722
Views
7
CrossRef citations to date
0
Altmetric
ARTICLES

Environmentally conscious investors and portfolio choice decisions

ORCID Icon
Pages 360-378 | Received 12 Jul 2016, Accepted 02 May 2017, Published online: 23 May 2017

References

  • Aldy, J. E., and W. A. Pizer. 2016. “Alternative Metrics for Comparing Domestic Climate Change Mitigation Efforts and the Emerging International Climate Policy Architecture.” Review of Environmental Economics and Policy 10: 3–24. doi: 10.1093/reep/rev013
  • Arrow, K. J., P. Dasgupta, L. H. Goulder, K. J. Mumford, and K. Oleson. 2012. “Sustainability and the Measurement of Wealth.” Environment and Development Economics 17: 317–353. doi: 10.1017/S1355770X12000137
  • Bansal, R., and M. Ochoa. 2011. “Temperature, Aggregate Risk, and Expected Returns.” NBER Working Papers, National Bureau of Economic Research, Inc.
  • Bartelmus, P. 2009. “The Cost of Natural Capital Consumption: Accounting for a Sustainable World Economy.” Ecological Economics 68: 1850–1857. doi: 10.1016/j.ecolecon.2008.12.011
  • Blumenshine, N. T., and P. V. Wunnava. 2010. “The Value of Green: The Effect of Environmental Rankings on Market Cap.” Technology and Investment 1: 239–242. doi: 10.4236/ti.2010.14030
  • Breeden, D. T. 1979. “An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities.” Journal of Financial Economics 7: 265–296. doi: 10.1016/0304-405X(79)90016-3
  • Caldecott, B., and J. McDaniels. 2014. “Financial Dynamics of the Environment: Risks, Impacts, and Barriers to Resilience.” Working Paper, Smith School of Enterprise and Environment, Oxford University.
  • Campbell, J. Y. 2000. “Asset Pricing at the Millennium.” The Journal of Finance 55: 1515–1567. doi: 10.1111/0022-1082.00260
  • Carney, M. 2015. “Breaking the Tragedy of the Horizon-climate Change and Financial Stability.” Speech Given at Lloyd's of London.
  • Carney, M. 2016. “Resolving the Climate Paradox.” Arthur Burns Memorial Lecture, Berlin.
  • Chang, F. 2004. Stochastic Optimization in Continuous Time. New York, NY: Cambridge University Press.
  • Chava, S. 2014. “Environmental Externalities and Cost of Capital.” Management Science 60: 2223–2247. doi: 10.1287/mnsc.2013.1863
  • Clarke, H. R., and W. J. Reed. 1994. “Consumption/Pollution Tradeoffs in an Environment Vulnerable to Pollution-related Catastrophic Collapse.” Journal of Economic Dynamics and Control 18: 991–1010. doi: 10.1016/0165-1889(94)90042-6
  • Dasgupta, P. 2009. “The Welfare Economic Theory of Green National Accounts.” Environmental and Resource Economics 42: 3–38. doi: 10.1007/s10640-008-9223-y
  • Dasgupta, P. 2010a. “20th Anniversary of EAERE: The European Association of Environmental and Resource Economists.” Environmental and Resource Economics 46: 135–137. doi: 10.1007/s10640-010-9379-0
  • Dasgupta, P. 2010b. “The Concept of Natural Capital.” Tech. rep., University of Cambridge, Notes prepared for a lecture on the Concept of Natural Capital to be Given at the Inter Academy Panel Biodiversity Conference on Integrating Ecosystem Services into Biodiversity Management, to be Held at the Royal Society, January 13–14, 2010.
  • Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. “The Impact of Corporate Sustainability on Organizational Processes and Performance.” Management Science 60: 2835–2857. doi: 10.1287/mnsc.2014.1984
  • Friede, G., T. Busch, and A. Bassen. 2015. “ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies.” Journal of Sustainable Finance & Investment 5: 210–233. doi: 10.1080/20430795.2015.1118917
  • Kakeu, J. 2016. “Exhaustibility and Risk as Asset Class Dimensions: A Social Investor Approach to Capital-Resource Economies.” Environmental and Resource Economics 65: 677–695. doi: 10.1007/s10640-015-9917-x
  • Karpoff, J. M., J. R. Lott Jr, and E. W. Wehrly. 2005. “The Reputational Penalties for Environmental Violations: Empirical Evidence.” The Journal of Law and Economics 48: 653–675. doi: 10.1086/430806
  • Kiernan, M. 2009. Investing in a Sustainable World: Why GREEN is the New Color of Money on Wall Street. New York: Amacom.
  • Krosinsky, C., N. Robins, and S. Viederman. 2011. Evolution in Sustainable Investing: Strategies, Funds and Though Leadership. Hoboken, NJ: Wiley.
