The aim the project was to analyse the relationships between shareholder performance and environmental performance. In the first part we used firm-level data (stock price, sustainability rating, ...) and estimate a Fama-French three factor model to explain the cross section of average stock returns. In addition to the Fama-French factors (book to market-portfolio, market cap. portfolio) we also include a sustainability rating of the Bank Sarasin. In the second part we analysed the performance of US, German and Swiss environmental and sustainability investment funds as well as special environmental and sustainability stock market indices.

Selected Publications


Institut für Ökologie und Unternehmensführung (Unterauftrag zum BMBF-Projektantrag Umwelttransparenz für Finanzmärkte der European Business School e.v. ebs) , Oesterich-Winkel , DE

Project duration

01.11.2000 - 31.08.2003

Cooperation partner

Bank Sarasin & Cie AG, Basel, CH
Institut für Ökologie und Unternehmensführung an der European Business School, Oestich-Winkel, DE
Öko-Institut, Darmstadt