Publications

April 20, 2022 | Documents

Active ownership: for what impact?

Exit vs. voice – this is the general choice that responsible shareholders face when invested in a company that behaves in a way that does not align with their values. The first option is to dissociate themselves and divest. The second is to engage in dialogue to initiate positive change. The latter strategy refers to […]

April 13, 2022 | Documents

Active ownership: by whom and how?

Exit vs. voice – this is the general choice that responsible shareholders face when invested in a company that isn’t behaving in a way that aligns with their values. The first option is to dissociate themselves and divest. The second is to engage in dialogue to initiate positive change. The latter strategy refers to active […]

December 21, 2021 | Documents

Building Benchmarks Portfolios with Decreasing Carbon Footprints

In this paper, the authors build portfolios with decreasing carbon footprint, which passive investors can use as new Paris-consistent (PC) benchmarks and have the same risk- adjusted returns as business as usual (BAU) benchmarks. As the distribution of firms’ carbon intensity is very skewed, excluding a small fraction of highly polluting firms can massively reduce […]

November 29, 2021 | Documents

Divesting: for what impact?

Sustainable finance is experiencing a period of spectacular growth and the role of finance is being questioned in an unprecedented manner. Among the environmental, social and governance (ESG) strategies used by responsible investors, the simplest, and undoubtedly the most popular, is that of excluding bad ESG performers – also referred to as divesting or exclusion. […]