Supervised by members of the Exeter Centre for Finance and Investment (Xfi) and Department of Management, this studentship offers the opportunity to research the relationship between firms’ greenhouse gas emissions (GHGs), their valuation and long run returns, with the objective of providing additional information to the growing number of investors inclined to invest in a socially responsible manner. Thus far, investors have been faced with inconsistent signals concerning the returns likely to accrue to various socially responsible investment strategies, the risks of such a strategy, and the market valuation of firms that pursue them. In part, this is attributable to the limited number of studies conducted to date and the relatively short time periods considered in some. The successful student will work with Professor Alan Gregory, Paul Cox (Xfi) and Julie Whittaker (Management) on the most comprehensive analysis of returns and valuations of firms according to their greenhouse gas emissions undertaken to date. The research will have particular relevance within the current policy environment. With the expectation of the development of policies which will impose a price on carbon and other GHGs, the ability of companies to adapt to a GHG constrained business environment becomes a relevant concern to all investors.
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