The ultimate purpose of business activity of making money (Goldrat) is disposed to the customer, in exchange of the value served to him, which is essentially tangible. It requires that the organization sustainably invests resources and initiatives to delight the customer. The objectives are...

We examine the effects of incorporating a potential tax on carbon emissions into a value investment strategy. We show that in a portfolio optimization problem, a carbon tax at the stock level is mathematically equivalent to a carbon constraint at the portfolio level. Using this insight we derive...