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Cited by 1,133Sustainable Finance and Green BondsFinancial Markets and Investment StrategiesCorporate Social Responsibility Reporting

Dissecting green returns

Pástor, Ľuboš, Stambaugh, Robert F., Taylor, Lucian A.·2022·Journal of Financial Economics
DOI 10.1016/j.jfineco.2022.07.007
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Crossref · 10.1016/j.jfineco.2022.07.007

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  • An unexpected increase in environmental or climate concerns could lead to higher realized returns.

    “Alternatively, an unexpected increase in environmental or climate concerns (Ardia et al., 2022;Pastor et al., 2022) could also lead to higher realized returns.”

    From A review on ESG investing: Investors' expectations, beliefs and perceptions (2024) · cites this paper as Pastor et al., 2022

  • Higher past realized returns may reflect unexpected increases in environmental concerns and are not inconsistent with lower expected returns going forward.

    “Note that higher past realized returns may reflect unexpected increases in environmental concerns and are not inconsistent with lower expected returns going forward (seePastor et al. (2022)).”

    From Sustainability Preferences Under Stress: Evidence from COVID-19 (2020) · cites this paper as Pastor et al. (2022)

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Authors
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A.
Affiliations
  • National Bureau of Economic Research (US)
  • University of Pennsylvania (US)
Corresponding author
Taylor, Lucian A.
ORCID
Venue
Journal of Financial Economics
Publisher
Elsevier BV
Published
2022-11
Volume
146
Issue
2
Pages
403-424
ISSN
0304-405X (ISSN-L)
DOI
10.1016/j.jfineco.2022.07.007
OpenAlex
W4290960126
Cited by
1,133
References
10
Citations by year
2026: 250 · 2025: 324 · 2024: 294 · 2023: 173 · 2022: 58 · 2021: 16 · 2020: 13 · 2019: 4 · 2016: 1
FWCI
155.52
Type
journal article
Language
en
Open access
closed
Licence
Locations
Journal of Financial Economics (publishedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
Keywords
green assets, green bonds, green stocks, greenium, expected returns, implied cost of capital, earnings shocks, green factor, asset pricing

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