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

emissions per p-km and t-km than other modes of travel. Table 4 shows various relevant emissions estimates from the literature for rail and road. From these figures it can reasonably be inferred that direct

; Madueno et al., 2016; Nicolosi et al., 2014). A latent variable is not directly observed but rather inferred from other proxies that can be measured. Given several sub-varieties of latent variable analysis

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