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Contribution Details

Type Master's Thesis
Scope Discipline-based scholarship
Title The impact of sustainable investments during the COVID-19 crisis in Europe
Organization Unit
  • Gilles Hunter
  • Alexander Wagner
  • Stefano Ramelli
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 45
Date July 2021
Abstract Text Research on the US market shows that ESG activities help firms stock returns during the COVID-19 pandemic. This study finds that in the European market, the “ESG factor” does not influence stock returns during COVID-19. When controlling for certain factors, stock prices are even negatively impacted by the ESG score. Further results suggest that the commonly known accounting-based measurements of financial health (liquidity and debt) were crucial for stock price reactions in the pandemic, and that the negative impact on ESG was mainly driven by the governance score.
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