# Scout Output - Academic Citation Discovery

## Summary

**Total Valid Citations**: 51
**Success Rate**: 51.0%
**Failed Topics**: 2

### Sources Breakdown

- **Crossref**: 25 (49.0%)
- **Semantic Scholar**: 24 (47.1%)
- **Gemini Grounded**: 2 (3.9%)
- **Gemini LLM**: 0 (0.0%)

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## Citations Found

### From Crossref (25 citations)

#### 1. The logic of net zero investment portfolios: positioning long-term investors for financial outperformance
**Authors**: Casady, Monk
**Year**: 2025
**DOI**: 10.1080/20430795.2025.2514189
**URL**: https://doi.org/10.1080/20430795.2025.2514189

#### 2. (Re)Narrating the Self: Cross-Cultural Identity and Multivocality in Kim Scott’s That Deadman Dance (2010)
**Authors**: el Diwany
**Year**: 2020
**DOI**: 10.21608/ttaip.2020.133414
**URL**: https://doi.org/10.21608/ttaip.2020.133414

#### 3. Factor Models in Portfolio and Asset Pricing Theory
**Authors**: Connor, Korajczyk
**Year**: 2010
**DOI**: 10.1007/978-0-387-77439-8_13
**URL**: https://doi.org/10.1007/978-0-387-77439-8_13

#### 4. Should You Short or Exclude the ESG Sinners? Integrating ESG Controversies into Long-Short Strategies for Us and European Equities and Corporate Bonds
**Authors**: Orpiszewski, Borratynski, Thompson, Iwata
**Year**: 2025
**DOI**: 10.2139/ssrn.5366322
**URL**: https://doi.org/10.2139/ssrn.5366322

#### 5. Sustainable investing—main concepts. Sustainable investing ETFs
**Authors**: Marszk, Lechman
**Year**: 2023
**DOI**: 10.1016/b978-0-12-823871-4.00008-8
**URL**: https://doi.org/10.1016/b978-0-12-823871-4.00008-8

#### 6. Fama French 5 Factor Model Versus Alternative Fama French 5 Factor Model: Evidence from Selected Islamic Countries
**Authors**: ÖZER, ÖNCÜ, ÖZER, ÇÖMLEKÇİ
**Year**: 2021
**DOI**: 10.28949/bilimname.952079
**URL**: https://doi.org/10.28949/bilimname.952079

**Abstract**: In this study, the validity of the five-factor model in developing and underdeveloped countries was investigated in 2012-2020, as well as the validity of the model to be created by using the inflation rate instead of the risk-free interest rate, and the answers to the questions of its comparison with the original model. In seeking an answer to this question, Pakistan, Malaysia, Indonesia and Turkey were selected as the countries with interest-sensitive investors. In the study, the Kuala Lumpur Composite Index (KLCI) for Malaysia, the Jakarta Islamic Index (JKII) for Indonesia, the Karachi Meezan Index (KMI) for Pakistan and the Participation Index (KATLM) for Turkey were selected for the study and analysis was carried out on the top 30 companies in the index.In terms of the created portfolios, it is seen that different portfolios are effective in terms of the highest excess return in selected countries. In fact, it has been observed that the portfolio with the highest extreme return in a country has the lowest return in the other country. It can only be said that the excessive return of small firms is greater than that of large firms. Looking at the fluctuation of excess returns, it is seen that Pakistan and Indonesia markets are risky, while Malaysia is the least risky. As a result of the analysis, evidence has been obtained that the original model has little advantage over the inflation model and that they are very close to each other. It can be said that the FF5F model is also effective in developing and underdeveloped country markets, and interest-sensitive investors can model using the inflation rate.

#### 7. On the Markowitz mean–variance analysis of self-financing portfolios
**Authors**: Bai, Liu, Wong
**Year**: 2009
**DOI**: 10.3233/rda-2008-0004
**URL**: https://doi.org/10.3233/rda-2008-0004

#### 8. Exclusionary Screening
**Authors**: Dimson, Marsh, Staunton
**Year**: 2020
**DOI**: 10.3905/jesg.2020.1.1.066
**URL**: https://doi.org/10.3905/jesg.2020.1.1.066

#### 9. ESG, ESG Disagreement and the Short-Term Debt for Long-Term Investment: Evidence from China
**Authors**: Tao, Zhang
**Year**: 2023
**DOI**: 10.2139/ssrn.4649063
**URL**: https://doi.org/10.2139/ssrn.4649063

#### 10. Quantitative ESG disclosure and divergence of ESG ratings
**Authors**: Liu
**Year**: 2022
**DOI**: 10.3389/fpsyg.2022.936798
**URL**: https://doi.org/10.3389/fpsyg.2022.936798

