EDHEC Climate Institute Publications
ERCII publications
French Corporate Social Responsibility: Which Dimension Pays More?
2010
We use a sample of 148 events related to corporate social responsibility (CSR) to assess the impact of CSR on corporate financial performance. There is considerable heterogeneity in market reaction to different dimensions of CSR. Not all dimensions offer a positive reward; some yield a negative and even statistically significant impact on the firms’ stock returns. One main conclusion of this study is that socially responsible investment is not an excuse for passive management. There is still room for timing and stock picking within the socially responsible universe of stocks.
Adoption of Green Investing by Institutional Investors: A European Survey
2010
This document reviews the concept of green investing and reports the results of a European survey of investment management professionals. The objective is to provide background on industry and academic research into green investing and assess the views and uses of green investing. Our survey shows that green investing is a significant movement in which survey respondents are heavily involved. Nearly 90% of respondents consider environmental protection an investment theme and the same percentage plans to do more green investing in the future.
Socially Responsible Investment Performance in France
2008
The results of this EDHEC position paper show that none of the sixty-two funds in the sample, covering various investment zones, manage to produce both positive and significant alpha (outperformance) over a six-year period and that the few significant alpha values are negative. Moreover, most of the funds generate negative, non-significant alpha. The study also shows that alpha values estimated over one year change greatly from one year to the next. The use of a period of various lengths shows that results can vary greatly from one length to another.
La problématique du taux d’actualisation des concessionnaires d’autoroutes : le cas des ASF
2006
L’objectif de ce rapport a été, dans un premier temps, de trancher le débat méthodologique sur le choix de la valeur du taux d’actualisation des concessionnaires autoroutiers dans le cadre de leur actuelle privatisation. De nombreuses polémiques sont nées en référence à un rapport du Commissariat général au Plan de février 2005, qui conclut que les projets d’investissements publics doivent être réalisés sur 17/23 la base d’un taux d’actualisation de 4%. A notre avis, ce taux ne peut pas être retenu dans le cadre d’une valorisation effectuée par un investisseur privé, car il n’intègre...
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About EDHEC
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the world’s top 15 business schools. Fully international and directly connected to the business world, EDHEC commands a strong reputation for research excellence and the ability to train entrepreneurs and managers capable of breaking new ground. EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching is inspired by its research work and a focus on “learning by doing”, all with the aim of equipping people with the skills to succeed in business.
