current environmental problems do impact more positively on society. In addition, findings also confirmed earlier studies that differences in cultural and institutional contexts between countries do affect behaviour and values of companies. Thus, a country with strong regulations and incentives towards sustainability will impact on corporate culture that will increase ESG considerations among venture capital and private equity investors. Therefore, our study concluded that there is an appreciable levels of ESG consideration among venture capital and private equity investor‟s, however investors need to increase their considerations by committing more resources to environmental solutions and social issues such as clean technologies and community philanthropy.
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Åman, Antti, and Toni Åman. "ESG-betygs inverkan på riskjusterad avkastning : En granskning av finansiella bolag i norden." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-32792.
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Syfte: Företagens påverkan på samhället kopplat till ansvarsfulla investeringar är inget nytt. De senaste årens ökade kapitalflöden från en bred samling investerare mot hållbara investeringar leder fram till den här studiens syfte: Syftet med uppsatsen är att genom en uppdelning av nordiska finansiella bolag i portföljer utifrån ESG-betyg undersöka om ESG-betyget påverkar den riskjusterade avkastningen i de olika portföljerna. För att svara på denna högaktuella fråga genomför författarna i studien en tidsresa bakåt i tiden bland tongivande forskare, och, i flera fall nobelprisvinnares finansiella teorier för att finna svar. Önskan är att binda samman dessa med 2020-talets investerare och dess frågeställning om hållbara kapitalplaceringar. Metod: Genom en kvantitativ forskningsansats avser denna att studie att kontrollera om det finns ett samband mellan finansiella bolags ESG-betyg och den riskjusterade avkastningen under perioden 2011 till 2020. Totalt analyseras 48 bolag med ESG-betyg och 84 bolag utan betyg. Resultat och slutsats: Studien visar inget tydligt samband mellan ESG-betyg och riskjusterad avkastning för nordiska finansiella bolag. Examensarbetets bidrag: Studien bidrar till forskningsområdena CSR, ESG-betyg och hållbara investeringar genom att visa på att dessa inte har något tydligt samband till varandra. Det praktiska bidraget visar att fondinvesterare inte bör betala en premie för hållbara fonder samt att det står aktieinvesteraren fritt att välja mellan finansiella bolag med eller utan ESG-betyg. Förslag till fortsatt forskning: Det föreslås att forska vidare på ämnet insiderhandel kopplat till hållbarhet, för att se om företagsledning agerar opportunistiskt på information rörande hållbarhet på ett liknade sätt som vid finansiell information.Purpose: The link between the impact of corporations on society when it comes to responsible investing is no new thing. The latest years increased capital flows from a wide range of investors to sustainable investing leads to the purpose of this study; The purpose is to investigate how ESG score is impacting the risk adjusted return in a range of portfolios based on the ESG score of the underlying companies. To answer this current question the writers are making a time travel backwards to see what the theories of renounced, and sometimes Nobel Prize awarded, scientists can tell. Then connect these theories with the investors of 2020 and their questions on sustainable investing. Method: Through a quantitative research approach, this study intends to check whether there is a connection between financial companies' ESG score and the risk-adjusted return they provide during the period 2011 to 2020. A total of 48 companies with ESG score and 84 companies without score are analyzed. Result & Conclusions: The study shows no clear relationship between ESG score and risk-adjusted return for Nordic financial corporations. Contribution & Conclusions: The study contributes to the research areas CSR, ESG score and sustainable investments by showing that these have no clear connection to each other. The practical contribution shows that fund investors should not pay a premium for sustainable funds and that it shows that stock investors can freely choose between financial companies with or without ESG score. Suggestions for future research: It is suggested to study the field of insider trading linked to sustainability, to see if that information is valued in the same way as financial information.
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Andersson, Emil, and Mahim Hoque. "The Causal Relationships Between ESG and Financial Asset Classes : A multiple investment horizon wavelet approach of the non-linear directionality." Thesis, Linköpings universitet, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-159650.
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This thesis investigates if Environmental, Social and Governance (ESG) investments can be considered as an independent asset class. As ESG and responsible investing has increased substantially in recent years, responsible investments have entered the portfolios with other asset classes too. Therefore, there is a need in studying ESG investment properties with other financial asset classes. By collecting daily price data from October 2007 to December 2018, we research the directionalities between ESG, ethical, conventional, commodities and currency. Initially, we employed a MODWT, multiscale investment horizon wavelet analysis transformation of the data. The decomposed wavelet data is then applied in pairwise linear and non-linear Granger causality estimations to study the directionality relationships dependent on investment horizon. Additionally, econometric filtering processes have been employed to study the effects of volatility on directionality relationships. The results mainly suggest significant directionality relationships between ESG and the other asset classes. On the medium-term investment horizon, almost all estimations indicate strict bidirectionality. Thus, on the medium-term, ESG can be said to be integrated with the other asset classes. For the long-term horizon, most relationships are still predominantly bidirectional between ESG and all other asset classes. The biggest differences are found on the short-term horizon, with no directionality found between ESG and commodities that cannot be explained by volatility. Furthermore, most directionality relationships also disappear when controlling for the volatility transmission between ESG and currency on the short-term horizon. Thus, our findings suggest significantly more integration between ESG and ethical and conventional as bidirectionality overwhelmingly prevails regardless of investment horizon. As previous research has found similarities between ethical and conventional as well as ESG having similar characteristics to commodities as conventional and ethical, we suggest that ESG should be considered as being integrated and having strong similarities with other equities. Thus, it should be treated as being part of the conventional equity asset class. Deviations from bidirectionality could be caused by ESG variable specific heterogeneity. However, despite our rejection of ESG as an independent asset class, it still carries significant potential as it excludes firms with climate-harming practices, thereby helping in combating climate-related as well as social and governance issues the world is facing.
