We proxy uncertainty in the stock, oil and gold markets with the variance risk premia, extracted from futures and option contracts. We observe that an independent increase in the stock, oil or gold markets uncertainty coincides with negative returns in different industries. However, only the...

Socially responsible divestment reduces aggregate sustainable performance when investors use Environmental, Social, and Governance (ESG) ratings. Due to information asymmetries, socially responsible investors shift their portfolios towards firms with high ESG ratings rather than firms with...