Academic blogs

The PRI Academic blog is a weekly blog which allows academics to showcase ESG research in a more friendly and casual manner. The insights are shared throughout our investment community of 3,000+ signatories representing over $80 trillion and our Academic Network community.

The blogs are predominantly disseminated through our Academic Insights newsletter as well as through Linkedln and Twitter. If you would like to receive our newsletter, please sign up using the link here and select ‘interested in academia’ in the newsletter preferences section of the signup. Additionally, if you are interested in writing a blog article, please contact us at with the proposed paper you intend to write about.

Academic blogs

Do individual investors continue to invest in sustainability during an economic crisis_hero

Do retail investors continue to invest in sustainability during an economic crisis?


By Robin Döttling, Erasmus University Rotterdam, and Sehoon Kim, University of Florida

Can climate change legislation keep its momentum

Can climate change legislation keep its momentum?


By Shaikh Eskander, Kingston University, Sam Fankhauser and Joana Setzer, both Grantham Research Institute

Buyouts PE

Private equity buyouts and employee health


By Pilar Garcia-Gomez (Erasmus University, Rotterdam), Ernst Maug (University of Mannheim), and Stefan Obernberger (Erasmus University, Rotterdam)

Wealth_sustainability_hero blog

Do private wealth investors care about sustainability?


By Amir Amel-Zadeh, Saïd Business School, University of Oxford; Rik Lustermans, Erasmus School of Economics, Erasmus University and ABN AMRO Bank; Mary Pieterse-Bloem, Erasmus School of Economics and Erasmus Research Institute of Management, Erasmus University, and ABN AMRO Bank


Charitable donations and corporate directors – a hidden conflict?


By Ye Cai, Santa Clara University Leavey School of Business; Jin Xu, Virginia Tech Pamplin College of Business; and Jun Yang, Indiana University Kelley School of Business

Trump Election

Playing the Trump card: abnormal stock returns and the 2016 election


By Travers Child (CEIBS), Nadia Massoud (Melbourne Business School), Mario Schabus, Yifan Zhou (University of Melbourne)

shutterstock_64675891 (1)

The challenge of tracking firm-level climate change exposure


By Zacharias Sautner, Laurence van Lent, Grigory Vilkov, Ruishen Zhang (All authors are from Frankfurt School of Finance & Management)

ESG policy_Blog_Academic_hero (002)

Environmental and social policies pay off when times are tough


By Rui Albuquerque, Carroll School of Management, Boston College, CEPR and ECGI, Yrjo Koskinen, Haskayne School of Business, University of Calgary, Shuai Yang, Haskayne School of Business, University of Calgary, and Chendi Zhang, University of Exeter Business School

Carbon reduction_Paris Agremeent_academic blog

Carbon reductions and climate risk – does the Paris Agreement hold the key?


By Tarun Ramadorai, Imperial College London & Federica Zeni, Imperial College London

Academic_blog_Stock markets and media

Corporate social irresponsibility and stock market reactions: the critical role of news media


By Samuel Stäbler, Assistant Professor of Marketing at Tilburg University, and Marc Fischer, Professor of Marketing at the University of Cologne

Display of stock market quotes 149072456 copy

How equity investors react to mandatory non-financial disclosures


By Jody Grewal, University of Toronto, Edward J. Riedl, Boston University and George Serafeim, Harvard Business School


Does hedge fund activism impact the long-term sustainability of companies? [Updated]


By Mark DesJardine, Pennsylvania State University, and Rodolphe Durand, HEC-Paris


When Harry fired Sally: uncovering the gender punishment gap


By Mark Egan, Harvard University; Gregor Matvos, Northwestern University; Amit Seru, Stanford University


Do local weather conditions resonate more than global climate trends?


By Darwin Choi, Zhenyu Gao, and Wenxi Jiang, The Chinese University of Hong Kong Business School


Top of the class: do SRI-focused endowments perform better?


By George O. Aragon, Arizona State University, Yuxiang Jiang, Southwestern University of Finance and Economics, Juha Joenvӓӓrӓ, Aalto University School of Business and Cristian Ioan Tiu, University at Buffalo

shutterstock_280366622 (1)

Do managers boost short-term performance at the expense of long-run value?


By Tomislav Ladika, University of Amsterdam, and Zacharias Sautner, Frankfurt School of Finance & Management and ECGI

Smoke emission from factory pipes 92660983 copy

Making polluters pay – the problem with limited liability


By Pat Akey, University of Toronto and Ian Appel, Boston College

Partnership joining hands 164558246 copy

Can CSR reduce risk and boost valuations?


