Asset pricing and impact investing with pro-environmental preferences

Olivier David Zerbib

Research output: ThesisDoctoral Thesis

759 Downloads (Pure)


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.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
  • Driessen, Joost, Promotor
  • Robert, C.Y., Promotor, External person
Award date16 Nov 2020
Place of PublicationTilburg
Print ISBNs978 90 5668 634 5
Publication statusPublished - 2020


Dive into the research topics of 'Asset pricing and impact investing with pro-environmental preferences'. Together they form a unique fingerprint.

Cite this