products (i.e., annuities), tax-efficient allocation decisions, and a portfolio optimization that includes a proxy for the investor’s implicit and/or explicit liabilities. Each of these five Gamma components

implicit assumption behind the expected relation between future earnings and stock price is that markets possess information about future earnings. Prior research on the price informativeness reveals that

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Investor Strategies for Incorporating ESG Considerations into Corporate Interactions www.blackrock.com www.ceres.org Century21st Engagement Investor Strategies for Incorporating ESG Considerations into Corporate Interactions [ 5 ] FOREWORD The Value of Our Voice ......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation ...........................................................

efficiency, fairness, transparency, and integrity, as demonstrated through the diligent work of the SEC family, generation after generation, throughout the past two decades. And I wish to see our team effort

social responsibility initiatives as part of the overall corporate governance improvement. After diligent preparations with relevant public and private organizations, the SEC will enter the Financial