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  1. Mind the ESG gaps
    transmission mechanisms and the governance of and by sustainable finance
    Author: Fichtner, Jan; Jaspert, Robin; Petry, Johannes
    Published: [2023]
    Publisher:  DIIS - Danish Institute for International Studies, [Copenhagen]

    Environmental, social and governance (ESG) funds are among the fastest growing investment styles. ESG funds can be used either to only mitigate risk (input ESG) or to go beyond that to create impact (output ESG). We argue that the governance by ESG... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 130
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    Environmental, social and governance (ESG) funds are among the fastest growing investment styles. ESG funds can be used either to only mitigate risk (input ESG) or to go beyond that to create impact (output ESG). We argue that the governance by ESG is characterised by three potential transmission mechanisms: ratings, shareholder engagement and capital allocation. These mechanisms can create sustainability impact or constitute 'ESG gaps', if they remain ineffective or unutilised. Based on financial data, an investigation of ESG methodologies and expert interviews, we provide a novel market analysis of the ESG industry, focusing primarily on the capital allocation mechanism. Our findings highlight that while ESG indices could have an impact, most currently do not meaningfully facilitate sustainability - we call this the 'ESG capital allocation gap'. This has important implications because without effective transmission mechanisms, ESG funds cannot have sustainability impact on companies and the real economy.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788772361093
    Series: DIIS working paper ; 2023, 04
    Subjects: Capital allocation; ESG; impact; sustainable finance; transmission mechanisms
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  2. Growth models with externalities on networks
    Author: Fabbri, Giorgio; Faggian, Silvia; Freni, Giuseppe
    Published: [2023]
    Publisher:  Department of Economics, Ca’ Foscari University of Venice, Venice, Italy

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 495
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Ca' Foscari University of Venice, Department of Economics ; 2023, no. 23
    Subjects: Capital allocation; Production externalities; Network spillovers; Economiccentrality measures
    Scope: 1 Online-Ressource (circa 20 Seiten)
  3. The taxation of nonrenewable natural resources
    Author: Gaudet, Gérard; Lasserre, Pierre
    Published: 2013
    Publisher:  Dép. de Sciences Economiques, Univ. de Montréal, Montréal

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 33 (2013,10)
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 1866/10090
    Series: Cahier / Département de Sciences Économiques, Université de Montréal ; 2013,10
    Subjects: Nonrenewable resources; Taxation; Neutrality; Distortion; Resource rent; Capital allocation
    Scope: Online-Ressource (42 S.)
  4. Sensitivity-implied tail-correlation matrices
    Author: Paulusch, Joachim; Schlütter, Sebastian
    Published: [2021]
    Publisher:  International Center for Insurance Regulation, Goethe University Frankfurt, Frankfurt am Main

    Tail-correlation matrices are an important tool for aggregating risk measurements across risk categories, asset classes and/or business segments. This paper demonstrates that traditional tail-correlation matriceshich are conventionally assumed to... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 379
    Inter-library loan:
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    Tail-correlation matrices are an important tool for aggregating risk measurements across risk categories, asset classes and/or business segments. This paper demonstrates that traditional tail-correlation matriceshich are conventionally assumed to have ones on the diagonalan lead to substantial biases of the aggregate risk measurement's sensitivities with respect to risk exposures. Due to these biases, decision-makers receive an odd view of the effects of portfolio changes and may be unable to identify the optimal portfolio from a risk-return perspective. To overcome these issues, we introduce the "sensitivity-implied tail-correlation matrix". The proposed tail-correlation matrix allows for a simple deterministic risk aggregation approach which reasonably approximates the true aggregate risk measurement according to the complete multivariate risk distribution. Numerical examples demonstrate that our approach is a better basis for portfolio optimization than the Value-at-Risk implied tail-correlation matrix, especially if the calibration portfolio (or current portfolio) deviates from the optimal portfolio.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/246066
    Edition: This version: 7th August 2021
    Series: ICIR working paper series ; no. 2019, 33
    Subjects: Risk aggregation; Capital allocation; Portfolio optimization
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen