气候变化领域集成服务门户(CCPortal): Revisiting the sustainable versus conventional investment dilemma in COVID-19 times

CCPortal

DOI	10.1016/j.enpol.2021.112467
	Revisiting the sustainable versus conventional investment dilemma in COVID-19 times
	Sharma G.D.; Tiwari A.K.; Talan G.; Jain M.
发表日期	2021
ISSN	03014215
卷号	156
英文摘要	Sustainable living has emerged as the need of the hour for mankind in present times. Practitioners, as well as scholarship in the area, are divided over the comparison of financial returns from sustainable indexes vis-à-vis conventional indexes, causing investors' dilemma. These questions loom larger during the times of global crises, such as COVID-19, which have brought sustainability concerns to the limelight. This dilemma of the investors leads us to approach the study on hand. We study the Thomson Reuters/S-Network global indexes (as a proxy for sustainability-based indexes), and their corresponding alternatives, using the daily closing prices from 1st January 2011 to 29th June 2020. We apply the time-frequency-based Granger-Causality test, and further attempt to understand the coherence between these indexes before and during the COVID-19 period by using the Wavelet Coherence and phase-difference mechanisms. Our results suggest short-run uni-directional causality from sustainable indexes to conventional indexes whereas bi-directional causality in medium and the long-runs. The coherence is particularly stronger at low frequencies, indicating the long-run coherence with sustainable indexes in the lead during COVID-19. The results and conclusions of the study have important implications for different audiences. The portfolio and fund managers can prefer to invest in such markets to avail of higher returns over a longer period. © 2021
关键词	COVID-19 Granger-causality Sustainable indexes Sustainable investment Traditional indexes Wavelet coherence
英文关键词	Investments; Lime; Sustainable development; COVID-19; Financial returns; Granger Causality; Longest run; Reuters; Sustainable indices; Sustainable investments; Thomson; Traditional index; Wavelet coherences; Statistical tests
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205341
作者单位	University School of Management Studies, Guru Gobind Singh Indraprastha University, Sector 16C, Dwarka, New Delhi 110078, India; Rajagiri Business School, Rajagiri Valley Campus, Kochi, India
推荐引用方式 GB/T 7714	Sharma G.D.,Tiwari A.K.,Talan G.,et al. Revisiting the sustainable versus conventional investment dilemma in COVID-19 times[J],2021,156.
APA	Sharma G.D.,Tiwari A.K.,Talan G.,&Jain M..(2021).Revisiting the sustainable versus conventional investment dilemma in COVID-19 times.Energy Policy,156.
MLA	Sharma G.D.,et al."Revisiting the sustainable versus conventional investment dilemma in COVID-19 times".Energy Policy 156(2021).