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dc.contributor.authorGimeno Nogués, Ricardo
dc.contributor.authorSols, Fernando
dc.identifier.issn2605-0897 (electronic edition)
dc.descriptionArtículo de revista
dc.description.abstractThis article analyses the reasons why an investor might be interested in investing in a sustainable asset. First, we observe that the rate of return required in the market is lower than that of other assets lacking the green label. This is shown to be the case even for assets with the same level of risk. Accordingly, it does not seem as though it can be attributed to climate-change risks being priced in by the market. However, the investor base for sustainable assets is shown to differ from that for conventional assets. It can therefore be argued that investors in these assets use a type of optimisation in which they incorporate a third factor (sustainability), in addition to minimising risk and maximising return, into the selection of their investment portfolios. Lastly, this article explores the various strategies that investors might adopt to incorporate the sustainability factor into their asset portfolios.
dc.format.extent19 p.
dc.publisherBanco de España
dc.relation.ispartofFinancial Stability Review. Nº 39 (Autumm 2020), p. 179-197
dc.relation.hasversionVersión en español 123456789/14228
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.titleIncorporating sustainability factors into asset management
dc.subject.bdeSelección y gestión de carteras
dc.subject.bdeRiesgos y liquidez
dc.subject.bdeRecursos naturales y medio ambiente
dc.publisher.bdeMadrid : Banco de España, 2020
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