Désinvestissement des combustibles fossiles: quelles conséquences pour la gestion de portefeuille ?

Delâtre, Chloë (2022): Désinvestissement des combustibles fossiles: quelles conséquences pour la gestion de portefeuille ?

Abstract

Individual investors and financial institutions are increasingly seeking to divest from fossil fuel producers. This article investigates the financial implications of such a move by comparing two types of stock indices: (1) a traditional stock index that includes companies producing fossil fuels and (2) a stock index where companies producing fossil fuels are completely excluded, but not necessarily extended by clean energy companies. Using a series of measures, we find that fossil fuel-divested indices do not have significantly different risk-adjusted returns from their parent indices. We also find that combining fossil fuel divestment with negative and positive screening methodologies yields significantly higher risk-adjusted returns.

• Item Type: MPRA Paper
• English Title: Fossil fuel divestment and portfolios implications
• Language: French
• Keywords: Désinvestir des combustibles fossiles, changement climatique, performance financière, indices boursiers
• Subjects: G - Financial Economics > G0 - General; G - Financial Economics > G1 - General Financial Markets; G - Financial Economics > G2 - Financial Institutions and Services

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