Environmental, social, and governance criteria: Why investors should care

Abstract

NBER WORKING PAPER SERIES ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CRITERIA: WHY INVESTORS ARE PAYING ATTENTION Ravi Jagannathan Ashwin Ravikumar Marco Sammon Working Paper 24063 http://www.nber.org/papers/w24063 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 November 2017 We thank the AQR Research Group, Craig Furfine, Kose John, David Matsa, Lukasz Pomorski, Todd Pulvino, Prateek Raj for helpful comments. We alone are responsible for any errors and omissions. The views expressed in the article are those of the authors and do not necessarily represent the views of the institutions that the authors belong to. The article has been accepted for publication in the Journal of Investment Management. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Ravi Jagannathan, Ashwin Ravikumar, and Marco Sammon. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Environmental, Social, and Governance Criteria: Why Investors are Paying Attention Ravi Jagannathan, Ashwin Ravikumar, and Marco Sammon NBER Working Paper No. …

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