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DTSTART;TZID=Europe/Helsinki:20241219T110000
DTEND;TZID=Europe/Helsinki:20241219T120000
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SUMMARY:Philippe VAN DER BECK (Harvard University) "Flow-Driven ESG Returns"
DESCRIPTION:Quantitative Sustainable Economics and Finance \nTime: 11.00 am\nDate: 19th of December 2024\nRoom 3001 \nPhilippe VAN DER BECK (Harvard University) “Flow-Driven ESG Returns” \nAbstract : I show that the recent returns to ESG investing are strongly driven by price impact from flows towards ESG portfolios. Using data on trades\, I estimate the market’s ability to accommodate ESG flows\, which is given by the elasticity of substitution between ESG and other stocks. I show that every dollar flowing towards a representative ESG portfolio increases the market value of ESG stocks by $0.5. Using a new measure of total ESG flows\, I estimate an annual flow-driven ESG return of 2.5%. In the absence of flows\, ESG stocks would not have outperformed the market from 2012 to 2024. \nOrganizers:  Patricia Crifo\, Emmanuel Gobet\, Peter Tankov\, Gauthier Vermandel\, and Olivier David Zerbib \nSponsors:\nCREST-CMAP \n
URL:https://crest.science/event/philippe-van-der-beck-harvard-university-flow-driven-esg-returns/
CATEGORIES:Finance-Insurance,Quantitative Sustainable Economics and Finance,Seminars
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