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- Faculty Publications (11)
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- 09 Mar 2021
- Working Paper Summaries
Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement
- 28 Feb 2021
- Working Paper Summaries
Measuring Employment Impact: Applications and Cases
Keywords: by Katie Panella and George Serafeim
- 04 May 2021
- Working Paper Summaries
Accounting for Product Impact in the Telecommunications Industry
- 11 Jan 2021
- Working Paper Summaries
Accounting for Product Impact in the Airlines Industry
- 12 May 2021
- Working Paper Summaries
Accounting for Product Impact in the Water Utilities Industry
Keywords: by George Serafeim and Katie Trinh
- 09 Aug 2016
- Working Paper Summaries
Shareholder Activism on Sustainability Issues
- 24 Mar 2015
- Working Paper Summaries
Corporate Sustainability: First Evidence on Materiality
- 10 Jan 2017
- News
The Risk And Opportunity For America's Corporate Pension Plans
- 2022
- Working Paper
The Evolution of ESG Reports and the Role of Voluntary Standards
By: Ethan Rouen, Kunal Sachdeva and Aaron Yoon
We examine the evolution of ESG reports of S&P 500 firms from 2010 to 2021. The
percentage of firms releasing these voluntary disclosures increased from 35% to 86%
during this period, although the length of these documents experienced more modest
growth. Using a... View Details
Keywords: Voluntary Disclosure; Textual Analysis; Modeling And Analysis; Corporate Social Responsibility and Impact; AI and Machine Learning; Accounting
Rouen, Ethan, Kunal Sachdeva, and Aaron Yoon. "The Evolution of ESG Reports and the Role of Voluntary Standards." Harvard Business School Working Paper, No. 23-024, October 2022.
- 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.
- 2017
- Working Paper
Private and Public Disclosures in Countries with Weak Institutional Environments: Evidence from Shanghai-Hong Kong Connect
By: Aaron Yoon
I study firms’ use of disclosure to build investor confidence when they operate in a market where the institutions that support the supply of credible information are weak. Using the announcement of a regulation that allowed foreigners to invest in select Shanghai... View Details
Yoon, Aaron. "Private and Public Disclosures in Countries with Weak Institutional Environments: Evidence from Shanghai-Hong Kong Connect." Harvard Business School Working Paper, No. 17-111, June 2017.
- November 2016
- Article
Corporate Sustainability: First Evidence on Materiality
By: Mozaffar Khan, George Serafeim and Aaron Yoon
Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence... View Details
Keywords: Sustainability; Investments; Corporate Social Responsibility; Accounting; Corporate Reporting; Regulation; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Investment; Corporate Governance
Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality." Accounting Review 91, no. 6 (November 2016): 1697–1724.
- Web
Connect with Clubs - Recruiting
Hire Talent Connect with Clubs Hire Talent Connect with Clubs Partner with a HBS Student Club Reach targeted groups of students by connecting with over 50 career-related student clubs. Work with club leaders to sponsor events, advertise... View Details
- 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.
- February 2024 (Revised February 2024)
- Case
CLSA: Integrating ESG in Stock Valuation
By: Shirley Lu, Aaron Yoon and Billy Chan
In 2023, a senior financial analyst at the Hong Kong-based stock brokerage firm CLSA was surprised to see that, based on his calculations, the financial impact from climate risks on a major Indian cement manufacturing company’s projected earnings could be massive.... View Details
- Web
Faculty & Researchers - Managing the Future of Work
Business Review, 2022. With Elisabeth B. Reynolds, and Morgane Herculano. Creating "Smart" Policy to Promote Entrepreneurship and Innovation , in The Role of Innovation and... View Details
- 19 Jan 2016
- First Look
January 19, 2016
changing external conditions, especially reduced experimentation costs. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=49008 forthcoming Accounting Review Corporate Sustainability: First Evidence on Materiality By: Khan, Mozaffar, George Serafeim,... View Details
Keywords: Sean Silverthorne
- 24 Mar 2015
- First Look
First Look: March 24
as concerns and policy interventions. Download working paper: http://www.benedelman.org/publications/pricecoherence-markets-2015-03-12.pdf Corporate Sustainability: First Evidence on Materiality By: Khan, Mozaffar, George Serafeim, View Details
Keywords: Sean Silverthorne
- 07 Feb 2017
- First Look
First Look at New Research: February 7
Prithwiraj, and Do Yoon Kim Abstract—We study the role of ethnic Chinese/Indian migrant inventors in transferring contextual knowledge across borders and the role of ethnic... View Details
Keywords: Sean Silverthorne