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Wong, Victor (Siew Howe). "The Effect on Portfolio Performance of Diversification into Socially Responsible Investments: Evidence from an Australian context." Thesis, Griffith University, 2011. http://hdl.handle.net/10072/365432.
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Socially responsible investment (SRI) has grown significantly in the last ten years.
Many international organizations have become increasingly involved in the movement
towards SRI. The move towards SRI investing is being driven by institutions such as the
United Nations Principles for Responsible Investing whose membership of financial
institutions, including asset owners and institutional investors, holds assets totalling
US$13 trillion. This growth was promoted further by the 2006 launch of the Principles
for Responsible Investment (PRI), with an agreement by leading pension funds, asset
managers and consultants to develop new strategies to embed environmental, social and
governance issues (ESG-issues). The tremendous growth has caught the attention of
investors and fund managers that are seeking alternative assets and markets to improve
their portfolio performance. There are claims, based on recent evidence, that SRI can
provide investors’ portfolios with better returns. The thesis aims to investigate this
claim.
The thesis examines the effect of diversifying into SRI in terms of risks and returns
from the perspective of an Australian investor, on the performance of a portfolio
consisting of stocks and bonds. In examining this aim, the thesis first identifies and
evaluates the performance of the optimal SRI portfolio which consists of Australian and
international SRI assets. Subsequently, the thesis constructs an optimal portfolio
consisting of stocks, bonds and SRI based on the identified SRI portfolio, whose
performance is then examined. In pursuit of the objective, the thesis conducts three
interconnected studies. Firstly, an analysis of the inter-linkages between the Australian
and other SRI markets worldwide. Secondly, an examination of the impact of
international diversification on the performance of SRI portfolios based on an
Australian perspective. Thirdly, an investigation of the impact of diversification into
SRI assets on the performance of a portfolio of stocks and bonds.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Pettersson, Matilda. "Påverkar inklusion i hållbarhetsindex aktiekurser? : En eventstudie om Dow Jones Sustainability Index North America." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-417083.
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Den här uppsatsen har undersökt hur offentliggörandet av en inkludering eller exkludering ur Dow Jones Sustainability Index North America (DJSI NA) har påverkat bolagets aktiekurs. Detta för att studera relationen mellan hur bolag presterar ur hållbarhetssynpunkt mot hur de presterar finansiellt. DJSI NA har använts som riktmärke för hur bolag presterar ur ett samhällsperspektiv. En eventstudie har använts som metod, för att undersöka förekomsten av abnormal avkastning till följd av den årliga annonseringen av indexets komponentlista under åren 2017–2019. Studien finner flera signifikanta resultat där nollhypotesen angående att inkludering eller exkludering från DJSI NA inte påverkar en akties avkastning kan förkastas. Resultatet ger dessutom en konkret insikt i hur avkastning för inkluderade bolag utvecklats från 2017 till 2019. Ett starkt positivt signifikant resultat för 2019 kan möjligen visa på att DJSI NA stärker bolagens hållbara identitet och därmed blir av intresse för kapitalförvaltare.This thesis has explored how the announcement of an inclusion or exclusion from the Dow Jones Sustainability Index North America (DJSI NA) affect stock price. This was done to further investigate the relation between sustainability performance and corporate financial performance. DJSI NA has been used as a benchmark on companies’ sustainability performance. An event study methodology has been conducted to examine the occurrence of abnormal returns due to the annual announcement of DJSI members, during the years 2017- 2019. The findings reveal several significant results where it is possible to reject the null hypothesis that inclusion or exclusion from DJSI NA does not affect stock price. The results also give a substantial insight on the development of abnormal returns from 2017-2019. A strong significant result for 2019, could possibly show that DJSI NA enhances companies’ sustainable identity and is therefore of interest to asset managers.
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Johannesson, Gustav, and Martin Westport. "Sambandet mellan Corporate Social Performance och finansiell risk : - En kvantitativ studie som undersöker nordiska företag." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-75421.
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Examensarbete, Civilekonomprogrammet, Ekonomihögskolan vid Linnéuniversitetet Författare: Gustav Johannesson och Martin Westport Handledare: Andreas Stephan Medbedömare: Anna Stafsudd Titel: Sambandet mellan Corporate Social Performance och finansiell risk - En kvantitativ studie som undersöker nordiska företag Bakgrund: Företags sociala ansvar har ständigt funnits på företagsagendan under senaste åren efter ökade globala utmaningar och större påtryckningar från intressenter. Man kan se allt större risker som är kopplade till företags hållbarhetsarbete. Med bakgrund till detta finns det ett stort intresse och en uppåtgående trend kring hållbara investeringar där Norden är ledande inom området. Syfte: Studiens syfte är att förklara sambandet mellan Corporate Social Performance, både på en sammanslagen och individuell nivå, och finansiell risk. Metod: Genom den deduktiva forskningsansatsen och den kvantitativa forskningsstrategin som är baserad på paneldata testar författarna sina hypoteser. Författarna bygger sina hypoteser på intressentteorin och riskhanteringsteorin som testas med ett nordiskt urval på 144 företag under tidsperioden 2002-2016. Slutsats: Studiens resultat visar att det finns ett negativt samband mellan Corporate Social Performance och finansiell risk. Det finns även ett negativt samband mellan företags sociala prestationer och finansiell risk. Detta är i linje med författarnas förväntningar. Däremot visar resultatet inga samband mellan företags miljömässiga och styrningsmässiga prestationer och deras finansiella risk.Degree Project, The Business Administration and Economics Programme, School of Business and Economics at Linnaeus University Authors: Gustav Johannesson and Martin Westport Supervisor: Andreas Stephan Co-assessor: Anna Stafsudd Title: The relationship between Corporate Social Performance and Financial Risk - A quantitative study that examines Nordic companies Background: Corporate Social Responsibility has been on the corporate agenda in recent years following increased global challenges and greater pressure from stakeholders. One can see more risks associated with corporate sustainability. This has led to a great interest globally and an upward trend in Socially Responsible Investing where the Nordic region is at the leading edge. Purpose: The purpose of the study is to explain the relationship between Corporate Social Performance, both at a combined and an individual level, and financial risk. Method: Through the deductive research approach and the quantitative research strategy that is based on panel data, the authors test their hypotheses. The authors base their hypotheses on stakeholder theory and risk management theory and test them with a Nordic sample of 144 companies over the period 2002-2016. Conclusion: The study results show that there is a negative relationship between Corporate Social Performance and financial risk. There is also a negative relationship between social performance and financial risk. This is in line with the authors’ expectations. However, the results show no relationship between companies’ environmental and governance performance and their financial risk.
