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Screening and Monitoring for Green Investments by Financial Intermediaries
Screening and Monitoring for Green Investments by Financial Intermediaries
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20250211152014
- ISBN
- 9798383213117
- DDC
- 658
- 서명/저자
- Screening and Monitoring for Green Investments by Financial Intermediaries
- 발행사항
- [Sl] : Indiana University, 2024
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- 형태사항
- 115 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 86-01, Section: A.
- 주기사항
- Advisor: Trzcinka, Charles.
- 학위논문주기
- Thesis (Ph.D.)--Indiana University, 2024.
- 초록/해제
- 요약I study the role of financial intermediaries, namely mutual funds, in screening and monitoring for portfolio firms that are more likely to uphold their stated Environmental, Social, and Governance (ESG) standards.In chapter 1, I study whether green mutual funds screen and monitor for greenwashing behavior. I use the abolishment of the Once In Always In (OAIA) Policy in 2018 to uncover greenwashing firms who, despite portraying themselves as green firms with high ESG scores, relax their nitrous oxide emission along with the loosening of Environmental Protection Agency (EPA) regulations. I find that greenwashing firms are ex-ante less likely to be held be green mutual funds, and ex-post are more likely to see a reduction in green mutual fund ownership.In chapter 2, in a joint study with Charles Trzcinka and Wei Wang, we find strong predictability between fund portfolio liquidity and future excess returns. This predictability persists using multiple measures of fund liquidity and multiple pricing models to calculate excess returns. We attribute the finding to the manager's skill in minimizing transaction costs.In chapter 3, in a joint study with Andrew Ellul, Hannes Wagner, and Stefan Zeume, we look at the taxation practices of firms with ESG scores. Our preliminary findings show that firms with higher ESG scores tend to engage in greater levels of conform tax avoidance, but that this correlation is weakened when firms have greater levels of green mutual fund ownership.Together, chapters 1 and 3 provide evidence that green mutual funds are more informed than traditional mutual funds when it comes to understanding the ESG risk factors of firms. Screening and monitoring by green mutual funds could better allocate funds of ESG-oriented investors into ESG-oriented firms who are more likely to follow through on ESG commitments.
- 일반주제명
- Finance
- 키워드
- Climate finance
- 키워드
- Liquidity
- 키워드
- Mutual funds
- 키워드
- Nitrous oxide
- 기타저자
- Indiana University Business
- 기본자료저록
- Dissertations Abstracts International. 86-01A.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■00520250211152014
■006m o d
■007cr#unu||||||||
■020 ▼a9798383213117
■035 ▼a(MiAaPQ)AAI31331637
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a658
■1001 ▼aZen, Edwin Kurniawan.
■24510▼aScreening and Monitoring for Green Investments by Financial Intermediaries
■260 ▼a[Sl]▼bIndiana University▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a115 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 86-01, Section: A.
■500 ▼aAdvisor: Trzcinka, Charles.
■5021 ▼aThesis (Ph.D.)--Indiana University, 2024.
■520 ▼aI study the role of financial intermediaries, namely mutual funds, in screening and monitoring for portfolio firms that are more likely to uphold their stated Environmental, Social, and Governance (ESG) standards.In chapter 1, I study whether green mutual funds screen and monitor for greenwashing behavior. I use the abolishment of the Once In Always In (OAIA) Policy in 2018 to uncover greenwashing firms who, despite portraying themselves as green firms with high ESG scores, relax their nitrous oxide emission along with the loosening of Environmental Protection Agency (EPA) regulations. I find that greenwashing firms are ex-ante less likely to be held be green mutual funds, and ex-post are more likely to see a reduction in green mutual fund ownership.In chapter 2, in a joint study with Charles Trzcinka and Wei Wang, we find strong predictability between fund portfolio liquidity and future excess returns. This predictability persists using multiple measures of fund liquidity and multiple pricing models to calculate excess returns. We attribute the finding to the manager's skill in minimizing transaction costs.In chapter 3, in a joint study with Andrew Ellul, Hannes Wagner, and Stefan Zeume, we look at the taxation practices of firms with ESG scores. Our preliminary findings show that firms with higher ESG scores tend to engage in greater levels of conform tax avoidance, but that this correlation is weakened when firms have greater levels of green mutual fund ownership.Together, chapters 1 and 3 provide evidence that green mutual funds are more informed than traditional mutual funds when it comes to understanding the ESG risk factors of firms. Screening and monitoring by green mutual funds could better allocate funds of ESG-oriented investors into ESG-oriented firms who are more likely to follow through on ESG commitments.
■590 ▼aSchool code: 0093.
■650 4▼aFinance
■653 ▼aClimate finance
■653 ▼aEnvironmental Protection Agency
■653 ▼aLiquidity
■653 ▼aMutual funds
■653 ▼aNitrous oxide
■690 ▼a0310
■690 ▼a0501
■690 ▼a0272
■690 ▼a0508
■71020▼aIndiana University▼bBusiness.
■7730 ▼tDissertations Abstracts International▼g86-01A.
■790 ▼a0093
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17162453▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
