How ESG investing has impacted the asset pricing in the equity market : research & macro strategy
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<subfield code="a">ESG investing has gained considerable traction over the past few years and, alongside smart beta, factor investing and alternative risk premia, is one of the current hot topics for the asset management industry. Nevertheless, even though large institutions such as insurance companies, pension funds and sovereign wealth funds have invested significantly in ESG strategies over recent years and we are observing a substantial and increasing interest from other investors such as wealth management or retail investors, the question of performance remains a controversial issue and a puzzle for the financial community. Indeed, academic findings have been mixed and have revealed a U-shape pricing of stocks in the equity market, meaning that both best-inclass and worst-in-class ESG stocks have been rewarded by the equity market in the past</subfield>
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