by <strong>George Serafeim</strong> and Aaron Yoon - Publications - Faculty & Research

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

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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

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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

Keywords: Corporate Disclosure; Reputation; Institutional Investing; Trust

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SSRN

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

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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

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

Keywords: Accounting; Corporate Governance; Analysis; Stocks; Valuation; Environmental Sustainability; Financial Services Industry; Industrial Products Industry; Hong Kong; China; India; Asia

Citation

Educators

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

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

24 Mar 2015
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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

19 Jul 2016
First Look

July 19, 2016

ecosystem whose interests were not aligned. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51375 Shareholder Activism on Sustainability Issues By: Grewal, Jody, George Serafeim, and Aaron... View Details

Keywords: Sean Silverthorne

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Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

Measuring Employment Impact: Applications and Cases

Accounting for Product Impact in the Telecommunications Industry

Accounting for Product Impact in the Water Utilities Industry

Accounting for Product Impact in the Airlines Industry

Shareholder Activism on Sustainability Issues

Corporate Sustainability: First Evidence on Materiality

The Evolution of ESG Reports and the Role of Voluntary Standards

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

Private and Public Disclosures in Countries with Weak Institutional Environments: Evidence from Shanghai-Hong Kong Connect

Which Corporate ESG News Does the Market React To?

Corporate Sustainability: First Evidence on Materiality

CLSA: Integrating ESG in Stock Valuation

January 19, 2016

First Look at New Research: February 7

First Look: March 24

July 19, 2016

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