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| DOI | 10.1016/j.frl.2024.105381 |
| Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective | |
| 发表日期 | 2024 |
| ISSN | 1544-6123 |
| EISSN | 1544-6131 |
| 起始页码 | 63 |
| 卷号 | 63 |
| 英文摘要 | Real estate plays a major role in environmental impact, contributing to nearly 39 % of global emissions and significantly influencing climate change. Using a sample of European REITs (Real Estate Investment Trusts) and real estate companies, this study examines the risk-adjusted performance of real estate investments concerning their ESG (Environmental, Social, and Governance) performance, comparing the diversification benefits of conventional versus ESG real estate investments, with a specific focus on the environmental (E) aspects. The portfolios' asset allocation is designed using the Mean-Variance and the Risk Parity models. Simulations are run using a rolling-window technique, covering the entire sample period along with three different subsamples. According to our findings, high ESG score real estate portfolios perform similarly to the overall sector, while portfolios with environmental scores above the sample average offer enhanced diversification benefits. This finding is particularly significant, as such portfolios have the potential to generate positive externalities by reducing climate impact through lower emissions. |
| 英文关键词 | ESG; REITs; Real estate companies; Asset allocation; Risk-parity approach |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Business, Finance |
| WOS记录号 | WOS:001233586400001 |
| 来源期刊 | FINANCE RESEARCH LETTERS
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/292494 |
| 作者单位 | University of Macerata |
| 推荐引用方式 GB/T 7714 | . Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective[J],2024,63. |
| APA | (2024).Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective.FINANCE RESEARCH LETTERS,63. |
| MLA | "Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective".FINANCE RESEARCH LETTERS 63(2024). |
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