Is ESG an Equity Factor or Just an Investment Guide?

@inproceedings{Breedt2019IsEA,
  title={Is ESG an Equity Factor or Just an Investment Guide?},
  author={Andr{\'e} Breedt and Stefano Ciliberti and Stanislao Gualdi and Philip H. Seager},
  booktitle={The Journal of Investing},
  year={2019}
}
Environmental, social, and governance (ESG) information demands attention within the asset management industry since it has become widely accepted that making an allowance for ESG criteria within an equity portfolio enhances returns. The authors test this proposition by incorporating ESG criteria into a worldwide market neutral portfolio using an “off-the-shelf” third-party database of individual security ratings. Our results show that incorporating ESG information into a worldwide equity… 

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