Green tilts

• 成果类型: Article
• 署名作者: Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian A.
• 署名单位: University of Chicago; University of Pennsylvania; National Bureau of Economic Research; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104173
• 发表日期: 2025-12
• 页码: 104173
• 关键词: esg; Sustainable investing; Portfolio tilt; institutional investors; sample selection; preferences

摘要

We estimate financial institutions' portfolio tilts related to U.S. stocks' environmental, social, and governance (ESG) characteristics. From 2012 to 2023, ESG-related tilts consistently total about 6% of the investment industry's assets and rise from 17% to 27% of institutions' total portfolio tilts. Significant ESG tilts arise from the choice of stocks held and, especially, the weights on stocks held. The largest institutions tilt increasingly toward green stocks, while other institutions and households tilt increasingly brown. Divestment from brown stocks is typically partial rather than full, even for individual mutual funds. UNPRI signatories and European institutions tilt greener; banks tilt browner.