Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2017.11.036 |
Fossil Fuel Divestment and Portfolio Performance | |
Trinks, Arjan1; Scholtens, Bert1,2; Mulder, Machiel1; Dam, Lammertjan1 | |
2018-04-01 | |
发表期刊 | ECOLOGICAL ECONOMICS |
ISSN | 0921-8009 |
EISSN | 1873-6106 |
出版年 | 2018 |
卷号 | 146页码:740-748 |
文章类型 | Article |
语种 | 英语 |
国家 | Netherlands; Scotland |
英文摘要 | Fossil fuel divestment campaigns urge investors to sell their stakes in companies that supply coal, oil, or gas. However, avoiding investments in such companies might impose a cost on the investor in terms of foregone potentially profitable investments and reduced opportunities for portfolio diversification. We compare financial performance of investment portfolios with and without fossil fuel company stocks over the period 1927-2016. Contrary to theoretical expectations, we find that fossil fuel divestment does not seem to impair portfolio performance. These findings can be explained by the fact that, so far, fossil fuel company stocks do not outperform other stocks on a risk-adjusted basis and provide relatively limited diversification benefits. A more pronounced performance impact of divestment can be observed over short time frames and when applied to less diversified market indices. |
英文关键词 | Fossil Fuel Divestment Socially Responsible Investing Portfolio Performance Risk-Adjusted Returns Market Capitalization GARCH |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000425202700065 |
WOS关键词 | CLIMATE-CHANGE ; RISK ; INVESTMENT ; EMISSIONS ; MODELS ; SHARPE ; POLICY ; RETURN ; STOCKS ; STAKE |
WOS类目 | Ecology ; Economics ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Environmental Sciences & Ecology ; Business & Economics |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/15374 |
专题 | 资源环境科学 |
作者单位 | 1.Univ Groningen, Dept Econ Econometr & Finance, POB 800, NL-9700 AV Groningen, Netherlands; 2.Univ St Andrews, Sch Management, St Andrews KY16 9RJ, Fife, Scotland |
推荐引用方式 GB/T 7714 | Trinks, Arjan,Scholtens, Bert,Mulder, Machiel,et al. Fossil Fuel Divestment and Portfolio Performance[J]. ECOLOGICAL ECONOMICS,2018,146:740-748. |
APA | Trinks, Arjan,Scholtens, Bert,Mulder, Machiel,&Dam, Lammertjan.(2018).Fossil Fuel Divestment and Portfolio Performance.ECOLOGICAL ECONOMICS,146,740-748. |
MLA | Trinks, Arjan,et al."Fossil Fuel Divestment and Portfolio Performance".ECOLOGICAL ECONOMICS 146(2018):740-748. |
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