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Kjellberg, Annie, and Fleur Linssen. "How Non-Financial Environmental And Social Factors Influence An Impact Investors Decision To Invest." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447214.
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With a growing risk of food insecurity in the face of extreme population growth, the world is in need of hands-on solutions that could combine a significant increase in food production while decreasing the effects of agriculture on the environment. Such a solution could be provided through cultivating staple crops in Indoor Vertical Farming facilities, however, due to its high expenses, these developments have stagnated, lacking financial support. As this financial support could be provided by Impact Investors, this thesis explores the relevance of non-financial factors and how they relate to the financial returns as well as how much it influences an Impact Investors decision to invest. The primary data was collected through a quantitative survey, including a fictional scenario based upon the cultivation of wheat in an Indoor Vertical Farming. The results were analyzed and interpreted through the lens of the Willingness to Pay concept and the Rational Choice Theory.The results showed that in the case of this study, the respondents were most willing to pay for the factors water, yield, and emissions. However, regardless of the positive impact of these factors, they lacked the influence to get them to commit to the presented scenario as they still prioritized financial returns as the base of decision. Lastly, another prominent driver behind the investors likelihood to invest was found to be age, where younger investors were much more likely to invest than the older respondents.Med en ökande risk för livsmedelsosäkerhet parallellt med extrem befolkningstillväxt behöver världen praktiska lösningar som kan kombinera en betydande ökning av livsmedelsproduktionen utan ökad belastning på miljön från intensifierat jordbruk. En sådan lösning kan tillhandahållas genom odling av stapelgrödor i vertikala jordbruksanläggningar inomhus, men på grund av dess höga kostnader blir denna utveckling stagnerad på grund av saknat ekonomiskt stöd. I och med att en möjlig väg att säkra ekonomiska stöd kan tillhandahållas av Impact Investors undersöker denna avhandling relevansen av icke-finansiella faktorer och hur de relaterar till den finansiella avkastningen samt hur mycket det påverkar ett Impact Investors beslut att investera. De primära uppgifterna samlades in genom en kvantitativ enkätundersökning, baserat på ett fiktivt scenario om odling av vete i ett vertikalt jordbruk inomhus. Resultaten analyserades och tolkades genom perspektiven 'Willingness to Pay' och 'Rational Choice Theory'. Resultaten visade att respondenterna i den här studien var mest villiga att betala för faktorerna vatten, avkastning och utsläpp. Oavsett de positiva effekterna av dessa faktorer saknade de dock tillräckligt inflytande för att få investerarna att helt engagera sig i det presenterade scenariot eftersom de fortfarande prioriterade ekonomisk avkastning som främsta beslutsunderlag. Slutligen visade sig att en annan framstående drivkraft bakom investerarnas sannolikhet att investera var ålder, där yngre investerare var mycket mer benägna att investera än de äldre respondenterna.
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Söderström, Gustaf, and Anton Pettersson. "What does it cost to be green? : An empirical investigation of the European green bond market." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414387.
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The green bond market offers investors the opportunity to take an explicit focus on sustainable investment projects. However, it is yet to be determined whether this novel asset class offers attractive yields compared to non-green bonds. To address this question, we study European green bonds and how they diverge from conventional bonds in terms of yields. Using a dataset of 88 matched pairs of European green bonds between 2015 and 2019, we document a significant negative green bond premium of -12 bps on average in the secondary market. The green bond premium is defined as the yield differential between a green and a conventional bond while controlling for liquidity. The results suggest that European investors accept a lower financial return in exchange for receiving non-pecuniary benefits and thus challenging the assumptions of classical asset pricing models. Furthermore, we use a matching method and two-step regression to control for liquidity and identify the determinants of the green bond premium. The results show that the negative green bond premium is less pronounced for lower-rated bonds. Moreover, we find support for variations in the green bond premium across different business sectors. Government-related green bonds experience a greater negative green bond premium than green bonds related to financials and industrial corporates.
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Xavier, Vanessa Barbieri. "Investiga??o sobre compostos vol?teis de esp?cies de Baccharis nativas do Rio Grande do Sul." Pontif?cia Universidade Cat?lica do Rio Grande do Sul, 2011. http://tede2.pucrs.br/tede2/handle/tede/3189.
