funds’ stock holdings can provide useful signal for investors. In this study, we show that portfolio of stocks that are not favored by mutual funds tend to perform poorly, with monthly returns of 0.38% to

continued to decline according to industry trend and a change in advertisers’ behavior that favored migration to cheaper online media. Thus, CSL Group had restructured YellowPages Business by focusing and

“Stars” Really Pick Stocks? New Evidence from a Boot- strap Analysis”, Journal of Finance, 61(6): 2551-2596. Lonkani, R., Satjawathee, T. and Jegasothy, K. (2013) “Selectivity and Market Timing Performance

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 ...........................................................