**Abstract**: Over the past decade, sustainable finance has been a topic of burgeoning significance for investors, and ESG ratings have become commonly used to implement ESG investment strategies in practice. Strikingly, it is widely documented in both academic literature and investment practices that ESG ratings of a given firm can be extremely different across rating providers. However, despite the disagreement in ESG ratings being subject to a lot of criticism, only few studies have examined the sources and determinants of rating divergence. This study examines whether quantitative ESG disclosure is conducive to rating convergence among agencies. Based on ESG rating data of Chinese A-share listed companies, the author finds that greater quantitative ESG disclosure, especially disclosure on environmental and social pillars, results in greater divergence of ESG ratings. When employing a difference-in-differences design with a quasi-experiment of disclosure guidance introduced by Hong Kong Exchange, the results show that if ESG disclosure is standardized and comparable, more numerical information reduces agencies' rating disagreement instead. Further analyses show that the lack of agreement is related to a low rating in the future. The author also finds that the effect of quantified ESG disclosure on rating divergence is more pronounced when firms are single businesses rather than diversified businesses with poor ESG performance rather than good ESG performance. The results are robust to alternative measures of ESG rating divergence, alternative sample, two-way clustering, and additional control variables. Taken together, the results indicate that quantitative ESG disclosure degenerates rating disagreement.

#### 11. Indian Equity Markets: Measures of Fundamental Value
**Authors**: Mehra
**Year**: 2010
**DOI**: 10.3386/w16061
**URL**: https://doi.org/10.3386/w16061

#### 12. Pure Factor Portfolios and Multivariate Regression Analysis
**Authors**: Clarke, Thorley
**Year**: 2017
**DOI**: 10.2139/ssrn.2912673
**URL**: https://doi.org/10.2139/ssrn.2912673

#### 13. Scientific Investing in the Real World: Unifying the Extremes: Randomness Determinism Causality : Black Swan &amp;amp; Tail Risk Hedging Black Swan, Tail Risk Hedging, Convexity, Causality, Dynamics in Financial Market Causal Adjusted Randomized Factor Investing
**Authors**: Mani
**Year**: 2023
**DOI**: 10.2139/ssrn.4543698
**URL**: https://doi.org/10.2139/ssrn.4543698

#### 14. The Risk-Adjusted Performance of Conventional, Socially Responsible, and Islamic Investment Funds
**Authors**: GHLAMALLAH, Ben Larbi, Gialdini
**Year**: 2025
**DOI**: 10.2139/ssrn.4713275
**URL**: https://doi.org/10.2139/ssrn.4713275

#### 15. Correlation between ESG Factor Assessments and Corporate Credit Ratings
**Authors**: Kim, Kim
**Year**: 2025
**DOI**: 10.51265/gfr.2025.6.2.29
**URL**: https://doi.org/10.51265/gfr.2025.6.2.29

#### 16. ESG-Screening and Factor-Risk-Adjusted Performance: The Concentration Level of Screening Does Matter
**Authors**: Jin
**Year**: 2020
**DOI**: 10.2139/ssrn.3722485
**URL**: https://doi.org/10.2139/ssrn.3722485

#### 17. Dow Jones Sustainability Indices and ESG Scores: Do They Tell the Same Story?
**Authors**: Tehrani, Rathgeber, Dougherty, Fulton, Fournier
**Year**: 2024
**DOI**: 10.3390/su16146110
**URL**: https://doi.org/10.3390/su16146110

**Abstract**: The focal point of this research is to compare two of the largest global organizations’ sustainability indices and scores, namely Dow Jones Sustainability Indices (DJSIs) and Standard &amp; Poor’s Global (S&amp;P Global) ESG scores (environmental, social, and governance), which rank companies based on their sustainability practices, and to learn if they correspond to each other. Considering that Germany is the hub of large companies from leading global industries, this research compares the ESG scores of the German companies that appear on the Dow Jones Sustainability Indices. Several statistical analyses are conducted to determine if the German companies on the DJSIs correspond with high ESG scores. The years under consideration are 2018 through 2023. The results of this research indicate that DJSIs and ESG scores do not tell the same story and there are discrepancies regarding the sustainability practices of the studied companies that are added to the DJSIs and the assigned high ESG scores by S&amp;P Global.

#### 18. Sustainable Investing
**Authors**: Jiang
**Year**: 2022
**DOI**: 10.1007/978-3-030-82711-3_8
**URL**: https://doi.org/10.1007/978-3-030-82711-3_8

#### 19. Esg Portfolio vs Traditional Portfolio Analysis-a Study Of MSCI ESG Indices
**Authors**: Tadoori, Usha Kiran
**Year**: 2023
**DOI**: 10.33516/rb.v48i3-4.51-70p
**URL**: https://doi.org/10.33516/rb.v48i3-4.51-70p

**Abstract**: Corporateâ€™s ability to create long-term value for stakeholders doesnâ€™t only depend on financial information, but also on integrating non-financial information in the form of Environmental, Social, and Governance (ESG) issues. The financial community is keen on the management of ESG issues by the company which would provide strategic opportunities and also may create strategic threats. Therefore, in the present era of the business environment, it has become necessary to integrate this non-financial information into annual reports or as separate reports on ESG issues. The evolution of ESG integration is a kind of top-down approach where international institutional investors/ foreign portfolio investors have initiated the process and followed by regulatory bodies and finally at the bottom, the corporates who are obliged to disclose information on relevant ESG issues. Various international organs or bodies made initiations to integrate ESG disclosure. Eventually, capital markets of countries were made to frame regulatory guidelines, and the respective stock exchanges introduced ESG based indices. Similarly, some institutions like Morgan Stanley Capital Internal (MSCI), Standard &amp; Poor (S&amp;P), Sustainalytics, PricewaterhouseCoopers (PwC), and others provide ESG related services. The present study analyzed 22 ESG country leader indices along with the MSCI World ESG leader index and corresponding benchmark indices of the countries from developed and emerging markets. Monthly returns of all the indices from April 2014 to March 2021 have been collected for the study to calculate descriptive statistics, correlation of ESG indices with their respective benchmark indices, Co-integration and Granger Causality. The results found that ESG indcies have faredwell in terms of return during the study period, but traditional indices have outperformed. In case of Granger Causality test, results have shown that traditional and ESG indices do not Granger each other but are co integrated in long-term.

