DOI: 10.1016/j.enpol.2021.112467
论文题名: Revisiting the sustainable versus conventional investment dilemma in COVID-19 times
作者: Sharma G.D. ; Tiwari A.K. ; Talan G. ; Jain M.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 156 语种: 英语
中文关键词: 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
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 Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/168018
Appears in Collections: 气候变化与战略
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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
Recommended Citation:
Sharma G.D.,Tiwari A.K.,Talan G.,et al. Revisiting the sustainable versus conventional investment dilemma in COVID-19 times[J]. Energy Policy,2021-01-01,156