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- September 2023
- Article
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
By: George Serafeim and Aaron Yoon
We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Ratings; ESG Reporting; ESG Disclosure Metrics; Sustainability; Investments; Disagreement; Rating Disagreement; Ratings; Environmental Sustainability; Social Issues; Corporate Social Responsibility and Impact; Performance; News; Investment; Financial Markets; Stocks; Price
Serafeim, George, and Aaron Yoon. "Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement." Special Issue on RAST 2022 Conference. Review of Accounting Studies 28, no. 3 (September 2023): 1500–1530.
- January 2022
- Article
Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings
By: Dane Christensen, George Serafeim and Anywhere Sikochi
Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm’s ESG... View Details
Keywords: ESG Ratings; Rating Agency Disagreement; ESG Disclosure; Corporate Social Responsibility; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Corporate Disclosure
Christensen, Dane, George Serafeim, and Anywhere Sikochi. "Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings." Accounting Review 97, no. 1 (January 2022): 147–175.
- January 2024 (Revised May 2024)
- Case
PortageBay and ESG Analytics
By: Vikram S. Gandhi and Radhika Kak
In 2023, sustainable investors faced several challenges. The first was the lack of access to standardized and vetted environmental, social, and governance (ESG) data, and equally, the interpretation of this data into investment-useful insights. Reducing reliance on... View Details
Keywords: ESG Ratings; Investment Funds; Governance; Environmental Sustainability; Corporate Social Responsibility and Impact
Gandhi, Vikram S., and Radhika Kak. "PortageBay and ESG Analytics." Harvard Business School Case 324-065, January 2024. (Revised May 2024.)
- September 7, 2020
- Article
Where ESG Ratings Fail: The Case for New Metrics
By: Mark R. Kramer, Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli and Filippo Forti
One agency’s A+ is another’s “laggard” — and neither links to financial performance. Hybrid metrics will change everything, argue Harvard Business School’s Mark Kramer and leaders in the shared-value movement. View Details
Keywords: ESG Ratings; Shared Value; Integrated Corporate Reporting; Performance; Measurement and Metrics
Kramer, Mark R., Nina Jais, Erin E. Sullivan, Carina Wendell, Kerry Rodriguez, Carlo Papa, Carlo Napoli, and Filippo Forti. "Where ESG Ratings Fail: The Case for New Metrics." Institutional Investor (September 7, 2020).
- 09 Mar 2021
- Working Paper Summaries
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
- September 20, 2024
- Article
It’s Time to Unbundle ESG
By: Aaron K. Chatterji and Michael W. Toffel
ESG is at an inflection point. It has come to represent a broad and inchoate aspiration for what business should be doing beyond maximizing shareholder value. With ESG advocates on the defensive, business leaders need a new roadmap to determine which factors to... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; ESG Disclosure; Sustainability; Climate; Climate Finance; Climate Risk; Social Accounting; Investment; Governance; Safety; Climate Change; Environmental Sustainability; Corporate Social Responsibility and Impact; Financial Services Industry
Chatterji, Aaron K., and Michael W. Toffel. "It’s Time to Unbundle ESG." Harvard Business Review (website) (September 20, 2024).
- Editorial
Why ESG Funds Fail to Scale
By: Gabriel Karageorgiou and George Serafeim
You’ve seen the headlines about the growth in environmental, social, and governance funds. Many investment professionals might read these and believe that launching a new ESG investment firm or ESG offering will be an automatic success. Our analysis of the data shows... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; ESG Reporting; Investment Management; Investment Strategy; Investments; Investment Fund; Sustainability; Sustainable Finance; Sustainable Investing; Investment; Management; Strategy; Investment Portfolio; Finance; Growth and Development; Failure
Karageorgiou, Gabriel, and George Serafeim. "Why ESG Funds Fail to Scale." Institutional Investor (January 11, 2021).
- 2022
- Article
Which Corporate ESG News Does the Market React To?
By: George Serafeim and Aaron Yoon
Using a dataset that classifies firm-level ESG news as positive and negative, we examine how stock prices react to different types of ESG news. We analyze 111,020 firm-day observations for 3,126 companies and find that prices react only to issues identified as... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; Social Capital; Environment; Sustainability; CSR; Stock Price; Stock Market Expectations; Materiality; Market Reaction; Environmental Sustainability; Governance; Social Issues; Performance; News
Serafeim, George, and Aaron Yoon. "Which Corporate ESG News Does the Market React To?" Financial Analysts Journal 78, no. 1 (2022): 59–78.