#### 20. BlackRock and factor models in investing
**Authors**: McDonald
**Year**: 2024
**DOI**: 10.69645/zole1931
**URL**: https://doi.org/10.69645/zole1931

#### 21. Understanding Mutual Funds Returns Across Morningstar Style Boxes
**Authors**: Mamaev
**Year**: 2024
**DOI**: 10.32743/unilaw.2024.114.4.17109
**URL**: https://doi.org/10.32743/unilaw.2024.114.4.17109

#### 22. Fiduciary Duty in the 21st Century
**Authors**: Sullivan
**Year**: 2015
**DOI**: 10.2139/ssrn.2724866
**URL**: https://doi.org/10.2139/ssrn.2724866

#### 23. Does the EU Action Plan on Sustainable Finance Impact Swiss Banks?
**Authors**: Chenaux, Piller
**Year**: 2020
**DOI**: 10.38023/02e75c19-118f-4af2-9227-68ca4b9b81bc
**URL**: https://doi.org/10.38023/02e75c19-118f-4af2-9227-68ca4b9b81bc

#### 24. Expanding ESG Coverage
**Authors**: Pizzani
**Year**: 2015
**DOI**: 10.2469/cfm.v26.n6.12
**URL**: https://doi.org/10.2469/cfm.v26.n6.12

#### 25. Integrating sustainability risks in asset management: the role of ESG exposures and ESG ratings
**Authors**: Hübel, Scholz
**Year**: 2019
**DOI**: 10.1057/s41260-019-00139-z
**URL**: https://doi.org/10.1057/s41260-019-00139-z

### From Semantic Scholar (24 citations)

#### 1. Measuring the performance of green investment portfolios for zero-carbon environment: a comparative analysis of digital finance and asset-backed securities
**Authors**: Lei, Bao, Zhao
**Year**: 2023
**DOI**: 10.1007/s11356-023-31009-2
**URL**: https://doi.org/10.1007/s11356-023-31009-2

#### 2. Effect of Corporate Governance on Performance of Deposit Money Banks in Nigeria.
**Authors**: Molokwu
**Year**: 2020
**DOI**: 
**URL**: https://www.semanticscholar.org/paper/200104b758c0bd38350ce124c929346123ec2eb2

#### 3. The Dilemma Between Shareholder Value and Long-term Business Sustainability
**Authors**: Muslim
**Year**: 2025
**DOI**: 10.60079/amfr.v3i1.427
**URL**: https://doi.org/10.60079/amfr.v3i1.427

**Abstract**: Purpose: This study investigates the tension between short-term shareholder value creation and long-term business sustainability in publicly traded companies. It explores how firms balance the pressure for immediate financial returns with the need to invest in sustainable practices for future viability.
Research Design and Methodology: The research employs a Systematic Literature Review (SLR) methodology, analyzing existing literature on strategic frameworks such as ESG integration, strategic agility, and shared value creation. The study synthesizes insights from relevant academic sources to comprehensively understand how companies manage the conflict between short-term and long-term objectives.
Findings and Discussion: The findings reveal that companies often prioritize short-term profits due to shareholder pressure, which can hinder long-term sustainability efforts. However, firms that adopt strategic agility and integrate ESG into their core strategies are better equipped to navigate future risks and maintain competitiveness. The study also highlights the effectiveness of shared value creation in helping companies align profitability with social and environmental responsibilities, demonstrating that sustainability practices contribute to long-term shareholder value.
Implications: This study offers practical implications for corporate management, emphasizing the need for a balanced approach that meets both short-term financial goals and long-term sustainability. It calls for increased transparency, stakeholder engagement, and adopting integrated reporting to enhance corporate accountability. Future research could further explore how smaller firms and industries address this dilemma.

