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White Paper
A Framework for Environmental, Social, and Governance Considerations in Portfolio Design
July 1, 2009
We propose a simple framework to consider the impacts of ESG issues with respect to their role in investment decisions.
Journal Article
The Role of Financial Economics in Securities Fraud Cases
January 1, 1991
Modern financial economics is becoming increasingly influential in securities fraud law.
White Paper
Clearing the Air: Responsible Investment
May 8, 2019
What is ESG? AQR and the UN PRI collaborated to propose a framework of the approaches and terms necessary to have an informed discussion and investment policy on responsible investment, grounded in both responsible asset selection and responsible ownership.
Perspective
I Can't Define Short-Term Silliness but, Like Justice Stewart, I Know It When I See It
September 1, 2015
We think the media and investors remain too focused on short-term performance. We remind everyone that investment decisions should based on long-term assessments.
Perspective
Shareholder Value Is Undervalued
January 6, 2015
Some argue that maximizing shareholder value is a bad idea, but we think critics are attacking it for ancillary reasons. When defined properly, we believe maximizing shareholder value can indeed be a very good idea.
Perspective
Virtue Is its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor
May 18, 2017
We examine negative screening in Environmental, Social, and Governance (ESG) investing, often promoted as virtuous because it avoids “sin stocks” and other assets deemed undesirable. But does it also enhance expected returns?
Trade Publication
Hit 'Em Where It Hurts, ESG Investing 2.0
November 1, 2018
We suggest a new approach to ESG investing that we believe may be more effective in making negative investor views known to management — while at the same time potentially improving portfolio expected returns.
Working Paper
Hedging Climate Change News
May 22, 2019
We propose and implement a procedure to dynamically hedge climate change risk and discuss multiple directions for future research on financial approaches to managing climate risk.
Journal Article
Corporate Governance, Accounting Outcomes and Organizational Performance
July 2, 2007
The purpose of this paper is to start the process of developing reliable and valid measures to assess how corporate governance affects corporate performance.
Journal Article
Assessing Risk through Environmental, Social and Governance Exposures
February 24, 2017
ESG investing may have a role in portfolios that extends beyond ethical considerations, particularly for investors interested in tilting toward safer stocks, and in a way that complements what is captured by traditional statistical risk models.