Not logged in.
Quick Search - Contribution
Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Stock Returns: An Analysis of the Dow Jones Sustainability World Index |
| Organization Unit | |
| Authors |
|
| Supervisors |
|
| Language |
|
| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 107 |
| Date | 2016 |
| Abstract Text | Several studies have revealed that sustainable investments are gaining importance. However, it is questionable if people would buy/sell a company’s stocks primarily because such firm is more/less involved in sustainability. This thesis, through an empirical analysis, focused on the largest added and excluded corporations - according to their float adjusted market capitalization - from the Dow Jones Sustainability World Index between 2012 and 2014, as well as on all the index components added in 2015. Six hypotheses have been tested using the Market Model Method, focusing primarily on research of cumulative average abnormal returns resulting from the annual index announcement of included and excluded companies. The empirical analysis showed predominantly statistically insignificant results. In order to obtain more concrete answers from the findings and on sustainability awareness, the present work included some interviews with Sustainability Managers and Specialists. Consequently, several considerations have been elaborated on sustainability to show how the commitment of investors and companies to it could be augmented. Essentially, the role of regulation, together with education as well as engagement or active ownership, need to be intensified when relating to this developing topic. |
| Export |
BibTeX
|