The field of sustainable finance has grown rapidly in response to escalating climate and economic challenges, yet its intellectual landscape, especially the connectedness between green and traditional financial systems, remains underexplored. This paper aims to systematically map the evolution,...

This study examined the factor structure of Green, Grey, and Red EU securities using extended asset pricing models built on the Fama–French and Carhart frameworks. The findings show improved return predictability and consistently negative risk-adjusted alpha across categories post-Global...