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Previous issue date: 2011-11-21The species of Baccharis spp. (Compositae) are an important source of research to investigation new active ingredients for medicinal natural products. Thus, this work presents a proposition of research on volatile compounds of three native species of Baccharis (Baccharis anomala DC, Baccharis dentata (Vell) G. M. Barroso and Baccharis uncinella DC) collected in january and may of 2011, in S?o Francisco de Paula (RS) in Centro de Pesquisa e Conserva??o da Natureza Pr?-Mata (CPCN Pr?-Mata). For this, it was performed the extraction of essential oil by steam distillation, the analysis by gas chromatography-mass spectrometry (GC/MS), olfactometry analysis (GC/FID/O) and qualitative evaluation of antimicrobial activity against S. aureus, S. choleraesuis, P. aeruginosas, C. albicans, A. niger, C. parapsilosis, C. neoformans, Rh. stolonifer, F. solani e A. Oryzae using the bioautography indirect method. Moreover, it was performed the mathematical modeling of extraction process by steam distillation, based on mass transfer, which was applied to correlate the experimental data of yield versus time of volatile oil. The results showed that the time of the collection has influence on the compositions of essential oils, but a little influence on the yield. The mathematical model applied were correlated the experimental data. The essential oils of Baccharis anomala and Baccharis uncinella can be used as disinfectants. The analysis of GC/MS and GC/FID/O are needed due to differences in intensity of volatile compounds detected in the two analysis. This study provides new olfactometric profiles for the three species of Baccharis studied and new results for the chemical compositions of essential oils of Baccharis anomala and Baccharis dentata.
As esp?cies do g?nero Baccharis spp. (Compositae) s?o uma importante fonte de pesquisa para busca de novos princ?pios ativos para produtos naturais medicinais. Logo, o presente trabalho apresenta uma investiga??o sobre compostos vol?teis de tr?s esp?cies de Baccharis nativas (Baccharis anomala DC, Baccharis dentata (Vell) G. M. Barroso e Baccharis uncinella DC) coletadas em janeiro e maio de 2011, em S?o Francisco de Paula (RS) no Centro de Pesquisa e Conserva??o da Natureza Pr?-Mata (CPCN-Pr?-Mata). Para tanto, foram realizadas: extra??es do ?leo essencial por destila??o por arraste a vapor, an?lises por cromatografia gasosa acoplada a espectrometria de massas (CG/EM), an?lise olfatom?trica (CG/FID/O) e avalia??o qualitativa do potencial antimicrobiano utilizando o m?todo da bioautografia indireta frente aos microorganismos: S. aureus, S. choleraesuis, P. aeruginosas, C. albicans, A. niger, C. parapsilosis, C. neoformans, Rh. stolonifer, F. solani e A. Oryzae. Al?m disso, foi realizada a modelagem matem?tica do processo de extra??o por destila??o por arraste a vapor, baseada na transfer?ncia de massa, que foi aplicada para correlacionar os dados experimentais de rendimento de ?leos vol?teis versus tempo. Os resultados mostraram que a ?poca de coleta tem influ?ncia sobre as composi??es dos ?leos essenciais, por?m pouca sobre o rendimento. O modelo matem?tico aplicado correlacionou bem os dados experimentais. Os ?leos de B. anomala e B. uncinella podem ser utilizados como saneantes. As an?lises de CG/EM e CG/FID/O s?o necess?rias devido ?s diferen?as de intensidade dos compostos vol?teis detectados nos dois resultados. Este estudo fornece novos perfis olfatom?tricos para as tr?s esp?cies de Baccharis estudadas, assim como resultados in?ditos para as composi??es qu?micas dos ?leos essenciais de Baccharis anomala e Baccharis dentata.
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Sekerová, Jana. "Postup a rizika zadávání projektů ESF." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222439.
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The goal of the thesis is to consider various ways how to finance education of personal staff of company Best Buy Investments a.s. with the focus on possibilities of financing project from the European Union funds. In the theoretical part are characterized individual forms of financing from source of the European Union and the practical part is attended to the company and possibility of financing from the EU. On the grounds of SWOT analyses are identified the project and the ways of its implementation considering financing from the European Union funds.
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Hultgren, Elina, Sofie Ekström, and Amanda Johansson. "Spelbolag gräver guld samtidigt som hållbarhetskraven ökar : - En kvalitativ studie om hur fondbolag förhåller sig till social hållbarhet avseende investering i kasino- och bettingbolag vid fondsammansättning." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105918.
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Syftet med den här studien var att få ökad förståelse för hur storbankernas fondförvaltning förhåller sig till social hållbarhet vid investering i kasino- och bettingbolag vid sammansättning av fonder. Det var även av intresse att se hur förhållningssättet har förändrats det senaste decenniet och vad som kan ha drivit fram sådana förändringar. Anledningen till att inriktning gjordes mot storbankernas fondförvaltning var att de utgör stora aktörer på finansmarknaden och kan därför anses ha ett stort inflytande genom isomorfism. För att få en ökad förståelse inom området har den här studien använt sig av en kvalitativ forskningsmetod där intervjuer genomförts med personer vars yrkesroller är kopplade till fondförvaltares hållbarhetsarbete. Genom att knyta samman utvald teori och den insamlade empirin i diskussionen har nya antaganden växt fram. Slutsatsen blev att alla fondbolag förhåller sig olika till huruvida investering i kasino- och bettingbolag ska exkluderas eller ej vid fondsammansättning. Vissa menar att den här branschen redan är för långt ifrån social hållbarhet, medan andra anser att det är viktigt att vara med och försöka påverka den socialt hållbara utvecklingen. Detta förhållningssätt har vuxit fram allt mer under de senaste fyra till sex åren då social hållbarhet har blivit viktigare och viktigare. Den här utveckling har dels påverkats av tillkommande internationella ramverk, men även intressenternas ökade medvetenhet gällande de sociala konsekvenserna av kasino och betting har haft en stor betydelse.
