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<p>Acknowledgments ix</p> <p>Chapter 1: Introduction 1</p> <p>Chapter 2: Does ESG Help or Hurt Investment Returns? 13</p> <p>Chapter 3: How Does ESG Affect Asset Prices? 43</p> <p>Chapter 4: Can ESG Even Be Measured? 67</p> <p>Chapter 5: Can ESG Investing Change the World? 119</p> <p>Chapter 6: Sustainability beyond Traditional Strategies 163</p> <p>Chapter 7: Conclusions 199</p> <p>Index 205</p>

<p> <B>LUKASZ POMORSKI </B> is an author, professor, and investment professional. He teaches a Master-level ESG Investing class at Columbia University, where he is an Adjunct Professor and The Brandmeyer Fellow for Impact and Sustainable Investing. He is also a Senior Vice President at Acadian Asset Management and was previously a Managing Director and Head of ESG Research at AQR Capital Management. Lukasz has contributed to sustainable investment research through numerous publications, conference presentations, and his work on industry working groups and committees.

<p> <b>Praise for THE PUZZLE OF SUSTAINABLE INVESTMENT</b> <p> “Whether we like it or not, most important topics in investing involve trade-offs. It takes courage to discuss those in general—and definitely in the domain of ESG. Pomorski is up for the challenge, and delivers. This book takes a rigorous look at how ESG portfolios are built and what they can be expected to achieve, both for investors and the broader economy. Pomorski is even brave enough to address topics like reporting standards and whether shorting ‘counts’ (spoiler alert: it does). Inside you’ll find much-needed clarity honestly and succinctly presented.” <BR> <b>—CLIFF ASNESS, </b> Managing and Founding Principal, AQR Capital Management <p>“This book is essential for anyone interested in sustainable investing. Pomorski dissects the many misconceptions about sustainability and helps bridge the gap between what sustainable investors want and what economic theory and empirical evidence say is possible. The many practical examples and case studies provide an enjoyable, succinct and accessible summary of the key issues in the field.” <BR> <b>— MARK CARHART, </b> Founding Partner and Chief Investment Officer, Kepos Capital <p>“Pomorski masterfully bridges the gap between academic rigor and practical application, offering a groundbreaking perspective on sustainable investing. Importantly, Pomorski dissects the channels through which ESG and sustainability shape corporate decisions, offering a critical examination of their impact on the cost of capital. A must-read for anyone looking to navigate the future of investment with confidence and conscience.” <BR> <b>— DONALD RAYMOND, </b> Chief Investment Strategist at QIA and former Chief Investment Strategist at CPPIB <p>“So much of the conversation about ESG today is based on opinion, not fact. Pomorski follows an empirical, evidence-based approach to help readers understand the relationship between ESG and investing. He addresses the good, the bad, and the unknown of sustainable investing. <i>The Puzzle of Sustainable Investment </i>uses a data-driven approach to answer the ESG questions that investors are asking today.” <BR> <b>—MICHAEL CAPPUCCI, </b> Managing Director, Harvard Management Company

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