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Investor returns have always been, and still are, a central motive for chasing market inefficiencies. We have studied investor returns in two different markets, the US and Germany, and based on two different key measures, ESG ratings and M&A offer premiums. By utilizing Fama-French and Carhart factor models, we adequately isolate the parameters of interest in order to elaborate on the effect of high ESG vs. low ESG (paper I), and ESG vs. NoESG (paper II) in the US market.

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Summary and Conclusion

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  • 发表日期：

    2025年

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  • Mia Kesselman-Evans

摘要

Investor returns have always been, and still are, a central motive for chasing market inefficiencies. We have studied investor returns in two different markets, the US and Germany, and based on two different key measures, ESG ratings and M&A offer premiums. By utilizing Fama-French and Carhart factor models, we adequately isolate the parameters of interest in order to elaborate on the effect of high ESG vs. low ESG (paper I), and ESG vs. NoESG (paper II) in the US market.