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Botshinda, Amelia. "Implementeringen av koldioxidsnåla och klimatpositiva benchmarks samt ESG-relaterad transparens i BMR : en kritisk granskning av kommissionens föreslagna ändringar av Benchmarkförordningen och dess förenlighet med de åsyftade ändamålen." Thesis, Linköpings universitet, Filosofiska fakulteten, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-165454.
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Vi lever i en tid präglad av drastiska klimatförändringar och ökade utsläpp av växthusgaser, där klimatångest har kommit att bli ett problem som tycks drabba såväl privatpersoner som företag. Allteftersom vår medvetenhet för samtidens klimathot ökar, har även hållbarhet fått en allt större betydelse för europeiska investerare. En tydlig konsekvens härav är den kraftiga ökningen av antalet hållbarhetsindex som identifierats på finansmarknaden. Hållbarhetsindex används ofta som komponent i passiva investeringsstrategier eller som verktyg för att mäta prestationen av olika värdepapper i en portfölj, och får på så vis funktionen av ett benchmark. Metoden för att utveckla såväl hållbara index som benchmarks kan emellertid variera, vilket ofta beror på att klimatrelaterad information kan vara extremt komplex att omvandla till finansiellt relaterbara värden. Svårigheterna härom har således minskat marknadens förtroende för sådana investeringsalternativ, trots den ökade benägenheten hos investerare att ta hänsyn till hållbarhet även i finansiella sammanhang. Bristande lagstiftning inom området föranledde Europeiska kommissionen att upprätta ett förslag om ändring av Benchmarkförordningen år 2018, som en del av sin handlingsplan för finansiering av hållbar tillväxt. Förordningen reglerar i dagsläget främst administratörer av benchmarks, vilka innehar det övergripande juridiska ansvaret för ett benchmark. Med förslaget införs nya kategorier för koldioxidsnåla och klimatpositiva benchmarks samt en reviderad transparensreglering som förpliktigar administratörer att offentliggöra hur de beaktar hållbarhet i sin metod och referensvärdesdeklaration. Även om förslaget välkomnats av flertalet aktörer, föreligger anledning att ifrågasätta huruvida marknaden kommer kunna förhålla sig till de ambitiösa ändringarna, samt om effekten av reglerna blir den som kommissionen eftersträvat. I uppsatsen identifieras och diskuteras de potentiella utmaningarna med förslagets ikraftträdande, vilka sedermera analyseras i förhållande till de åsyftade ändamålen med reglerna. Kritik riktas i uppsatsen främst mot förordningens bristande möjligheter att hålla andra aktörer ansvariga, eftersom uppfyllandet av de nya reglerna inte enbart är beroende av administratörernas eget agerande. Vidare konstateras att marknaden inledningsvis kommer att få stora svårigheter med insamling och verifiering av den klimatrelaterade information som är avgörande för användningen av miljövänliga benchmarks. Sett ur ett långsiktigt perspektiv tros emellertid ändringarna kunna skapa goda förutsättningar för en bättre inkludering av hållbarhet på finansmarknaden, utan kompromiss av ett konsument- eller investerarskydd.
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Becker, Tobias Niklas. "The integrability of ESG investing into robo advising." Master's thesis, 2019. http://hdl.handle.net/10362/73601.
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Environmental, Social and Governance (ESG) investing and passive asset management are two
distinct trends in financial markets. This research examines whether robo advisors can combine
these two trends by integrating ESG into their passively managed portfolios. On the example of the
ESG portfolio of a German robo advisor, the research finds that ESG is integrable into robo
advising, with limitations. A backtest with a threshold-based rebalancing strategy was performed
over the sample period 05/31/2011 – 10/31/2018. In comparison to its Non-ESG counterpart, the
ESG portfolio does not over- or underperform. Also, its ESG scores are higher. However, the
analysis of a second robo advisor shows the limited integrability of ESG into different portfolios
due to a lack of available ESG ETFs and inconsistencies in ESG scores.
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Prazeres, Filipe Tomás da Piedade. "ESG Investing: An analysis on the performance of sustainable ETFs." Master's thesis, 2022. http://hdl.handle.net/10362/136690.
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Internship Report presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and ManagementIn recent decades the financial markets have seen the expansion of ESG investing, as financial institutions and individuals progressively recognize the environmental, social and governance issues, i.e., ESG factors, translating into potential risk factors that can not only affect the overall business structure but also the returns on their investments. Parallel to this increase in the awareness of the overall population, investors across the globe have also been in highly demand for passive investments in the form of Exchange Traded Funds (ETFs). Both were initially considered as a trend in the financial sector but nowadays, it is fully incorporated in the practices of both asset managers and institutional/retail investors. This study analyses the performance of European domiciled ETFs, focused on European equity, with high ESG ratings, and compares them against low ESG rating ETFs to assess if the ESG factors can indeed produce significant better results for investors. For this research it will be used monthly data considering a sample period from 31st of October 2016 to the 31st of October 2020, i.e., 4 years. As a measure of ESG, the Morningstar Sustainability Rating will be employed on this study to divide the ETFs in two portfolios: the sustainable and unsustainable portfolios. Afterwards, the alphas of each portfolio will be obtained by employing 4 different factor models: the CAPM, the Fama-French 3-factor model, the Carhart 4-factor model and the Fama-French 5-factor model. The results obtained were unable to provide a clear evidence to support the outperformance of sustainable ETFs over unsustainable ETFs. However, this research indicated that from all the factor considering models studied, the Fama-French 5-factor model revealed to have the biggest power of explanation regarding the returns of both sustainable and unsustainable ETFs.
