lukestein’s avatarlukestein’s Twitter Archive—№ 12,575

      1. Very excited to be back in person for @BabsonFinance’s first ever hybrid research seminar, with Lauren Cohen (HBS) presenting joint work w. @umitgurun and Quoc Nguyen on “The ESG–Innovation Disconnect”
        oh my god twitter doesn’t include alt text from images in their API
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    1. …in reply to @lukestein
      @BabsonFinance @umitgurun “Sustainable investing” (✌️sustainable investing✌️?) is >20% of US AUM, way up following DOL guidance allowing fiduciaries to incorporate ESG into investment decisions Lots of this winds up being portfolio screens with industry avoidance (e.g., tobacco)
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  1. …in reply to @lukestein
    Evidence🤷 what this actually means for • (Risk-adjusted) investment returns • Firm behavior [here, around innovation] → Who produces green innovation (≈patents)? → Does ostensible investor allocation towards ESG objectives actually invest in these projects?
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    1. …in reply to @lukestein
      Find: Not only is much green patenting done by firms w/o high ESG ratings, it's often in industries *excluded* from ESG portfolios and targeted by divestiture @umitgurun/1438255034693734401 They do blockbuster patents, follow-on investment, and don't seem to restrict others w. thickets
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      1. …in reply to @lukestein
        Raises impt questions about whether incentives through things like ESG ratings could be used to more strongly encourage innovation w/I sector rather than just from without.
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        1. …in reply to @lukestein
          Blog posts from the authors if you want to read more: @PRI_News/1362704878934573067 Obvs if you really want to read more, read the paper: nber.org/papers/w27990
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          1. …in reply to @lukestein
            (Excited for upcoming Friday seminars, including from Leonard Kostovetsky, Charles Hadlock, and @paulgp. These are not technically open, but if you're a Boston-area scholar and interested in joining us some time in person, email me please)
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