- 15 Feb 2022
- News
This Is What You’re Getting Wrong About ESG Ratings
- 07 Sep 2020
- News
Where ESG Ratings Fail: The Case for New Metrics
The Future in Sound #9 - Anywhere (Siko) Sikochi: Limitations of ESG Ratings
In this episode, Siko shares his insights on the limitations of ESG ratings, how ESG trends are viewed by leaders in Africa, the kernels of wisdom he aims to share with his business students, and much more. View Details
- September 2023
- Teaching Note
Roche: ESG and Access to Healthcare
By: George Serafeim
Teaching Note for HBS Case No. 123-075. In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal... View Details
- June 2023
- Supplement
Roche: ESG and Access to Healthcare
By: George Serafeim
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Sustainable Finance; Growth Strategy And Execution; Sustainability Targets; Impact Evaluation; Healthcare Access; Healthcare Innovation; Healthcare Systems; Healthcare Operations; Finance; Strategy; Health Testing and Trials; Health Care and Treatment; Growth Management; Measurement and Metrics; Innovation Strategy; Corporate Social Responsibility and Impact; Health Industry; Pharmaceutical Industry; Switzerland; North America; Europe; Asia; Latin America; Africa
Serafeim, George. "Roche: ESG and Access to Healthcare." Harvard Business School Multimedia/Video Supplement 123-713, June 2023.
- March 2023
- Case
Roche: ESG and Access to Healthcare
By: George Serafeim, Susanna Gallani and Benjamin Maletta
In May 2022, Roche Group, one of the largest healthcare companies in the world, hosted its first ESG investor event focused exclusively on its efforts to impact access to healthcare. While Roche had recently set an ambitious goal to double the number of patients that... View Details
Keywords: ESG (Environmental, Social, Governance) Performance; Sustainable Finance; Growth Strategy And Execution; Sustainability Targets; Impact Evaluation; Healthcare Access; Healthcare Innovation; Healthcare Systems; Healthcare Operations; Finance; Strategy; Health Testing and Trials; Health Care and Treatment; Growth Management; Measurement and Metrics; Innovation Strategy; Corporate Social Responsibility and Impact; Health Industry; Pharmaceutical Industry; Switzerland; North America; Europe; Asia; Latin America; Africa
Serafeim, George, Susanna Gallani, and Benjamin Maletta. "Roche: ESG and Access to Healthcare." Harvard Business School Case 123-075, March 2023.
- 2022
- Working Paper
ESG Performance and Voluntary ESG Disclosure: Mind the (Gender Pay) Gap
By: June Huang and Shirley Lu
We study if firms with better ESG performance are more likely to provide voluntary ESG disclosure, an assumption embedded in many ESG ratings. We focus on gender diversity and proxy for performance using a firm's gender pay gap ("GPG") disclosed under a UK disclosure... View Details
Huang, June, and Shirley Lu. "ESG Performance and Voluntary ESG Disclosure: Mind the (Gender Pay) Gap." SSRN Working Paper Series, No. 3708257, May 2022.
- 2022
- Working Paper
ESG: Hyperboles and Reality
By: George Serafeim
ESG has rapidly become a household name leading to both confusion about what it means and creating unrealistic expectations about its effects. In this paper, I draw on more than a decade of research to dispel several myths about ESG and provide answers to important... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Reporting; ESG Ratings; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Performance; Corporate Disclosure; Reports
Serafeim, George. "ESG: Hyperboles and Reality." Harvard Business School Working Paper, No. 22-031, November 2021.
- 2023
- Working Paper
ESG: From Process to Product
By: George Serafeim
ESG measurement, analysis, management, and communication is a process that the financial industry has turned into a product, resulting in many investment funds using the ESG label. This has caused confusion, generating demand for a framework that defines... View Details
Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Ratings; ESG Reporting; Investment Fund; Investment; Corporate Social Responsibility and Impact; Financial Services Industry
Serafeim, George. "ESG: From Process to Product." Harvard Business School Working Paper, No. 23-069, May 2023.
- Fast Answer
Companies: risk ratings
Where can I get company risk ratings? Bloomberg has company ratings on credit, corporate governance, and other aspects. Enter ticker symbol, hit EQUITY key, type RSKC, and hit GO. For additional details click tab at bottom for Peer... View Details
- Fast Answer
Sustainable investing and ESG resources
Responsible-Investor
News service reporting on responsible investment, ESG (environmental, social, and governance), and sustainable finance. Includes news and analysis targeted to the global institutional investor community. ... View Details
News service reporting on responsible investment, ESG (environmental, social, and governance), and sustainable finance. Includes news and analysis targeted to the global institutional investor community. ... View Details