Rui Albuquerque, Yrjo Koskinen, Chendi Zhang

An industrial stack billows smoke into the air 45406255 copy

Fuelling fossil fuel: Bond to bank substitution in the transition to a low-carbon economy


Winta Beyene, Manthos D. Delis, Kathrin de Greiff, and Steven Ongena


Secret offshore vehicles and investor concerns


By James O’Donovan, Finance Professor at City University of Hong Kong, Hannes Wagner, Finance Professor at Bocconi University, and Stefan Zeume, Finance Professor at University of Illinois

Smoke global warming and climate changing 90829142 copy

Global warming, local policies


By Söhnke M. Bartram, University of Warwick and CEPR, Kewei Hou, Ohio State University, and Sehoon Kim, University of Florida

Analyzing stock market with digital tablet 138254972 copy

ESG rating disagreement and stock returns


By Rajna Gibson Brandon, ECGI, University of Geneva, Philipp Krueger, Geneva Finance Research Institute, Nadine Riand, Swiss Finance Institute, and Peter S. Schmidt, Geneva Finance Research Institute

Stock exchange data 97316723 copy

Responsible investing: the ESG-efficient frontier


By Lasse Heje Pedersen, Principal at AQR Capital Management & Finance Professor at Copenhagen Business School and NYU; Shaun Fitzgibbons, Managing Director at AQR Capital Management; Lukasz Pomorski, Head of ESG Research and Managing Director at AQR Capital Management 


Can gender-diverse boards reduce bank misconduct?


By Francesca Arnaboldi, Università Degli Studi Di Milano, Barbara Casu Lukac, CASS Business School, Angela Gallo, CASS Business School, Elena Kalotychou, Cyprus University of Technology and Anna Sarkisyan, Essex Business School, University of Essex


Exporting pollution: where do multinational firms release Co2?


By Itzhak Ben-David: Fisher College of Business, The Ohio State University, and NBER, Yeejin Jang: School of Banking and Finance, University of New South Wales, Stefanie Kleimeier: School of Business and Economics, Maastricht University, Faculty of Management, Open Universiteit, and University of Stellenbosch Business School, and Michael Viehs: Smith School ...

Low carbon transition

Assessing climate risks in investors’ portfolios: a journey through climate stress-testing


By Irene Monasterolo, Assistant Professor of Climate Economics and Finance, Vienna University of Economics and Business

Business meeting

Can State-Owned Enterprises play a role in global environmental engagement?


By Po-Hsuan Hsu, National Tsing Hua University, Hao Liang, Singapore Management University and Pedro Matos, University of Virginia – Darden School of Business


Talking about the weather: understanding household demand for green investment


By Anders Anderson, Executive Director, Swedish House of Finance and David Robinson, Professor of Finance at Fuqua School of Business, Duke University

Climate risk

Financial markets and decarbonisation


By Ralph De Haas, Director of Research, EBRD and Alexander Popov, Principal Economist, ECB


To disclose or not to disclose: the preferences of institutional investors


Emirhan Ilhan, Frankfurt School of Finance & Management; Philipp Krueger, University of Geneva and Swiss Finance Institute; Zacharias Sautner, Frankfurt School of Finance & Management; and Laura T. Starks, University of Texas at Austin


When investors call for climate responsibility, how do mutual funds respond?


By Marco Ceccarelli, University of Zurich - Department of Banking and Finance; Swiss Finance Institute; Stefano Ramelli, University of Zurich - Department of Banking and Finance; and Alexander F. Wagner, University of Zurich - Department of Banking and Finance; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI); ...


Shareholder activism and firms’ disclosure of their exposure to climate change risks


By Caroline Flammer, Associate Professor, Boston University


Steering and rowing: the French approach to responsible investment


By Stéphanie Giamporcaro, Nottingham Trent University, University of Cape Town; Jean-Pascal Gond, City, University of London; Niamh O’Sullivan, University of Nottingham

Modern portfolio theory

Modernising modern portfolio theory


By Jim Hawley, Head of Applied Research at Truvalue Labs and Professor Emeritus, Saint Mary’s College of California, and Jon Lukomnik, former Executive Director, IRCC Institute, and soon to be Visiting Professor, Judge Business School, University of Cambridge

These blogs are written by PRI staff members and guest contributors. Our goal is to contribute to the broader debate around topical issues and to help showcase some of our research and other work that we undertake in support of our signatories.

Please note that although you can expect to find some posts here that broadly accord with the PRI’s official views, the blog authors write in their individual capacity and there is no “house view”. Nor do the views and opinions expressed on this blog constitute financial or other professional advice.

If you have any questions, please contact us at

More reading


RI Quarterly

The PRI Academic Research programme aims to engage and inform signatories and responsible investment practitioners with academic research that analyses current thinking and future trends, provides practical recommendations and is thought-provoking. RI Quarterly extracts the essentials and distils key findings from research in a clear and concise manner for investment professionals.