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Rooseboom, Catarina Rebello Da Silva. "From ESG investing theory to practice - a status and opportunity in Portugal." Master's thesis, 2021. http://hdl.handle.net/10362/130997.
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From ESG investing theory to practice –A status and opportunity in Portugal aims to disclose the alignment of ESG theory with what is perceived by investors. A qualitative analysis considering Portuguese expert ́s opinion meets theory and conveys the need for further development of the criteria. The adoption of a global framework would enhance the integration of ESG in the decision-making process. Portugal should realize this is an opportunity to improve financial models and widen the capital market. It is stressed out that higher involvement by governments is missing, with the creation of more effective regulations and incentives.
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Silva, Ricardo Miguel Matos da. "The financial effects of investing with social criteria: evidence from Europe." Master's thesis, 2021. http://hdl.handle.net/1822/76395.
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Dissertação de mestrado em FinançasThe main purpose of this dissertation is to evaluate the performance of European-based portfolios formed on the Social pillar (in the strict sense) in order to assess the financial impact of investing with social criteria. The study covers 990 European companies that are rated by Thomson Reuters Refinitiv ESG from 2010 to 2020. Portfolios are formed annually using the positive approach, by ranking the company according to its scores and selecting the best 30% companies to the top-rated portfolio and the 30% worst to the low-rated portfolio. Both equally weighted and value weighted portfolios were formed. Two indices are used as benchmarks: The MSCI Europe Index is the general benchmark, and the FTSE EUROTOP 100 is composed by the 100 most highly capitalised companies in Europe. The models used to evaluate portfolio performance are the Carhart (1997) four-factor model and the Fama and French (2015) fivefactor model, both in the original specification and in the conditional specification (as in Christopherson et al., 1998). For robustness purposes, different cut-offs (10% and 20%) were used to form portfolios. Furthermore, this research addresses portfolio performance in times of the Covid recession. The results showed some evidence abnormal returns from portfolios formed on social criteria. The results also show that portfolio performance is resilient to the crisis period associated to the recession that followed the Covid-19 pandemic.
O principal objetivo desta dissertação é avaliar o desempenho de carteiras de investimento de ações Europeias formadas com base em critérios sociais (no sentido restrito), no sentido de se perceber o impacto financeiro de investir com critérios sociais. O estudo abrange 990 empresas europeias que têm a classificação do pilar Social medido pela Thomson Reuters Refinitiv ESG Score entre os anos de 2010 e 2020. As carteiras de investimento foram formadas anualmente utilizando uma abordagem positiva, com base na classificação social de cada empresa. Foram selecionadas as 30% melhores empresas para as carteiras de investimento de topo, e as 30% piores empresas para a carteira de investimento de baixa classificação, na base das quais foram formadas carteiras value weighted e equally weighted. Como benchmark do mercado, foram usados o índice MSCI Europa, usado como referência do mercado geral e o FTSE EUROTOP 100, composto pelas 100 empresas mais capitalizadas da Europa. Os modelos utilizados para avaliar o desempenho das carteiras de investimento foram o modelo de quatro fatores de Carhart (1997) e o modelo de cinco fatores de Fama and French (2015), na sua versão original e na sua versão condicional, na linha de Christopherson et al. (1998). Para estudar a robustez dos resultados, foi estudada a aplicação de carteiras de investimento com 10% e 20% das empresas. Foi também avaliado o desempenho das carteiras no período de recessão que se seguiu à crise do Covid-19. Os resultados mostram alguma evidência de rendibilidades anormais resultantes da construção de carteiras de investimento com base em critérios sociais. Os resultados mostram que o desempenho das carteiras é, genericamente, resiliente à recessão pós-Covid.
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Rodrigues, Ana Júlia Jorge. "Responsible investing at Bpi Ga: real estate." Master's thesis, 2020. http://hdl.handle.net/10362/105524.
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The following paper is an additional component to the Real Estate’s section ofthe group’s report: Responsible Investing at BPI GA. Overall, the author endeavors to help asset managers integrate ESG issues in the Real Estate business with a detailed and easily understandable set of steps. First, the author disclosesthe topicof responsible investing in Real Estate. Subsequently, guidelines on how to effectively integrate ESG factors by asset managers in the Real Estate business are presented, where the main focus is on both environmental issues and engagement.
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Grileiro, Joana Rita Baleia. "Exploiting an investment opportunity based on ESG Score." Master's thesis, 2019. http://hdl.handle.net/10400.14/29054.
