Does the market value the environmental, social, and governance (ESG) performance of firms in corporate bond credit spreads? In this study, we construct the firm-level corporate bond credit spread based on the ‘bottom-up’ approach and examine the relationship between corporate ESG...

1 Introduction -- 2 Optimality of Sustainable Investing Strategies -- 3 Effects of ESG Performance on Credit Spreads in Japan -- 4 Credit Default Swaps and Corporate Carbon Emissions in Japan -- 5 Green House Gas Emission and Bank Lending in Japan -- 6 The contribution of migrant inventors to...