#### 4. Optimal constrained strategies for factor-based investing in the Brazilian stock market
**Authors**: Lewin, Campani
**Year**: 2024
**DOI**: 10.1590/1808-057x20242051.en
**URL**: https://doi.org/10.1590/1808-057x20242051.en

**Abstract**: ABSTRACT The paper examines investment strategies for factor-based portfolios formed by integrating a regime-switching model with a stochastic recursive utility function. Drawing from the seminal works of Fama and French (1993) and Carhart (1997), the authors identify four risk factors within the Brazilian stock market. Subsequently, employing the CGL model proposed by Campani et al. (2021), the study develops investment strategies to diversify across portfolios formed with these risk factors. The CGL model provides the framework to apply the stochastic recursive utility function to estimate the strategies based on regimes, from which the authors implement dynamic constraints to optimally control the portfolio weights. They then conduct a performance analysis through an out-of-sample exercise to compare the regime-switching strategies with benchmarks formed by single-state passive and active strategies. The empirical findings demonstrate the outperformance of regime-switching strategies, as evidenced by superior Sharpe ratios across both the complete sample and shorter subsamples within the exercise. The results also reveal that the unleveraged regime-switching strategy consistently exhibits the lowest volatility within each sample subset. In addition, the analysis of certainty equivalent returns confirms the statistical significance of the outperformance of regime-switching strategies over the benchmarks. The investigation focused on the Brazilian stock market to examine the potential benefits and efficacy of applying such a strategy in an emerging market context. Ultimately, the findings underscore that factor-based strategies formulated through a regime-switching model using a stochastic recursive utility function have the potential to outperform traditional benchmarks in terms of risk-adjusted returns within the Brazilian stock market, offering actionable insights for investors navigating the Brazilian landscape.

#### 5. Responsible Investing: The ESG-Efficient Frontier
**Authors**: Pedersen, Fitzgibbons, Pomorski
**Year**: 2019
**DOI**: 10.2139/ssrn.3466417
**URL**: https://doi.org/10.2139/ssrn.3466417

**Abstract**: We propose a theory in which each stock’s environmental, social, and governance (ESG) score plays two roles: 1) providing information about firm fundamentals and 2) affecting investor preferences. The solution to the investor’s portfolio problem is characterized by an ESG-efficient frontier, showing the highest attainable Sharpe ratio for each ESG level. The corresponding portfolios satisfy four-fund separation. Equilibrium asset prices are determined by an ESG-adjusted capital asset pricing model, showing when ESG increases or lowers the required return. Combining several large data sets, we compute the empirical ESG-efficient frontier and show the costs and benefits of responsible investing. Finally, we test our theory’s predictions using commercial ESG measures, governance, sin stocks, and carbon emissions.

#### 6. Green Bonds and Sustainable Investment Strategies: Evaluating Risk-Return Profiles, Market Growth, and the Role of Climate-Conscious Portfolios in Sustainable Finance
**Authors**: Hussain, Jaweed, Murtaza, Ali
**Year**: 2025
**DOI**: 10.63075/5nggp275
**URL**: https://doi.org/10.63075/5nggp275

**Abstract**: Financial potential, market growth, and strategic significance of green bonds under well-defined sustainable investment frameworks is the focus of this research. By analyzing a bond dataset from 2018 to 2023, the study investigates risk-return characteristics, difference in green bond premium (greenium) and third party certifications on pricing and investor trust. The data indicate how green bonds provide moderately lower yields and slightly higher risk-adjusted returns than traditional bonds with a lower volatility, which makes green bonds more appropriate for ESG portfolios. The global Green Bond market has witnessed massive expansion, particularly in the European and Asia Pacific (APAC) regions, due to increased regulatory regimes and the active nature of institutional interests. The distribution of green bonds demonstrates significant focus on energy and transportation sectors with the notable gaps for specific regions and financing of adaptation measures. Statistical regression analysis bolsters the greenium’s existence, a measurable greenium whereby investors are consistently valuing environmental impact and transparency of investments. Additionally, the study emphasizes the need for standardized impact reporting frameworks to maintain market integrity and reduce the opportunity for greenwashing. These results suggest that green bonds are not only financially viable but also vital for directing capital toward climate-related goals as long as there is continuing regulatory support and institutional progress




Green bonds, sustainable finance, ESG investing, risk-return profile, greenium, climate-conscious portfolios, impact reporting, financial performance, market growth, institutional investors.

#### 7. Pure self-financing trading strategies under transaction costs
**Authors**: Eric
**Year**: 2006
**DOI**: 10.1524/STND.2006.24.4.435
**URL**: https://doi.org/10.1524/STND.2006.24.4.435

#### 8. Data-Driven Sustainable Investment Strategies: Integrating ESG, Financial Data Science, and Time Series Analysis for Alpha Generation
**Authors**: Sorathiya, Saval, Sorathiya
**Year**: 2024
**DOI**: 10.3390/ijfs12020036
**URL**: https://doi.org/10.3390/ijfs12020036

**Abstract**: In today’s investment landscape, the integration of environmental, social, and governance (ESG) factors with data-driven strategies is pivotal. This study delves into this fusion, employing sophisticated statistical techniques and Python programming to unveil insights often overlooked by traditional approaches. By analyzing extensive datasets, including S&P500 financial indicators from 2012 to 2021 and 2021 ESG metrics, investors can enhance portfolio performance. Emphasizing ESG integration for sustainable investing, the study underscores the potential for alpha generation. Time series analysis further elucidates market dynamics, empowering investors to align with both financial objectives and ethical values. Notably, the research uncovers a positive correlation between ESG risk and total risk, suggesting that companies with lower ESG risk tend to outperform those with higher ESG risk. Moreover, employing a long–short ESG risk strategy yields abnormal returns of approximately 4.37%. This integration of ESG factors not only mitigates risks associated with environmental, social, and governance issues but also capitalizes on opportunities for sustainable growth, fostering responsible investing practices and ensuring long-term financial returns, resilience, and value creation.

