Sustainable investing in equilibrium

Abstract

nber working paper series sustainable investing in equilibrium lubos pastor robert f. stambaugh lucian a. taylor working paper 26549 www.nber.org/papers/w26549 national bureau of economic research 1050 massachusetts avenue cambridge, ma 02138 december 2019 the views in this paper are the responsibility of the authors, not the institutions they are affiliated with. we are grateful for comments from our discussants bernard dumas, harrison hong and jacob sagi, and also from rui albuquerque, malcolm baker, george constantinides, alex edmans, gene fama, sam hartzmark, john heaton, ravi jagannathan, ralph koijen, yrjo koskinen, stavros panageas, raghu rajan, jeff wurgler, josef zechner, conference participants at the 2020 spring nber asset pricing meeting, the 2020 sfs cavalcade, and the 2020 insead finance symposium, and seminar participants at the university of chicago, wu vienna, and the national bank of slovakia. the views expressed herein are those of the authors and do not necessarily reflect the views of the national bureau of economic research. at least one co-author has disclosed a financial relationship of potential relevance for this research. further information is available online at www.nber.org/papers/w26549.ack nber working papers are circulated for discussion and comment purposes. they have not been peerreviewed or been subject to the review by the nber board of directors that accompanies official nber publications. © 2019 by lubos pastor, robert f. stambaugh, and …

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