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The attitude of society towards the environment, good human and management practices is becoming more important and is therefore having a strong impact on the financial world. In this sense, there has been a broad discussion among investors about the topic when building their stock portfolios. Is it worth it to invest only in accordance with our values and principles? The empirical analysis consider returns of trading strategies built on company corporate social responsibility (CSR) as measured by Environmental, Social and Governance indicators (ESG) retrieved from the Thomson Reuters Datastream for the S&P 500 Index from 2002 to 2016. The results of the study point out that investors can increase their performance following a simple investment strategy based on ESG Score but in reverse. Using ESG Score as a starting point, an investor should buy the stocks with the lowest ESG Score and selling the stocks with the higher values. This trading strategy leads to high abnormal returns of up to 7,92% per year and an annualized Sharpe ratio of 1,06. Investors should adopt this trading strategy and invest in projects that encourage initiatives that meet their values and convictions.A crescente importância dada pela sociedade em relação ao meio ambiente, às boas práticas humanas e de gestão teve influência e um forte impacto no mundo financeiro. Nesse sentido, tem existido uma ampla discussão entre investidores sobre o tema aquando da construção do seu portfólio de ações. Valerá a pena investir apenas de acordo com os nossos valores e princípios? Na análise empírica, são considerados os retornos das estratégias de investimento, construídas com base em Corporate Social Responsability (CSR), medida pelo indicador Environment, Social, Governance (ESG) extraído da Thomson Reuters Datastream, para o Índice S&P 500, desde 2002 a 2016. Os resultados do estudo indicam que os investidores podem aumentar o seu desempenho seguindo uma estratégia de investimento simples baseada no ESG Score, mas em sentido inverso. Usando o ESG Score como ponto de partida, um investidor deve comprar as ações com o menor ESG Score e vender as ações com os valores mais altos. Esta estratégia permite obter retornos elevados de 7,92% anuais e um Sharpe ratio anualizado de 1,06. Os investidores devem adotar esta estratégia de negociação e com os retornos obtidos, investir em projetos que vão de encontro aos seus valores e convicções.
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Galeotti, Sonia. "A risk comparison between traditional and responsible investing using caviar." Master's thesis, 2021. http://hdl.handle.net/10362/122681.
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As the most used risk measure, Value at Risk allows for the expression of the market risk associated with any portfolio through one monetary number. This paper employs a new VaR approach, the Conditional Autoregressive Value at Risk, which specifies the evolution of quantiles over time using an autoregressive methodology and it estimates the parameters with quantile regression. The model is used to investigate whether sustainable financial instruments are able to reduce risk exposure. For that purpose an index comparison between a sustainable and a traditional instrument has been performed.
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Germann, Maximilian. "The potential of esg investment criteria in early-stage venture capital funds in Europe." Master's thesis, 2020. http://hdl.handle.net/10362/122731.
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This paper studies the potential of ESG investment criteria as financial markets are no longer primarily driven by financial returns. Hence, SRI and ESG are becoming an integral part in the investment decision. VC firms have the opportunity to finance global market leaders who will drive the sustainable transformation. Considering the limited number of scientific publications in this field, this paper aims to demonstrate the status quo of ESG investment and portfolio management in VC funds. This paper finds evidence that VC firms are increasingly recognizing the significance of ESG integration and are shifting to responsible and impact driven investments.
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Andrade, Nuno Miguel Santos. "The environmental and financial performance of European green energy investments." Master's thesis, 2020. http://hdl.handle.net/1822/69644.
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Dissertação de mestrado em FinançasThis paper addresses the relationship between environmental and financial performance of energy companies. For this purpose, we compare the performance of green energy portfolios of European stocks compared to their non-green counterparts from 2009 to 2018. Furthermore, we form portfolios based on the dimensions of the Environmental ASSET4 ESG pillar, namely the Environmental Pillar, Emission Reduction, Resource Reduction and Product Innovation dimensions and compare the performance of high-rated portfolios against low-rated portfolios. Our results show that, for the most part, green energy portfolios are very similar to non-green portfolios in terms of performance, with most of our results not showing any statistical difference between green and non-green portfolios. However, when analyzing performance across different sub-periods, namely from 2009 to 2013 and 2014 to 2018, we observe an improvement in abnormal returns. These results suggest that, over time, the performance of green stocks improved but these improvements are not enough to outperform that of non-green portfolios. Regarding the ranked-based portfolios, the results show that, overall, high-rated and low-rated portfolios perform similarly but, when considering a 50% cut-off and when using a sector benchmark (the MSCI Energy EU), as well as in the 2014 to 2018 sub-period, the high-rated portfolio formed on the Resource Reduction dimension significantly outperforms the low-rated portfolio. Overall, our results suggest that investors will not suffer financial penalties by forming portfolios based on green energy screening.
Este estudo investiga a relação entre o desempenho financeiro e ambiental de empresas de energia na Europa. Com este objetivo, comparamos o desempenho de carteiras de energia verde com carteiras de energia não verde no período de 2009 a 2018. De forma a comparar o desempenho ambiental com o desempenho financeiro, criámos carteiras baseadas nas dimensões do “Environmental ASSET4 ESG pillar”, nomeadamente as dimensões Ambiental, Redução de emissões, Redução de recursos e Inovação de produto. Os nossos resultados mostram que, na maioria dos casos, as carteiras de energia verde são muito semelhantes às carteiras de energia não verde em termos de desempenho financeiro, não havendo na maioria dos casos diferença estatisticamente significativas. No entanto, ao analisar o desempenho dos subperíodos (de 2009 a 2013 e 2014 a 2018), observamos uma melhoria do desempenho. Estes resultados sugerem que, ao longo do tempo, o desempenho financeiro das ações verdes melhoraram, embora não o suficiente para superar de forma significativa as carteiras de ações não verdes. Considerando as carteiras baseadas na classificação ESG, na sua maioria, os nossos resultados mostram que as carteiras “high-rated” e “low-rated” têm um desempenho semelhante, mas quando consideramos um “cut-off” de 50% e o índice do sector de energia (MSCI Energy EU), e também o subperíodo de 2014 a 2018, a carteira “high-rated” formada na dimensão de Redução de recursos supera em termos financeiros a carteira “low-rated”. No geral, os nossos resultados sugerem que os investidores não sofrem qualquer tipo de penalizações financeiras ao formar carteiras baseadas em critérios de energia verde.