#### 9. China’s Carbon Pricing Based on Heterogeneous Tail Distribution
**Authors**: Yang, Zhang, Yang, Wu, Yun, Wagan
**Year**: 2020
**DOI**: 10.3390/su12072754
**URL**: https://doi.org/10.3390/su12072754

**Abstract**: To address climate change, the carbon emission trading scheme has become one of the main measures to achieve emission reduction goals. One of the core problems in constructing the carbon emissions trading market is determining carbon emissions trading prices. The scientific nature of carbon emissions pricing determines the effectiveness of market regulation. Research on the influencing factors and heterogeneous tail distribution of carbon prices can increase the accuracy of carbon pricing, which is particularly important for the development of the carbon emissions trading market. The current studies have some limitations and lack heterogeneous tail description. We employ the arbitrage pricing theory-standardized standard asymmetric exponential power distribution model to analyze China’s regional carbon emissions trading price and use a genetic algorithm to solve linear programming. The results confirm the theoretical results and efficiency of the proposed algorithm. First, the new model can capture the skewness, fat-tailed distribution, and asymmetric effects of China’s regional carbon emissions trading price. Second, the macroeconomy, similar products, energy price, and exchange rate influence the carbon price fluctuation; investors’ behavior plays an important role in the heterogeneous tail distribution of carbon price. The findings provide references for the government to take appropriate measures to promote carbon emission reduction and improve the effectiveness of China’s carbon market. Therefore, our findings can help enhance emission reduction and achieve sustainable development of a low-carbon environment.

#### 10. ESG Information Conflicts in Mutual Funds
**Authors**: Ding, Liu, Wang
**Year**: 2025
**DOI**: 10.1177/21582440251407508
**URL**: https://doi.org/10.1177/21582440251407508

**Abstract**: ESG rating divergence (ESGRD) and ESG decoupling represent the primary manifestations of ESG information conflicts. Although ESGRD and ESG decoupling have garnered significant attention, research predominantly focuses on their implications at the corporate level. In contrast, the impact of ESGRD and ESG decoupling at the fund level, as well as their influence on fund manager behavior, remains underexplored. This study investigates the effects of ESGRD and ESG decoupling on fund performance, flow, and risk by using Chinese fund holdings and ESG ratings data. Our findings reveal that funds with higher levels of ESGRD and ESG decoupling exhibit lower returns, larger outflows, and higher risks. Moreover, the relationship between ESGRD/ESG decoupling and fund performance, flow, and risk varies across funds with differing cash asset ratios and portfolio concentrations. Additionally, we confirm that ESGRD and ESG decoupling attenuate the positive impact of a fund’s ESG performance. Furthermore, evidence suggests that fund managers incorporate ESGRD and ESG decoupling considerations into their asset allocation strategies. Notably, funds where fund managers invest in their own funds demonstrate lower levels of ESG decoupling compared to those where they do not. Finally, our results indicate that the negative correlation between fund managers’ self-investment behavior and both ESGRD and ESG decoupling is more pronounced in high-risk funds, reflecting a potential risk-mitigation strategy. JEL Classification: G12, G23, G32.

#### 11. ESG Portfolios and Stock Returns: An analysis of ESGs effect on financial performance
**Authors**: Franzén
**Year**: 2019
**DOI**: 
**URL**: https://www.semanticscholar.org/paper/b420595016b613e5d6d435b1e4b0d51eab45b8d0

#### 12. Risk Management of Companies Included in the EURO STOXX Sustainability Index. An Investors' Perception
**Authors**: Lupu, Bobircă, Miclăuş, Ciumara
**Year**: 2020
**DOI**: 10.24818/ea/2020/55/707
**URL**: https://doi.org/10.24818/ea/2020/55/707

**Abstract**: Inclusion in the European Sustainability Index is a feature of companies that are perceived as “sustainable” in general. The objective of the research in this article is to analyse the perception of investors by investigating the extent to which these companies have lower risks than their peers (from the same industry). Consolidated risk measurement methodologies such as value at risk and expected shortfall have been used to conduct this research. We separated companies in the STOXX Europe 600 in two classes: firms that belong to EURO STOXX sustainability index and companies that belong only to the STOXX 600 index. Dynamic daily risk measures have been estimated for all these companies for the last decade (4 January 2010 - 3 March 2020), using data extracted from Bloomberg Professional platform. We show that the sustainable companies exhibit lower risks in the second part or our sample and that this phenomenon is irregular across sectors, but tends to be consistent inside a sector.

#### 13. Socially Responsible Investment and Market Performance: The Case of Energy and Resource Companies
**Authors**: Brzeszczyński, Ghimire, Jamasb, McIntoshd
**Year**: 2019
**DOI**: 10.5547/01956574.40.5.jbrz
**URL**: https://doi.org/10.5547/01956574.40.5.jbrz

**Abstract**: Do financial markets reward the energy and resource companies for adopting socially responsible practices? In this study, we investigate the stock market performance of major international energy and resource firms, classified within the socially responsible investment (SRI) category, from 2005 to 2016. We simulate investments in the portfolios of the SRI energy and resource companies stocks during this 11-year period and we further assess their risk-adjusted performance. The returns of the energy and resource SRI portfolio as a whole were neither consistently superior nor inferior to those of the benchmark indices. However, there exist substantial differences across the individual sub-sectors. The overall results show that markets do not reward or penalize the energy and resource firms for their SRI attitudes. We also find that the crude oil price consistently had a significant influence on the stock returns of the SRI energy and resource companies.

