We investigate the consequences of widespread ESG-based portfolio exclusions on the expected returns of firms subject to exclusion. We use the exclusions of Norway's ``Oil Fund'' as a sample of low quality ESG stocks. The fund is the world's largest SWF, whose ESG decisions are viewed as a model...

We investigate the formation and structure of 248 financial exchangesthroughout the world. First, we empirically analyze the determinantsof exchange formation as well as the impact of exchange formation onthe domestic country's economy. Second, conditional on formation, weuse a probit model to...