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Sebastian Utz

Former Member

Title

Prof. Dr.

Last Name

Utz

First name

Sebastian

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Are Insurance Balance Sheets Carbon-Neutral?
Harnessing Asset Pricing for Climate-Change Policy
(Palgrave Macmillan Ltd., 2019-10)
Braun, Alexander
;
Utz, Sebastian
;
Xu, Jiahua
Type:journal article
Journal:Geneva Papers on Risk and Insurance - Issues and Practice
Volume:44
Issue:4
DOI:10.1057/s41288-019-00142-w
URI:https://www.alexandria.unisg.ch/handle/20.500.14171/98155
Scopus© Citations 11
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Capital-market effects of ESG scores: Evidence from a quasi-natural experiment
(2020)
Meyer, Julia
;
Schüpbach, Luca Maria
;
Utz, Sebastian
We investigate the capital-market effects of the release of environmental, social, and governance (ESG) scores on the Bloomberg Professional Terminal. To estimate causal effects for a group of treated companies (i.e., stocks with newly available ESG scores), we exploit the unanticipated publication of Sustainalytics ESG scores vis à vis a matched control group in a difference-in-difference setting. We find a significant increase in market liquidity and abnormal returns in the treated group. The most substantial effects prevail in regions with lower ESG awareness and for companies with above-median ESG scores.
Type:conference paper
URI:https://www.alexandria.unisg.ch/handle/20.500.14171/112968