#### 14. Momentum Study Based on LightGBM Model and Spearman Correlation Analysis
**Authors**: Chen, Sun, Ge
**Year**: 2024
**DOI**: 10.1109/ICDACAI65086.2024.00153
**URL**: https://doi.org/10.1109/ICDACAI65086.2024.00153

**Abstract**: Momentum often influences the trend of the game, thus prompting us to think about how momentum affects the outcome of the game and the various factors that influence the game. Based on the above issues, this paper first categorized the influencing factors into two types: positive and negative influencing factors and created a momentum assessment model that used the entropy weighting method to determine the influence weights of each factor and plot the momentum of each participant over time. Then, a running test and Spearman correlation analysis were conducted to verify the association between momentum changes and game outcomes. In addition, this paper defines turning points, implements fluctuation prediction, and verifies the accuracy of turning points through gradient boosting decision tree-based algorithms, logistic regression, random forest, and support vector machine models. Thus, it provides training suggestions for players to reduce the occurrence of unforced errors for future matches. Finally, the accuracy of the model in this paper was evaluated and the model was applied to other matches, having verified the predictive ability of the model.

#### 15. Placental growth factor for the prognosis of women with preeclampsia (fullPIERS model extension): context matters
**Authors**: Ukah, Payne, Hutcheon, Chappell, Seed, Conti-Ramsden, Ansermino, Magee, Dadelszen, Group
**Year**: 2020
**DOI**: 10.1186/s12884-020-03332-w
**URL**: https://doi.org/10.1186/s12884-020-03332-w

**Abstract**: Background The fullPIERS risk prediction model was developed to identify which women admitted with confirmed diagnosis of preeclampsia are at highest risk of developing serious maternal complications. The model discriminates well between women who develop (vs. those who do not) adverse maternal outcomes. It has been externally validated in several populations. We assessed whether placental growth factor (PlGF), a biomarker associated with preeclampsia risk, adds incremental value to the fullPIERS model. Methods Using a cohort of women admitted into tertiary hospitals in well-resourced settings (the USA and Canada), between May 2010 to February 2012, we evaluated the incremental value of PlGF added to fullPIERS for prediction of adverse maternal outcomes within 48 h after admission with confirmed preeclampsia. The discriminatory performance of PlGF and the fullPIERS model were assessed in this cohort using the area under the receiver’s operating characteristic curve (AUROC) while the extended model (fullPIERS +PlGF) was assessed based on net reclassification index (NRI) and integrated discrimination improvement (IDI) performances. Results In a cohort of 541 women delivered shortly (< 1 week) after presentation, 8.1% experienced an adverse maternal outcome within 48 h of admission. Prediction of adverse maternal outcomes was not improved by addition of PlGF to fullPIERS (NRI: -8.7, IDI − 0.06). Discriminatory performance (AUROC) was 0.67 [95%CI: 0.59–0.75] for fullPIERS only and 0.67 [95%CI: 0.58–0.76]) for fullPIERS extended with PlGF, a performance worse than previously documented in fullPIERS external validation studies (AUROC > 0.75). Conclusions While fullPIERS model performance may have been affected by differences in healthcare context between this study cohort and the model development and validation cohorts, future studies are required to confirm whether PlGF adds incremental benefit to the fullPIERS model for prediction of adverse maternal outcomes in preeclampsia in settings where expectant management is practiced.

#### 16. The Clean Energy-Ecology Interrelatedness: Evidence from the S&P Dow Jones Indices
**Authors**: Swamy, Tiwari
**Year**: 2024
**DOI**: 10.56476/jed.v49i2.24
**URL**: https://doi.org/10.56476/jed.v49i2.24

**Abstract**: In the context where “sustainable energy” promotes “environmental sustainability,” and as private investment in clean energy gains traction as a vital measure for climate change mitigation, evaluating its impact on ecology-focused firms is essential. This study examines the “clean energy-ecology nexus,” investigating whether the rapid growth of clean energy technologies driving sustainable energy transitions positively influences ecology through effective water and waste management practices and optimized industrial systems. Understanding this interrelationship within the frequency domain allows for informed conclusions. We apply a recently developed frequency-domain Granger-causality inferential framework to analyze the clean energy-ecology nexus in both unconditional and conditional contexts. The results suggest that clean energy technologies benefit ecology, reinforcing the connection between clean energy and ecological health.

