Climate change concerns meet return‐chasing: Evidence from energy exchange‐traded funds
研究发现，气候变化风险增加会促使资金流入替代能源ETF；《巴黎协定》后，替代能源ETF比传统能源ETF每年多吸引8-12%的净流量，表明追逐回报的投资者加入了早期关注气候的投资者行列。
Abstract Decarbonizing the global economy is a challenge requiring massive funding and coordination across all economic sectors. Energy ETFs play an important role in this transition. We find that investment flows into alternative energy ETFs (A‐ETFs) increase with climate change risk. After the Paris Agreement, A‐ETFs experience significantly stronger net flows than traditional energy ETFs (T‐ETFs): A one‐standard‐deviation increase in fund return results in about 8–12% higher net flows per year to A‐ETFs compared with T‐ETFs. Return‐sensitive investors appear to have joined the early climate‐concerned investors after the global investment community made public its determination to take climate action post 2015.