Kudos to pension fund giant CalPERS for making available a fantastic resource for investors wanting to find out how long term company success and stock returns can be influenced by paying attention to sustainability factors like governance, social responsibility and environmental performance, especially climate change effects. CalPERS has compiled a searchable database of 700+ papers on the subject and it has produced a review report with concise summaries of the most relevant / cited papers.
I have not had time to go through it all yet, but one interesting tidbit is that three years ago it decided to stop "naming and shaming" companies on its Focus List and instead undertake direct confidential private engagement. The new tactic pays off much better in the stock returns of target companies. (I bet CalPERS is the organization Dimson et al used in their study, which we noted in this post a few days ago.)
Sunday, 22 September 2013
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