#### 17. Sustainable Investing and Islamic Finance: Evidence from the Organisation of Islamic Cooperation (OIC) Countries
**Authors**: Dai
**Year**: 2024
**DOI**: 10.55188/ijif.v16i1.563
**URL**: https://doi.org/10.55188/ijif.v16i1.563

**Abstract**: Sustainable investing and Islamic finance have been two of the fastest-growing areas of finance. In Islamic finance, equity markets play an important role. In the literature on Islamic equities, there are relatively few studies that have integrated sustainability factors into Islamic finance. In this paper, our objective is to contribute to the line of research on the integration of sustainable investing into Islamic finance. To that end, we first examine the comparative performance of investing in the sustainability indices from those Organization of Islamic Cooperation (OIC) countries that are partners of the Sustainable Stock Exchanges (SSE) initiative. We then conduct a case study of Borsa Istanbul in Turkey, which has the best-performing sustainability index from OIC countries. Overall, our findings reveal the heterogeneity in sustainable investment performance, and suggest the potential of obtaining superior risk-adjusted returns in certain economies from OIC countries. This study draws implication on how sustainable investing can help bridge the gap between Islamic and conventional financial markets.

#### 18. Research on the Construction and Performance Analysis of Collaborative Innovation Network of theIndustry-University-Research-Finance
**Authors**: Zhang
**Year**: 2020
**DOI**: 10.38007/proceedings.0000224
**URL**: https://doi.org/10.38007/proceedings.0000224

**Abstract**: Under the background of open innovation, an important issue of the country to promote the development of technology innovation is construction and performance evaluation of the collaborative innovation network for the Industry-University-Research-Finance(IURF). This paper expanded the scope of innovation subjects of the traditional collaborative innovation network, and constructed a collaborative innovation network, including of the main innovation subjects, such as enterprises, universities, research institutions and financial institutions. Combined with the typical strategic emerging industry cluster innovation network, this paper analyzes the case, and gives the countermeasures and suggestions to improve the performance of the network, which provides a reference for the development of the network. In the open innovation environment, with the development of the integration of science, technology and economy, collaborative innovation networkof IURF has become the first choice to realize the knowledge creation, diffusion and industrialization. It is a cross organizational knowledge exchange and knowledge transfer network, which takes the innovation subjects such as enterprises, universities, scientific research institutions, as well as the exogenous influencing factors such as science and technology service institutions, governments, financial investment institutions as a whole, and takes the realization of technological innovation and the transformation of scientific and technological achievements as the main purpose.At present, a large number of strategic emerging industry cluster innovation networks have sprung up in China, such as Zhongguancun, which has the title of "the world's first innovation cluster in the future"; Shanghai Zizhu emerging industry technology research institute, which was founded in Shanghai in 2010; and Xi'an Yanliang National Aviation High Technology Industry base.They are all the collaborative innovation network of IURF, they play an irreplaceable role in the process of scientific and technological innovation and transformation of scientific and technological achievements. In the process of science and technology innovation, the role of technology finance is prominent. The Ministry of science and technology and governments at all levels had realized the importance of the coordinated development of science finance and science innovation.In recent years, the government, together with the people's Bank of China, China Banking Regulatory Commission, the Ministry of Finance and other departments, has issued a number of financial policy documents focusing on promoting scientific and technological innovation. Under the guidance of the government, many new financial service institutions have been established in the strategic emerging industry cluster park. Therefore, it is a necessary process for technological innovation and development to transform financial institutions from exogenous influencing factors in collaborative innovation network of IUFR into an important innovation subject like enterprises, universities and scientific research institutions to form the network, strengthen the integration innovation of industries, universities and research funds, and promote economic and social development. According to the report of "Statistical analysis on the national main science and technology plan of transformation and application of achievements in 2014 " released by the Innovation and Development Department of the Ministry of Science and Technology on January 14, 2016, 9302 subjects were tracked and investigated throughout the year, of which 4906 subjects failed to be transformed and applied, accounting for 52.7% of the total subjects. Although the number of 2020 International Conference on Social and Human Sciences (ICSHS2020) DOI: 10.38007/Proceedings.0000224 ISBN: 978-1-80052-000-4 1197 transformation of various subjects has increased by 2 to 3 percentage points on average compared with the previous year, the transformation rate of scientific and technological achievements still has a lot of room for improvement. According to the data, among the achievements that had not yet been transformed, 47.8% (2012), 49.2% (2013), 43.1% (2014) of the total achievements had not been transformed due to the funds needed for transformation and application, industrial supporting technology, relevant technical personnel and cooperative units. Among them, 31.1% (2012), 30.1% (2013) and 27.1% (2014) of the total untranslated achievements were not fully funded. The reason is that technology finance has not kept up with the development speed of science and technology innovation, the integration of industries, universities and research funds is not smooth, and the organization mode of IUFR has not been clarified. This paper will explore and analyze the reasons for the low conversion rate of scientific and technological achievements, in order to provide more valuable theoretical and practical reference for scientific and technological innovation management.

