ESG Preference, Institutional Trading, and Stock Return Patterns Article Swipe

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Jie Cao , Sheridan Titman , Xintong Zhan , Weiming Elaine Zhang ·

YOU? · · 2022 · Open Access · · DOI: https://doi.org/10.1017/s0022109022000916

Socially responsible (SR) institutions tend to focus more on the environmental, social, and governance (ESG) performance and less on quantitative signals of value. Consistent with this difference in focus, we find that SR institutions react less to quantitative mispricing signals. Our evidence suggests that the increased focus on ESG may have influenced stock return patterns. Specifically, abnormal returns associated with these mispricing signals are greater for stocks held more by SR institutions. The link between SR ownership and the efficacy of mispricing signals only emerges in recent years with the rise of ESG investing, and is significant only when there are arbitrage-related funding constraints.

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Arbitrage Stock (firearms) Corporate governance Preference Business Financial economics Institutional investor Focus (optics) Abnormal return Economics Monetary economics Finance Stock exchange Microeconomics Geography Physics Archaeology Optics

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Type: article
Language: en
Landing Page: https://doi.org/10.1017/s0022109022000916
PDF: https://www.cambridge.org/core/services/aop-cambridge-core/content/view/6FE00808FC61893DF3F9D983136BD8B3/S0022109022000916a.pdf/div-class-title-esg-preference-institutional-trading-and-stock-return-patterns-div.pdf
OA Status: bronze
Cited By: 127
References: 54
Related Works: 10
OpenAlex ID: https://openalex.org/W3146839257

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DOI: https://doi.org/10.1017/s0022109022000916

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Title: ESG Preference, Institutional Trading, and Stock Return Patterns

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Language: en

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Publication year: 2022

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Publication date: 2022-08-12

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Authors: Jie Cao, Sheridan Titman, Xintong Zhan, Weiming Elaine Zhang

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Landing page: https://doi.org/10.1017/s0022109022000916

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PDF URL: https://www.cambridge.org/core/services/aop-cambridge-core/content/view/6FE00808FC61893DF3F9D983136BD8B3/S0022109022000916a.pdf/div-class-title-esg-preference-institutional-trading-and-stock-return-patterns-div.pdf

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Concepts: Arbitrage, Stock (firearms), Corporate governance, Preference, Business, Financial economics, Institutional investor, Focus (optics), Abnormal return, Economics, Monetary economics, Finance, Stock exchange, Microeconomics, Geography, Physics, Archaeology, Optics

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Cited by: 127

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Citations by year (recent): 2025: 46, 2024: 45, 2023: 20, 2022: 7, 2021: 5

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