吸引力
股票价格
库存(枪支)
信用评级
业务
衡平法
事件研究
四分位数
经济
货币经济学
精算学
心理学
统计
机械工程
古生物学
置信区间
背景(考古学)
数学
系列(地层学)
政治学
法学
精神分析
工程类
生物
作者
Brian Leite,Vahap Bülent Uysal
标识
DOI:10.1016/j.gfj.2023.100851
摘要
We examine how a third-party assessment of a firm's relative ESG attractiveness affects investor demand for the firm's equity in the presence of new information. Utilizing an event-study methodology, with credit-rating change events as proxies for new positive and negative information, we find evidence supporting a high ESG score as a significant factor in determining how investors respond to new positive information. Specifically, after controlling for relevant fixed effects, we find that the highest quartile of ESG scores amplifies the positive stock-price reaction to credit-rating upgrades by 130 basis points, providing evidence of confirmation bias.
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