#### 19. Exploring Sustainable Finance and ESG Investing
**Authors**: Kumar, Sinha
**Year**: 2025
**DOI**: 10.36948/ijfmr.2025.v07i02.41614
**URL**: https://doi.org/10.36948/ijfmr.2025.v07i02.41614

**Abstract**: Since they promote the inclusion of social, political, and environmental factors in financial decision-making, sustainable finance and environmental, social, and governance (ESG) investing have become important forces behind the transformation of the economy. The concept, history, importance, and ramifications of sustainable finance and ESG investing are briefly summarized in this abstract. The text delves into the underlying principles of sustainable development and emphasizes the significance of coordinating financial operations with these objectives. Additionally, it looks at the best practices, empirical data, and analytical techniques related to incorporating ESG factors into investment plans. The summary highlights the increasing evidence that sustainable practices may reduce risks, improve resilience, and open up new economic prospects, which is driving the impetus behind sustainable finance and ESG investing. It also highlights the necessity of strong standards, open reporting procedures, and exacting impact assessment processes in order to direct investment choices and promote accountability. In the end, this abstract aim to further the current conversation on sustainable finance by providing stakeholders with useful information and promoting a more resilient, inclusive, and sustainable financial system.

#### 20. Quadracci Sustainable Engineering Laboratory (QSEL) Report Posted May 6, 2020 How do we heat our homes in the US? And what does it mean for greenhouse gas emissions?
**Authors**: Waite, Modi
**Year**: 2020
**DOI**: 
**URL**: https://www.semanticscholar.org/paper/128fa1fce9463a6855965862b8e8e6c81ee61642

#### 21. Eu Action Plan on Sustainable Finance: cost of capital, impacts and effectiveness
**Authors**: Lovisolo
**Year**: 2020
**DOI**: 
**URL**: https://www.semanticscholar.org/paper/df0ddbfabcb96a4338524d2ab322898ece328ffa

#### 22. CFA Institute Survey Report on the ESG Regulatory Framework in the EU
**Authors**: Silvestri, Kamerling
**Year**: 2024
**DOI**: 10.56227/24.2.10
**URL**: https://doi.org/10.56227/24.2.10

**Abstract**: The European Union has been advancing its sustainable finance agenda. But despite progress in ESG integration, complex regulations and unreliable ESG data are challenges. Our survey recommends clarifying ESG terms and aligning global standards to enhance investor protection.

#### 23. Davos Data and The World Economic Forum
**Authors**: Nash
**Year**: 2010
**DOI**: 
**URL**: https://www.semanticscholar.org/paper/07ad673422b042e3ae8025faa8ed0942ed2260c7

#### 24. Trends and Focuses for ESG Investment Support: A Cross Country Comparative Analysis
**Authors**: Gernego, Petrenko, Lavrynenko, Dyba
**Year**: 2024
**DOI**: 10.14207/ejsd.2024.v13n1p167
**URL**: https://doi.org/10.14207/ejsd.2024.v13n1p167

**Abstract**: Currently, the modern society faces a measure of challenges, connected with the lack of balance between the economic and social development issue. This has caused the growing recognition of sustainable and responsible practices within the financial decisions making process, providing a measure of transformations of both financial and business landscape, contributing to a more equitable and environmentally conscious society. The modern researches in finance are significantly influenced by the increasing demand for ESG, the strengthening of ESG principles implementation in wealth and assets management. According to PwC researches, the ESG-oriented assets under management market in Europe is already about 172 % in compartment with 2021 year, the forecasted increase till 2026 year will be nearly 50 % comparing to the current volume. Thereby, there is an urgent need to summarize the theoretical descriptions of ESG investing along with the current trends of particular ESG components transformation along with the considering analytical research on trends and focuses for ESG investing’s support. The current research problem lays in the highlighting the functionality of ESG-oriented activity and its investment attractiveness trough the overview of theoretical definitions of ESG, comparing with the Trends and focuses for ESG investing’s support within the representative sampling on countries from the World Bank’s databases. The study is focused on the detailed analysis of separate indicators within a group of ten different countries. “Agricultural land”, “Electricity production from coal sources” and “CO2 emissions” indicators are analyzed within the environmental component. The social component of ESG is represented by the “Government expenditure on education” and “Individuals using the Internet” indicators. The “Regulatory Quality”, “Rule of Law” and “Voice and Accountability” indicators are considered as a part of governmental component. The chosen countries (Denmark, Finland, France, Germany, Japan, Norway, Poland, Ukraine, United Kingdom and the United States of America) represent deferent environment and approaches to ESG management and its investment support. The current research aims to represent the possibility to balance the ESG components, creating synergetic effect in case of their combinations. In particular, the attention is paid to the instruments of monetary and fiscal policy to balance ESG in the COVID-19 time. The elaboration of possible scenarios of ESG’s components balancing is possible in case of implementation of systematic measures to monitor debt sustainability and increase the transparency of banking institutions' balance sheets along with the developing the targeted measures to maintain an adequate level of liquidity and solvency of national economies, and coordination of national strategies and policies  
Keywords: sustainable development, sustainable finance, ESG investing, social-responsible business

### From Gemini Grounded (2 citations)

#### 1. oecd.org
**Authors**: OECD
**Year**: 2026
**DOI**: 
**URL**: https://www.oecd.org/en/publications/oecd-business-and-finance-outlook-2020_eb61fd29-en.html

#### 2. pwc.com
**Authors**: PwC
**Year**: 2026
**DOI**: 
**URL**: https://www.pwc.com/gx/en/industries/financial-services/asset-management/publications/asset-and-wealth-management-revolution-2022.html

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## Failed Topics

The following topics did not return valid citations:

- meta-analysis of SRI portfolio returns vs conventional
- McKinsey report on ESG value creation