We document a decline in CDS-bond basis during the COVID crisis for bonds issued by firms with high environmental and social (E&S) scores relative to bonds issued by low E&S firms. Bonds of high E&S firms experience lower selling pressure due to lower investor outflows from sustainability...

Pension fund administrators have a fiduciary duty to prudently manage financial risks and opportunities when investing plan assets and when managing plan operations that are paid from the pension fund. This includes the financial risks and opportunities associated with climate change and other...

Drawing on a survey amongst International Association of Deposit Insurers (IADI) members, this paper takes stock of the prevalence of ESG (“Environment, Social and Governance”) for deposit insurers. It provides a snap-shot of the current use of ESG policies by deposit insurers and identifies...

Drawing on a survey amongst IADI Members, this IADI Survey Brief takes stock of the prevalence of ESG (“Environment, Social and Governance”) for deposit insurers. It provides a snap-shot of the current use of ESG policies by deposit insurers and identifies their expectations on future...

Using long-standing models for expected returns of US equities, we show that firm environmental ratings interact with those forecasted returns and produce excess returns both unconditionally and conditionally. Well-known factor models subsume neither environmental-related return differentials...