Quantifying the Impact of Impact Investing

The authors thank Agostino Capponi (editor), Mike Chen (discussant), Nan Chen, Ron Kahn, Mark Kritzman, Bob Merton, Jonathan Parker, Lukasz Pomorski, Krishna Ramaswamy, Luke Taylor (discussant), Lintong Wu, Haoxiang Zhu, and two anonymous reviewers for very helpful comments and discussion; Chaoyi Zhao for assistance in obtaining CRSP data for U.S. semiconductor companies; and Jayna Cummings for editorial assistance. The authors also thank seminar and conference participants at the 2022 American Finance Association (AFA) Annual Meetings (Boston), the 2022 Q Group Spring Seminar, the 2022 China International Conference in Finance, the 2022 INFORMS Annual Meetings, the 2022 Yale Initiative on Sustainable Finance Annual Symposium, the 2021 Journal of Investment Management Conference on Climate Change, the Seventh Annual Volatility Institute Conference at New York University Shanghai, the 2021 China Society for Industrial and Applied Mathematics Annual Conference, the International Association for Quantitative Finance seminar, the Guanghua School of Management at Peking University, Cardiff University, Chinese University of Hong Kong, China Europe International Business School, the University of California Berkeley, Blackrock, Vanguard, and the International Centre for Pension Management. The views and opinions expressed in this article are those of the authors only and do not necessarily represent the views and opinions of any other organizations, any of their affiliates or employees, or any of the individuals acknowledged.