Sustainable Investing

Lubos Pastor, Robert Stambaugh and Lucian A. Taylor

No 33252, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We review the literature on sustainable investing, focusing on financial effects. First, we examine the effects of investor tastes on portfolio tilts and asset prices in a simple equilibrium setting. We establish novel connections, including a direct relation between the green portfolio tilt and the greenium. We also relate our framework to prior modeling of divestment. Finally, we review evidence related to the main concepts from our theoretical analysis, including the greenium, green tilts, climate risk, and investor tastes.

JEL-codes: G12 G23 Q5 (search for similar items in EconPapers)
Date: 2024-12
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