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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Sustainability and Financial Performance in the Healthcare Industry |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 38 |
| Date | 2020 |
| Abstract Text | Investing in line with sustainability criteria is one of the most prominent trends in the asset management world. This research investigates whether including ESG (Environmental Social and Governance) criteria in the construction of an equity portfolio does lead to a sacrifice in terms of returns.An asset pricing model is developed in line with the Fama French five factors model. Results show that a portfolio constructed with companies with low ESG scores outperforms on risk- adjusted bases whereas the ones constructed with top ESG considering both the market and the healthcare sector not. Including an additional risk factor in the model that controls for ESG does not change the evidence of outperformance but it improves the model’s specification. |
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