There is an extensive body of literature pertaining to the subject of sustainable investment. The following list of academic publications and reports offers a broad selection of relevant studies for those interested in learning more about the subject. This list is not exhaustive and will be updated regularly. Each publication is linked to either an abstract or the full text and can be accessed by clicking on the citation.

Sustainability and Financial Performance

Albuquerque R, Durnev A, Koskinen Y. 2013. Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. SSRN Working Paper.

Barber B. 2007. Monitoring the Monitor: Evaluating CalPERS Activism. Journal of Investing 16(4): 66-80.

Bebchuk L, Cohen A, Wang C. 2013. Learning and the Disappearing Association between Governance and Returns. Journal of Financial Economics 108: 323-348.

Cheng B, Ioannou I, Serafeim G. 2011. Corporate Social Responsibility and Access to Finance. Strategic Management Journal 35(1): 1-23.

Clark G, Feiner A, Viehs M. 2015. From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. University of Oxford.

Derwall J, Guenster N, Bauer R, Koedijk K. 2005. The Eco-Efficiency Premium Puzzle. Financial Analysts Journal 61: 51-63.

Eccles R, Serafeim G. 2013. A Tale of Two Stories: Sustainability and the Quarterly Earnings Call. Journal of Applied Corporate Finance 25(3): 66–77.

Eccles, R, Serafeim G, Clay T. 2011. KKR: Leveraging Sustainability. Harvard Business School Entrepreneurial Management Case No. 112-032.

Eccles R, Ioannou I, Serafeim G. 2014. The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science 60(11): 2835–2857.

Gompers P, Ishii J, Metrick A. 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118: 107-155.

Griffin P, Lont D, Yuan S. 2014. Supply Chain Sustainability: Evidence On Conflict Minerals. Pacific Accounting Review 26(½): 28-53.

Griffin P, Yuan S. 2013. Strange Bedfellows: Voluntary CSR Disclosure and Politics. Accounting and Finance 53(4): 867-903.

Ioannou I, Serafeim G. 2015. The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics. Strategic Management Journal, Forthcoming.

Konar S, Cohen M. 2001. Does the Market Value Environmental Performance? The Review of Economics and Statistics 83(2): 281-289.

Mozaffar K, Serafeim G, Yoon A. 2015. Corporate Sustainability: First Evidence on Materiality, Harvard Business School Working Paper Series 15-073.

Sharfman M, Fernando C. 2008. Environmental Risk Management and the Cost of Capital. Strategic Management Journal 29: 569-592.


Ansar A, Caldecott B, Tillbury J. 2013. Stranded Assets and the Fossil Fuel Divestment Campaign: What does Divestment Mean for the Valuation of Stranded Assets? University of Oxford.

Hong H, Kacperczyk M. 2009. The Price of Sin: The Effects of Social Norms on Markets. Journal of Financial Economics 93: 15-36.

Kaenpfer W, James L, Anton L. 1987. Divestment Investment Sanctions and Disinvestment: An evaluation of anti-apartheid policy instruments. International organization 41(3).

Teoh SH, Welch I, Wazzan P. 1999. The Effects of Socially Activist Investment Policies on Financial Markets: Evidence from the South African Boycott. Journal of Business 72: 35-89

Climate Change

Intergovernmental Panel on Climate Change. 2013. Summary for Policy Makers.  In: Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA.

Pope Francis. 2015. Laudato Si’ [Encyclical on Care for Our Common Home].

Scenarios, Implications and Carbon Asset Risk

Allen M, Frame D, Huntingford C, Jones C, Lowe J, Meinshausen M, Meinshausen N. 2009. Warming Caused by Cumulative Carbon Emissions towards the Trillionth Tonne. Nature 458(7242): 1163-1166.

Bauer N, Bosetti V, Hamdi-Cherif M, Kitous A, McCollum D, Méjean A, Rao S, Turton H, Paroussos L, Ashina S, Calvin K, Wada K, van Vuuren D. 2015. CO2 Emission Mitigation and Fossil Fuel Markets: Dynamic and International Aspects of Climate Policies. Technological Forecasting and Social Change 90(Part A): 243-256.

Bauer N, Mouratiadou I, Luderer G, Baumstark L, Brecha R, Edenhofer O, Kriegler E. 2013. Global Fossil Energy Markets and Climate Change Mitigation: An Analysis with REMIND. Climatic Change: 1-14.

Covington H, Thamotheram R. 2015. The Case for Forceful Stewardship (Part 1): The Financial Risk from Global Warming.

Covington, Howard, Thamotheram, Raj. 2015. The Case for Forceful Stewardship (Part 2): Managing Climate Risk.

Griffin P, Jaffe A, Lont D, Dominguez-Faus R. 2015. Science and the stock market: Investors’ recognition of unburnable carbon. Energy Economics. Energy Economics 52(Part A): 1-12.

Johnson N, Krey V, McCollum L, Rao S, Riahi K, Rogelj J. 2014. Stranded on a Low-Carbon Planet: Implications of Climate Policy for the Phase-out of Coal-based Power Plants. Technological Forecasting and Social Change. Forthcoming.

Leaton J. 2011. Unburnable Carbon 2011: Are the World’s Financial Markets Carrying a Carbon Bubble? Grantham Research Institute, London: LSE.

Leaton, J, Ranger N, Ward B, Sussams L, Brown M. 2013. Unburnable Carbon 2013: Wasted Capital and Stranded Assets. Grantham Research Institute, London: LSE.

McCollum D, Bauer N, Calvin K, Kitous A, Riahi K. 2014. Fossil Resource and Energy Security Dynamics in Conventional and Carbon-constrained Worlds. Climatic Change 123(3-4): 413-426.

McCollum D, Yang C. 2009. Achieving Deep Reductions in US Transport Greenhouse Gas Emissions: Scenario Analysis and Policy Implications. Energy Policy 37(12): 5580-5596.

McGlade C, Ekins P. 2015. The Geographical Distribution of Fossil Fuels Unused when Limiting Global Warming to 20C. Nature 517(7533): 187-190.

Meinshausen M, Meinshausen N, Hare W, Raper S, Frieler K, Knutti R, Frame D, Allen M. 2009. Greenhouse-gas Emission Targets for Limiting Global Warming to 2 Degrees C. Nature 458(7242): 1158-1163.

Nelson J, Johnston J, Mileva A, Fripp M, Hoffman I, Petros-Good A, Blanco C, Kammen DM. 2012. High-resolution modeling of the western North American power system demonstrates low-cost and low-carbon futures. Energy Policy 43: 436-447.

Quirin J, Berry K, O'Bryan D. 2000. A Fundamental Analysis Approach to Oil and Gas Firm Valuation. Journal of Business Finance and Accounting 27(7 & 8): 785-819.

Securities and Exchange Commission, 2010. Commission Guidance Regarding Disclosure Related to Climate Change.  Release Nos. 33-9106, 34-61469, Securities and Exchange Commission, Washington, DC, February 2.

Sperling S, Cannon J. 2009. Reducing Climate Impacts in the Transportation Sector. Springer.