Crecimiento implícito de las acciones green y brown: análisis comparativo entre índices bursátiles, sectores e industrias

Coppola Baena, Alfredo

Crecimiento implícito de las acciones green y brown: análisis comparativo entre índices bursátiles, sectores e industrias

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Coppola Baena, A. Crecimiento implícito de las acciones green y brown: análisis comparativo entre índices bursátiles, sectores e industrias. 2023. handle: http://hdl.handle.net/10230/60856

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Abstract

Over the past decade, there has been a growing interest in the financial markets towards more sustainable investments, which has impacted the valuations of various asset classes. However, the lack of consensus in sustainability definitions and the challenges in rigorously evaluating the real effects of ESG investments pose significant difficulties. In this context, this Master's Thesis aims to address the central question: Do companies with better environmental performance have higher future stock returns due to their long-term growth fundamentals and capabilities, or merely due to increased demand resulting from the current interest in ESG investments? The objective is to assess the expected returns of stocks comprising the major European equity indices, objectively distinguish stocks with better and worse environmental performance, and decompose the different factors of returns to isolate the expected growth component represented by earnings per share.