• Values-Driven and Profit-Seeking SRI
  

  Journal of Banking and Finance

  07-09-11 | Jeroen Derwall | Kees Koedijk | A segmentation of the socially responsible investing (SRI) movement by values-versus-profit orientation solves the puzzling evidence that both socially responsible and controversial stocks produce superior returns. We derive that the segment of values-driven investors, who are willing to sacrifice financial return to derive non-financial goals, is primarily served by screens that avoid controversial stocks. Consistent with values affecting stock prices, controversial stocks...

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  • Derwall, Koedijk and Ter Horst (2011)
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• Supply, Demand, and the Value of Green Buildings
  

  Working paper

  23-12-11 | Andrea Chegut | Piet Eichholtz | Nils Kok | Attention to sustainability and energy efficiency rating schemes in the commercial property market...

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  • Supply, Demand, and the Value of Green Buildings
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• Residential Energy Literacy and Capitalization

  Working paper

  01-12-11 | Dirk Brounen | Nils Kok | With the residential sector accounting for some one-fifth of global energy consumption -- resulting from the requirements to heat, cool, and light residential dwellings -- energy efficiency in private dwellings has again gained interest in recent years. In this paper, we examine the importance of awareness and behavior of households with respect to their residential energy use. Using a detailed survey across 1,721 households, we measure the extent to which consumers are aware of their energy consumption and whether they have taken measures to reduce their energy bill. Our results show that...

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  • Residential Energy Literacy and Capitalization
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• Portfolio Greenness and the Financial Performance of REITs

  Working paper

  27-11-11 | Piet Eichholtz | Nils Kok | Erkan Yönder | There is an increasing body of evidence on the financial performance of “green” commercial properties, but not much is known about the implications of investments in such buildings for property companies. This paper investigates the effects of the energy efficiency and sustainability of commercial properties on the operating and stock performance of a sample of US REITs, providing insight into the net benefits of “green” buildings. We match data on LEED and Energy Star certified buildings with detailed information on REIT portfolios and calculate the share of...

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• Project finance as a driver of economic growth in low-income countries

  Working paper

  05-10-11 | Stefanie Kleimeier | This paper, coauthored by Stefanie Kleimeier and Roald Versteeg, investigates the role of project finance as a driver of economic growth. The authors hypothesize that project finance is beneficial to the least developed economies as it is able to compensate for a lack of domestic financial development. The contractual structure unique to project finance leads to better investment management and governance. Investigating 90 countries from 1991 to 2005, the authors find indeed support for their hypothesis. Results show that project finance fosters economic growth and that its effect is...

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  • Project finance as a driver of economic growth in low-income countries
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