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ESG Preference, Institutional Trading, and Stock Return Patterns

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Date
02/06/2023
Author(s)
Cao, J., Titman, S., Zhan, XT., Zhang, WM.
Publication
ESG Preference, Institutional Trading, and Stock Return Patterns. It will open in a new tabESG Preference, Institutional Trading, and Stock Return Patterns

Institutions with a social responsibility focus, emphasizing environmental, social, and governance (ESG) performance, display reduced responsiveness to quantitative mispricing signals. This study indicates that the prominence of ESG considerations may impact stock return patterns, with abnormal returns linked to mispricing signals more pronounced in stocks with higher social responsibility institutional ownership.

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