  • Krumsiek, B. J. 1997. “The Emergence of a New Era in Mutual Fund Investing: Socially Responsible Investing Comes of Age.” The Journal of Investing 6: 25–30. doi: 10.3905/joi.1997.408438
  • Lions, P. L. 1983. “On the Hamilton-Jacobi-Bellman Equations.” Acta Applicandae Mathematica 1: 17–41. doi: 10.1007/BF02433840
  • Long, D. M., and S. Rao. 1995. “The Wealth Effects of Unethical Business Behavior.” Journal of Economics and Finance 19: 65–73. doi: 10.1007/BF02920510
  • Merton, R. C. 1969. “Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case.” The Review of Economics and Statistics 51: 247–257. doi: 10.2307/1926560
  • Merton, R. C. 1971. “Optimum Consumption and Portfolio Rules in a Continuous-time Model.” Journal of Economic Theory 3: 373–413. doi: 10.1016/0022-0531(71)90038-X
  • Merton, R. C. 1973. “An Intertemporal Capital Asset Pricing Model.” Econometrica 41: 867–887. doi: 10.2307/1913811
  • Michel, P., and G. Rotillon. 1995. “Disutility of Pollution and Endogenous Growth.” Environmental and Resource Economics 6: 279–300.
  • Milinski, M., R. D. Sommerfeld, H. J. Krambeck, F. A. Reed, and J. Marotzke. 2008. “The Collective-risk Social Dilemma and the Prevention of Simulated Dangerous Climate Change.” Proceedings of the National Academy of Sciences 105: 2291–2294. doi: 10.1073/pnas.0709546105
  • Pindyck, R. S. 2007. “Uncertainty in Environmental Economics.” Review of Environmental Economics and Policy 1: 45–65. doi: 10.1093/reep/rem002
  • Porter, M., and M. Kramer. 2011. “Creating Shared Value.” Harvard Business Review 89: 62–77.
  • Slawinski, N., and P. Bansal. 2015. “Short on Time: Intertemporal Tensions in Business Sustainability.” Organization Science 26 (2): 531–549.
  • Smith, M. D. 2014. “Fauna in Decline: Management Risks.” Science 346: 819. doi: 10.1126/science.346.6211.819-b
  • Smith, W. T. 2007. “Inspecting the Mechanism Exactly: A Closed-form Solution to a Stochastic Growth Model.” The B.E. Journal of Macroeconomics 7: 1–33. doi: 10.2202/1935-1690.1524
  • Staub-Bisang, M. 2012. Sustainable Investing for Institutional Investors: Risk, Regulations and Strategies. Singapore: John Wiley & Sons Singapore Pte. Ltd.
  • Stavins, R. N. 2004. Environmental Protection and Economic Well-Being: How Does (and How Should) Government Balance These Two Important Values?. Washington, DC: The Aspen Institute, 43–56, c-23.
  • Stavins, R. N. 2011. “The Problem of the Commons: Still Unsettled after 100 Years.” American Economic Review 101: 81–108. doi: 10.1257/aer.101.1.81
  • Sundaresan, S. 2000. “Continuous-Time Methods in Finance: A Review and an Assessment.” The Journal of Finance 55: 1569–1622. doi: 10.1111/0022-1082.00261
  • Thomas, S., R. Repetto, and D. Dias. 2007. “Integrated Environmental and Financial Performance Metrics for Investment Analysis and Portfolio Management.” Corporate Governance: An International Review 15: 421–426. doi: 10.1111/j.1467-8683.2007.00575.x
  • Uldrich, J. 2008. Green Investing: A Guide to Making Money through Environment Friendly Stocks. Avon, MA: Adams Media.
  • Vincent, J. R. 2010. “Microeconomic Analysis of Innovative Environmental Programs in Developing Countries.” Review of Environmental Economics and Policy 4: 221–233. doi: 10.1093/reep/req011
  • Viscusi, W. K. 1990. “Long-Term Environmental Risks.” Journal of Risk and Uncertainty 3: 311–314. doi: 10.1007/BF00353343
  • Wälde, K. 2011. “Production Technologies in Stochastic Continuous Time Models.” Journal of Economic Dynamics and Control 35: 616–622. doi: 10.1016/j.jedc.2010.10.005
  • Waygood, S. 2011. “How Do the Capital Markets Undermine Sustainable Development? What Can be Done to Correct This?” Journal of Sustainable Finance & Investment 1: 81–87. doi: 10.3763/jsfi.2010.0008
  • Weber, O. 2014. “The Financial Sector's Impact on Sustainable Development.” Journal of Sustainable Finance & Investment 4: 1–8. doi: 10.1080/20430795.2014.887345
  • Weitzman, M. L. 2010. “What is the ‘Damages Function’ for Global Warming – And What Difference Might It Make?” Climate Change Economics 1: 57–69. doi: 10.1142/S2010007810000042

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.