This page has only limited features, please log in for full access.
We investigate the association between Environmental, Social, and Governance (ESG) ratings and stock performance during the COVID-19 crisis. Although there is mixed evidence in the literature whether ESG is valuable in times of crisis, we find high ESG-rated European firms to be associated with higher abnormal returns and lower stock volatility. After decomposing ESG into its separate components, we find the social score to be the predominant driver of our results. Further, we argue that ESG is value-enhancing in low-trust countries, and in countries with poorer security regulations and where lower disclosure standards prevail.
Nils Engelhardt; Jens Ekkenga; Peter Posch. ESG Ratings and Stock Performance during the COVID-19 Crisis. Sustainability 2021, 13, 7133 .
AMA StyleNils Engelhardt, Jens Ekkenga, Peter Posch. ESG Ratings and Stock Performance during the COVID-19 Crisis. Sustainability. 2021; 13 (13):7133.
Chicago/Turabian StyleNils Engelhardt; Jens Ekkenga; Peter Posch. 2021. "ESG Ratings and Stock Performance during the COVID-19 Crisis." Sustainability 13, no. 13: 7133.
We investigate if trust affects global stock market volatility during the COVID-19 pandemic. Using a sample of 47 national stock markets, we find the stock markets’ volatility to be significantly lower in high-trust countries (in reaction to COVID-19 case announcements). Both trust in fellow citizens as well as in the countries’ governments are of significant importance.
Nils Engelhardt; Miguel Krause; Daniel Neukirchen; Peter N. Posch. Trust and stock market volatility during the COVID-19 crisis. Finance Research Letters 2020, 38, 101873 .
AMA StyleNils Engelhardt, Miguel Krause, Daniel Neukirchen, Peter N. Posch. Trust and stock market volatility during the COVID-19 crisis. Finance Research Letters. 2020; 38 ():101873.
Chicago/Turabian StyleNils Engelhardt; Miguel Krause; Daniel Neukirchen; Peter N. Posch. 2020. "Trust and stock market volatility during the COVID-19 crisis." Finance Research Letters 38, no. : 101873.
We explore if the corona-crash 2020 was driven by news attention or rational expectations about the pandemic’s economic impact. Using a sample of 64 national stock markets covering 94% of the world’s GDP, we find the stock markets’ decline to be mainly associated with higher news attention and less with rational expectation. We estimate the economic cost from the news hype to amount to USD 3.5 trillion for the US and USD 200 billion on average for the rest of the G8 countries.
Nils Engelhardt; Miguel Krause; Daniel Neukirchen; Peter Posch. What Drives Stocks during the Corona-Crash? News Attention vs. Rational Expectation. Sustainability 2020, 12, 5014 .
AMA StyleNils Engelhardt, Miguel Krause, Daniel Neukirchen, Peter Posch. What Drives Stocks during the Corona-Crash? News Attention vs. Rational Expectation. Sustainability. 2020; 12 (12):5014.
Chicago/Turabian StyleNils Engelhardt; Miguel Krause; Daniel Neukirchen; Peter Posch. 2020. "What Drives Stocks during the Corona-Crash? News Attention vs. Rational Expectation." Sustainability 12, no. 12: 5014.