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Brito, Filipa Maria Cerqueira. "The financial and social performance of US socially responsible mutual funds." Master's thesis, 2018. http://hdl.handle.net/1822/55378.
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Dissertação de mestrado em FinançasThe progressive emergence of socially responsible investment (SRI) mutual funds has triggered a debate between academics on whether they perform better or worse than conventional funds. Most empirical studies find that SRI mutual funds do not perform statistically different from conventional funds. Considering this type of evidence, several recent studies have begun to investigate to what extent these two types of mutual funds are really different in terms of their holdings. The objectives of this dissertation are to evaluate the financial performance of SRI funds (overall and in different market states), as well as to evaluate their social performance. Additionally, we investigate the relationship between funds’ social level and financial performance. The sample consists of 100 US SRI funds over the period between January 2001 and December 2016. Fund performance is evaluated based on Jensen’s (1968) alpha and also on the conditional model of Christopherson, Ferson, and Glassman (1998) with four risk factors. Regardless the performance measure used, SRI funds present neutral performance. It should also be noted that conventional benchmarks present a higher explanatory power on SRI fund returns than socially responsible benchmarks. Furthermore, when performance is analyzed in different market conditions, with the inclusion of a dummy variable, the equally weighted portfolio of funds presents neutral performance in periods of expansion and that does not change during recessions. Regarding the social performance of SRI funds, we analyze the holdings of each fund and calculate their social score over time. The persistence of the social levels of SRI funds is also analyzed, using contingency tables for periods of both 12 and 24 months. The results show evidence of social score persistence for both types of periods. We also observe that the difference between social scores of the best and worst performing funds (in social terms) increases over time. Furthermore, we evaluate the performance of a strategy of investing each year in the best/worst social performing funds. The results show that although for the overall sample period the performance of the best and worst performing funds is similar, in the more recent period the best funds significantly outperform the worst ones. This outperformance seems to be related to the increasing difference between the social level of the best and worst social performing funds observed in this period.
O surgimento progressivo de fundos de investimento socialmente responsáveis (FISR) desencadeou um debate entre os académicos sobre se o seu desempenho é melhor ou pior relativamente aos fundos convencionais. A maioria dos estudos empíricos constata que os FISR não têm um desempenho estatisticamente diferente dos fundos convencionais. Considerando esse tipo de evidência, vários estudos recentes investigam até que ponto esses dois tipos de fundos são realmente diferentes em termos da sua composição. Esta dissertação tem como objetivos avaliar o desempenho financeiro dos FISR (no período global e em diferentes estados de mercado), bem como avaliar o seu desempenho social. Além disso, é analisada a relação entre o nível social dos fundos e o seu desempenho financeiro. A amostra é constituída por 100 FISR dos EUA para o período de Janeiro de 2001 a Dezembro de 2016. O desempenho dos fundos é avaliado com base no alfa de Jensen (1968) e também no modelo condicional de Christopherson, Ferson, e Glassman (1998) com quatro fatores de risco. Independentemente da medida de desempenho utilizada, os FISR apresentam um desempenho neutro. Encontra-se ainda evidência de que os benchmarks convencionais apresentam um maior poder explicativo das rendibilidades dos FISR do que os benchmarks socialmente responsáveis. Além disso, quando o desempenho é analisado em diferentes estados de mercado, com a inclusão de uma variável dummy, a carteira de fundos igualmente ponderada apresenta um desempenho neutro em períodos de expansão, o qual não se altera durante períodos de recessão. Em relação ao desempenho social dos FISR, á analisada a composição de cada fundo e calculada o seu nível de desempenho social ao longo do tempo. A persistência dos níveis sociais dos FISR também é examinada, recorrendo a tabelas de contingência para períodos de 12 e 24 meses. Os resultados mostram evidência de persistência do desempenho social para ambos os períodos utilizados. Também é observado que diferença entre a pontuação social dos fundos com melhor e pior desempenho (em termos sociais) aumenta ao longo do tempo. Além disso, é avaliado o desempenho de uma estratégia de investimento, a cada ano, nos melhores/piores fundos, tendo em conta o seu desempenho social. Os resultados mostram que, embora para o período global da amostra, o desempenho dos fundos com melhor e pior desempenho seja semelhante, no período mais recente, os melhores fundos superaram significativamente os piores. Este desempenho superior parece estar relacionado à crescente diferença entre o nível social dos melhores e piores fundos de desempenho social observados nesse período.
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Pantůčková, Veronika. "Vztah metodických doporučení a zákona o zadávání veřejných zakázek při zadání zakázek v rámci projektů ESI fondů." Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-425759.
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The area of public procurement funded by the European Structural and Investment Funds is interwoven with many material and formal sources of law that the contracting authority must follow. The ambiguous hierarchy of legally binding standards has adverse consequences for contracting authorities. The aim of this thesis is to give an explanation of the links between the legal regulations of these contracts, in which the problems associated with these uncertainties lie and, on this basis, submit proposals for possible solutions to the given issue. The theoretical part of the thesis explains the basic concepts such as the contracting authority or the concept of public support within the EU. In this section there are also mentioned the formal and material sources of law related to the examined topic and the interconnection of the national legislation is explained. The practical part is devoted to the impact of ambiguity in the legal regulations of procurement in the Czech Republic, ie possible sanctions, in case of any of the errors made by the contracting authority, when these facts are demonstrated on actual cases. At the end of the thesis there are outlined the potential starting points for avoiding the negative consequences of wrongly processed and subsequently implemented public procurement, which was supported by EU funds.