This paper proposes an information acquisition model to analyze active management when ESG matters. In equilibrium, more information is purchased when the asset sustainability profile departs from green neutrality, the fund ESG preference departs from the aggregate, or cross-fund heterogeneities...

Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor...