Kranias, Athanasios; Psychoyios, Dimitris; Refenes, … - 2022
We examine the relationship between CER “greenness” and CFP for the S&P500 firms from 2002 through 2017. We test the effect of Jensen’s alpha, stock returns, ROA, size, sales, and profit on CER by building a CAPM model of risk-adjusted excess returns under EMH and introduce the “Green...