Biography

Pedro Matos é o Cooper Bicentennial Chair e Professor de Administração de Empresas (Finanças) na Darden School of Business da Universidade de Virgínia. A sua investigação centra-se na crescente importância dos investidores institucionais a nível mundial e no seu papel na corporate governance das empresas. Matos é Research Associate no European Corporate Governance Institute (ECGI) e Vice-Chair da Academic Network Advisory Committee dos Principles for Responsible Investment (PRI), uma iniciativa das Nações Unidas. Anteriormente lecionou na University of Southern California e é licenciado em Economia pela Universidade Nova e doutorado em Finanças pelo INSEAD.

Abstract

We introduce a novel measure of revenues from green products and services for publicly listed firms worldwide that is not spanned by prior sustainability metrics used in the literature. We show that green revenues grew at an accelerated pace after the Paris Agreement. This growth has been driven by innovative US companies converting green patents into green revenues, as well as by firms with higher sustainability-focused institutional ownership before the Paris Agreement. Furthermore, we examine the stock returns of firms with green revenues and find modest evidence of a green alpha in the post-Paris period, primarily concentrated in US stocks.

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