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White Paper

A Framework for Environmental, Social, and Governance Considerations in Portfolio Design

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

Modern financial economics is becoming increasingly influential in securities fraud law.

White Paper

Clearing the Air: Responsible Investment

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

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

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

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

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

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

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

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.