套利
库存(枪支)
公司治理
偏爱
业务
金融经济学
机构投资者
光学(聚焦)
异常收益
经济
货币经济学
财务
证券交易所
微观经济学
地理
物理
光学
考古
作者
Jie Cao,Sheridan Titman,Xintong Zhan,Weiming Elaine Zhang
标识
DOI:10.1017/s0022109022000916
摘要
Abstract Socially responsible (SR) institutions tend to focus more on the environmental, social, and governance (ESG) performance and less on quantitative signals of value. Consistent with this difference in focus, we find that SR institutions react less to quantitative mispricing signals. Our evidence suggests that the increased focus on ESG may have influenced stock return patterns. Specifically, abnormal returns associated with these mispricing signals are greater for stocks held more by SR institutions. The link between SR ownership and the efficacy of mispricing signals only emerges in recent years with the rise of ESG investing, and is significant only when there are arbitrage-related funding constraints.
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