Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & - PowerPoint PPT Presentation

ESCP EUROPE BUSINESS SCHOOL BERLIN Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & J. Fouquau Berlin, September 2017

✁ ✠ ✌ ☛ ✂ ☛ ☞ ☛ ✡ ✂ ✟ ✂ ✞ ✂ ✝ ☎ ✄ ✄ WHAT’S THE STUDY ABOUT? We address the following basic question: �� – �� – �� – ��

✁ ✠ ✍ ☛ ✂ ☛ ☞ ☛ ✡ ✂ ✟ ✂ ✞ ✂ ✝ ☎ ✄ ✄ EMPIRICAL IDENTIFICATION STRATEGY The empirical tests proceed in three main stages: ��

✁ ✠ ✎ ☛ ✂ ☛ ☞ ☛ ✡ ✂ ✟ ✂ ✞ ✂ ✝ ☎ ✄ ✄ SAMPLE SELECTION How do we select the sample firms? What are the data sources? �� – �� – �� – �� – �� – ��

✁ ✠ ☛ ✂ ☛ ☞ ☛ ✡ ✟ ✂ ✂ ✞ ✂ ✝ ☎ ✄ ✄ ✏ CCMT-BASED PORTFOLIO PERFORMANCE

✁ ✚ ✛ ✪ ✜ ✚ ✧ ✛ ✣ ✖ ✖ ✗ ✘ ✙ ✛ ✭ ✜ ✔ ✛ ✢ ✆ ✮ ✓ ✓ ✧ ✜ ✯ ✕ ✚ ✛ ✰ ✔ ✆ ✣ ✓ ✓ ✤ ✥ ✦ ✧ ✛ ★ ✩ ✥ ✛ ✥ ✪ ✥ ✪ ✜ ✕ ✤ ✤ ✥ ✦ ✫ ✧ ✬ ✔ ★ ✛ ✔ ✜ ✰ ✥ ✧ ✛ ✦ ✥ ✴ ✩ ✛ ✥ ✕ ✕ ✛ ✤ ✖ ✖ ✗ ✘ ✙ ✚ ✛ ✜ ✔ ✛ ✧ ✭ ✔ ✩ ✓ ✥ ✔ ✛ ✥ ✪ ✜ ✱ ✲ ✱ ✆ ✳ ✓ ✤ ✥ ✥ ✤ ✛ ✭ ✜ ★ ✩ ✥ ✔ ✛ ✪ ✜ ✢ ✔ ✂ ✠ ☛ ✂ ☛ ☞ ☛ ✡ ✟ ✜ ✂ ✞ ✂ ✝ ☎ ✄ ✄ ✑ ✵ ✒ ✖ � ✆ ✓ ✓ ✔ ✕ ✖ ✗ ✘ ✙ ✚ ✛ CCMT-BASED PORTFOLIO PERFORMANCE* Observed effects are resilient to known risk/mispricing factors P0 P1 P2 P3 P4 P5 MKTRF 0.7341*** 0.7117*** 0.6672*** 0.9184*** 0.7327*** 0.7035*** (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) (0.0000) SMB -0.0358 -0.4417*** -0.3649*** -0.4289*** -0.1578 -0.1232 (0.6541) (0.0000) (0.0000) (0.0000) (0.1531) (0.3324) HML -0.6229*** -0.3130*** -0.3114*** -0.2331*** -0.3113*** -0.1914** (0.0000) (0.0000) (0.0000) (0.0007) (0.0001) (0.0398) WML -0.1407*** -0.0565 -0.0700 -0.2042*** -0.2331*** -0.1409** (0.0005) (0.1382) (0.1064) (0.0000) (0.0000) (0.0280) alpha 0.0089*** 0.0041** 0.0043** 0.0056*** 0.0056** 0.0037 (0.0000) (0.0150) (0.0272) (0.0080) (0.0249) (0.2023) N 198 198 198 198 198 198 R-sq 74% 72% 64% 73% 57% 42%

Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & - PowerPoint PPT Presentation

ESCP EUROPE BUSINESS SCHOOL BERLIN Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & J. Fouquau Berlin, September 2017 WHATS THE

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Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & - PowerPoint PPT Presentation

ESCP EUROPE BUSINESS SCHOOL BERLIN Nonlinear Payoffs to Corporate Sustainability H. Basse Mama & J. Fouquau Berlin, September 2017 WHATS THE

1 Whats in a Name? Corporate Social Responsibility Sustainability Corporate Responsibility

SUSTAINABILITY. Page 1 SUCCESS FACTOR CORPORATE SUSTAINABILITY. AGENDA. How does our holistic

Corporate Sustainability Best Practices Journey to Zero Waste to Landfill Maria Gutierrez

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