Fulton, Kahn, and Sharples (2012)

Fulton, Mark, Bruce M. Kahn, and Camilla Sharples.  “Sustainable Investing:  Establishing Long-Term Value and Performance.”  DB Climate Change Advisors, Deutsche Bank Group.  June 2012.

From the report:  "The evidence is compelling: Sustainable Investing can be a clear win for investors and for companies. However, many SRI fund managers, who have tended to use exclusionary screens, have historically struggled to capture this. We believe that ESG analysis should be built into the investment processes of every serious investor, and into the corporate strategy of every company that cares about shareholder value. ESG best-in-class focused funds should be able to capture superior risk-adjusted returns if well executed.

"This is the key finding of our report in which we looked at more than 100 academic studies of sustainable investing around the world, and then closely examined and categorized 56 research papers, as well as 2 literature reviews and 4 meta studies – we believe this is one of the most comprehensive reviews of the literature ever undertaken.

"Frequently, Sustainable Investing is stated to yield ‘mixed results”. However, by breaking down our analysis into different categories (SRI, CSR, and ESG) we have identified exactly where in the sprawling, diverse universe of so-called Sustainable Investment, value has been found."


Link:  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2222740.