Abstract
This thesis addresses the effects of investors’ pro-environmental preferences on asset pricing and impact investing. The first chapter shows how sustainable investing, through the joint practice of Environmental, Social and Governance (ESG)
integration and exclusionary screening, affects asset returns. In the second chapter,
I use green bonds as an instrument to identify the effect of non-pecuniary motives,
specifically pro-environmental preferences, on bond market prices. Finally, the third chapter shows how green investing spurs companies to reduce their greenhouse gas emissions by raising their cost of capital.
integration and exclusionary screening, affects asset returns. In the second chapter,
I use green bonds as an instrument to identify the effect of non-pecuniary motives,
specifically pro-environmental preferences, on bond market prices. Finally, the third chapter shows how green investing spurs companies to reduce their greenhouse gas emissions by raising their cost of capital.
Original language | English |
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Qualification | Doctor of Philosophy |
Awarding Institution |
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Supervisors/Advisors |
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Award date | 16 Nov 2020 |
Place of Publication | Tilburg |
Publisher | |
Print ISBNs | 978 90 5668 634 5 |
DOIs | |
Publication status | Published - 2020 |