Combining global data on institutional investors’ equity holdings and firm-level carbon emissions, we study how climate-conscious institutions reduced the carbon emissions of their equity portfolios between 2005 and 2019. We hypothesize that institutions could either decarbonize via tilting...

This paper investigates the implications for firm equity value and ownership structure when a large institutional investor publicly excludes a firm from its portfolio due to unethical behaviour. To achieve this, it makes use of the GPFG's ethical exclusions. On average, firms lose 1.72% of...