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Evolutions in Sustainable Investing Evolutions in Sustainable Investing Erb student Colm Fay,Erb ’12 and alum Amrita Kumar, Erb’11 have contributed chapters to a new book featuring case studies from SRI leaders from around the world. Evolutions of Sustainable Investing is a practitioner’s book specifically laying out how this positive investment philosophy is being practiced, leaving the more negative approaches of socially responsible investing behind. This book is essential for any investor limited by old strategies that disregard a changing world of diminishing resources, an increasing global population as well as the market advantage now being experienced by the most efficient, innovative global companies. More |
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The Oxford Handbook of Business and the Natural Environment The Oxford Handbook of Business and the Natural Environment Understanding the intersection of business activity and environmental protection has become increasingly complex, and there has emerged a focus in academic research on business decision-making, firm behavior, and the protection of the natural environment. This handbook reviews the state of the field as it grows into a mature area of study within management science, its achievements, and its future avenues of research. It brings together original contributions in the field along several lines of inquiry. The first six focus on disciplines as delineated in contemporary business schools: business strategy; policy and non-market strategies; organizational theory and behavior; operations and technology; marketing; and accounting and finance. The seventh section reviews emergent and associated perspectives, whilst a concluding section, written by long-standing leaders in the field, discusses the future outlook for research. More |
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Practices and Innovation of Green supply chain – CCICED Special Policy Study Report Erb director, Andy Hoffman, and Erb students (Arthur Peterson, Christina Bosch, Cameron Smith and Stephanie Cutts Cheney) contributed to a special policy study report of the China Council for International Cooperation on Environment and Development: “Practices and Innovation of Green supply chain.” Although there are some beneficial conditions in place for developing green supply chain development in China, the lack of government policies, absence of industrial guidance and corporate strategy on green supply chain, the situation of an immature market of green consumption and public awareness, and long-way-to-go green trade transformation greatly challenges the development of green supply chains in China. This report offers conclusuions and key policy recommendations. View Report (doc) |
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Disclosure: Evidence from Newsweek’s Green Companies RankingsBy Thomas P. Lyon, University of Michigan, and Jay P. Shimshack, Tulane University and Erb Institute Visiting ScholarAbstract: Corporate-level environmental information disclosure is increasingly common. We study the impact of a prominent media-generated sustainability ratings program, Newsweek’s 2009 ranking of the 500 largest US firms. Using an event study methodology, we find the rankings had a significant impact on shareholder value. Firms in the top 100 experienced abnormal returns after the information release that were 0.6 – 1.0 percent higher than returns of firms in the bottom 400. The form of the information released had significant effects as well. Nuanced environmental score variables had no independent impact on market outcomes; only the final ranking mattered. We also explore possible channels through which the rankings may have had their impact. We find suggestive evidence that private and public politics mechanisms were the most important. View report (pdf) Read the Daily Beast article citing Lyon & Shimshack’s research | Read Lyon & Shimshack’s followup on the Erb Prospective Blog |
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New Institute Report – Value of Natural Resources: Deschutes River Corridor and Its Water Abstract: The Deschutes River in Central Oregon provides numerous ecosystem services benefits to the region. This study analyzed the market and expressed values to six industries in the region: agriculture, tourism, recreation, hotels, real estate, and commercial salmon fishing. Using revealed preference methodologies to assess ecosystem services benefits to these industries, the study found the river provides a total economic value to the industries of $185.2 million annually, of which $134.7 is direct revenue to the region, $28.0 is revenue outside the region, and $22.5 million is the expressed value of products and services that residents receive for free in their market value equivalent. The benefits of the river to these industries create 3,433 in full time equivalent jobs for Central Oregon with an estimated value in wages of $73.0 million. The study built a model to analyze the economic impact to the four industries of different water management regimes including one to maximize agricultural revenues, another to maximize recreational revenues, a third that increases productivity in all industries without adverse impact to any one industry, and a fourth which examines the current distribution under drought conditions. The four scenarios result in gains in total economic value from 19.1 to 66.2%, changes in market value from -10.5 to 47.6% and changes in expressed value that varies from -34.2 to 204.5%. The results demonstrate the potential economic tradeoffs and gains within and among industries that will be made under different water management decisions. Read the report (pdf) |
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