characteristics (Matsumoto, 2002) - Institutional ownership - Reliance on implicit claims with their stockholders - Value-relevance of earnings Natural disasters (such as hurricanes: Byard et al. 2007
-minded travelers with authentic local experiences in vibrant destinations worldwide. Each hotel will include thoughtfully-designed, compact rooms with high quality facilities and a vibrant communal space
are sustainably different from the underlying financial version of the agency theory. It assumes that each stakeholder is a part of implicit and explicit contracts that can contribute to a corporation
implicit in the methodology but have been clarified through notes Web pages that facilitate dissemination Research highlights on the credit implications of ESG trends and factors ESG- specific conferences or
does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant
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 ...........................................................
over appropriate time-horizons, and should be transparently communicated to beneficiaries or clients. 1.6 Transparency and accountability Institutional investors should be transparent and open with their
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
neither strong nor independent-minded enough in most cases to substantially influence deci- sion making by the board. 3 Tunnelling refers to the transfer of resources in favour of the majority owner‟s
market rewards to earnings patterns are long observed, the related research reviewed above still leaves a substantial number of open questions. First, to the extent that investors employ past earnings