Archiv der Kategorie: Aktien

Greenhushing and more (Researchposting 112)

Greenhushing: 15x new research on air quality, ESG audits, emerging markets, methane, private equity, impact tools, engagement, algos, large caps, robo advisors and other fintechs

Social and ecological research

Deadly air: Air quality and suicide by Claudia Persico and Dave E. Marcotte as of Jan. 17^th, 2023 (#144): “We conduct the first-ever large-scale study of the relationship between air pollution and suicide using detailed cause of death data from all death certificates in the U.S. between 2003 and 2010. … we find that a 1 g/m3 increase in daily PM2.5 is associated with a 0.49% increase in daily suicides and 0.171 more suicide-related hospitalizations (a 50% increase)” (abstract).

ESG data audits: ESG Assurance in the United States by Brandon Gipper, Samantha Ross, and Shawn X. Shi as of Nov. 21^st, 2022 (#307): “We examine the landscape and evolution of ESG assurance in the U.S. from 2010-2020, as well as the determinants of ESG assurance. … We document a remarkable increase in not only the number of firms issuing ESG reports and obtaining assurance but also the number of metrics disclosed and assured within reports. We further document considerable heterogeneity in which metrics receive assurance, differential assurance patterns between non-financial assurors and traditional auditors, and evolving assurance practices. … peer effects and especially ESG reporting frameworks are major determinants of ESG assurance. … the vast majority of ESG assurance is limited and/or process assurance …” (p. 34/35).

Advert for German investors: “Sponsor” my research by investing in and/or recommending my article 9 mutual fund. I focus on social SDGs and midcaps and use separate E, S and G best-in-universe minimum ratings. The fund typically scores very well in sustainability rankings, e.g. this free new tool, and the performance is relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T

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SDG und Trendfolge: Relativ gut in 2022

SDG und Trendfolge: Während ESG ETF-Portfolios nicht so gut abschnitten, waren SDG und Trendfolgeportfolios relativ gut. Hier sind die Renditen meiner 2 traditionellen und 15 nachhaltigen Modellportfolios und meines Fonds:

Traditionelle most-passive ETF-Portfolios

Das nicht-nachhaltige regelbasierte Weltmarkt ETF-Portfolio hat in 2022 -15% verloren. Das ist schlechter als aktive Mischfonds, die etwa -12% verloren haben. 2021 war der Vorsprung mit +18% für das Weltmarkt ETF-Portfolio gegenüber +10% für Mischfonds jedoch erheblich. Das ebenfalls nicht-nachhaltige Alternatives ETF-Portfolio hat mit -12% (+36% in 2021) wie traditionelle Aktienindizes abgeschnitten (-13% für einen globalen Aktienindex-ETF).

ESG und SDG ETF-Portfolios: SDG und Trendfolge gut

Das relativ breit gestreute ESG ETF-Portfolio schnitt 2022 mit -15% wie das traditionelle Weltmarktportfolio und damit ebenfalls etwas schlechter als traditionelle aktive Mischfonds (-12%) ab. In 2021 war es mit +12% aber besser als solche Mischfonds (+10%).

Das ESG ETF-Portfolio ex Bonds hat 2022 -18% verloren. Traditionelle Aktien-ETFs lagen mit -13% erheblich besser (2021: +21% und +25%). Traditionelle aktive Aktienfondsmanager waren mit -15% ebenfalls besser (2021 +23%). Das ESG ETF-Portfolio ex Bonds Income rentierte mit -17% (2021: +23%) erheblich schlechter als aktive traditionelle Dividendenfonds mit -11% (+26%). Dagegen hat sich das ESG ETF-Portfolio ex Bonds Trend mit -8% (2021: 16%) wiederum viel besser als aktive Mischfonds mit -12% gehalten (+10% in 2021).

Das ESG ETF-Portfolio Bonds (EUR) hat 2022 mit -13% etwas schlechter abgeschnitten als traditionelle Anleihe-ETFs (-10%), nachdem die Performance in 2021 mit -3% vergleichbar war.

Das aus thematischen Aktien-ETFs bestehende SDG ETF-Portfolio hat 2022 mit -16% (2021: +12%) schlechter als traditionelle Aktienindizes (-13%) rentiert. Das SDG ETF-Trendfolgeportfolio hat mit -9% (2021: +8%) dagegen viel besser performt als aktive Mischfonds (-12%).

Direkte pure ESG und SDG Aktienportfolios: SDG und Trendfolge gut

In 2022 hat das aus 30 Aktien bestehende Global Equities ESG Portfolio mit -13% (2021: +20%) so abgeschnitten wie traditionelle Aktien-ETFs (-13%) und erheblich besser als das viel stärker diversifizierte ESG ETF-Portfolio ex Bonds (-18%). Gegenüber aktiv gemanagten traditionellen Aktienfonds (-15% nach +23% im Vorjahr) ist die Rendite in 2022 ebenfalls etwas besser. Das aus nur aus 5 Titeln bestehende Global Equities ESG Portfolio S hat mit -15% in 2022 etwas schlechter abgeschnitten. Aber mit den +32% aus 2021 liegt es weiter hervorragend im Performancevergleich.

Das Infrastructure ESG Portfolio hat -10% verloren (2021: +6%) und liegt damit weiter stark hinter traditionellen Infrastrukturportfolios (-5% für aktive Fonds und -2% für ETFs) zurück. Das liegt vor allem daran, dass im ESG-Portfolio Infrastruktur für und Energieerzeugung mit fossilen Energieträgern ausgeschlossen sind.

Der Real Estate ESG Portfolio hat 2022 -26% (+23% in 2021) verloren. Das ist schlechter als traditionelle passive Immobilienaktienportfolios (-23%) und erheblich schlechter als traditionelle aktive Immobilienaktienfonds (-17%).

Das Deutsche Aktien ESG Portfolio hat 2022 -23% (+21% in 2021) verloren. Das ist vergleichbar mit traditionellen passiven Benchmarks (-22%) aber erheblich schlechter als aktive Deutschlandfonds (-17%). Zusammen mit dem Vorjahr liegt mein nachhaltiges Portfolio im Renditevergleich aber auf einem ähnlichen Niveau.

Das auf soziale Midcaps fokussierte Global Equities ESG SDG hat -9% erzielt (+22% in 2021), also erheblich besser als andere globale Aktienportfolios (-15%). Das Global Equities ESG SDG Trend Portfolio konnte mit -10% (+14,5% in 2021) besser abschneiden als traditionelle Mischfonds (-12%), nachdem es auch im Vorjahr schon vorne lag. Das Global Equities ESG SDG Social Portfolio wurde erst am 21. Januar gestartet und wird deshalb in diesem Vergleich noch nicht berücksichtigt. Die ersten Monate sind insgesamt ähnlich wie beim Global Equities ESG SDG Portfolio gelaufen .

Mein FutureVest Equity Sustainable Development Goals R Fonds, der am 16. August 2021 gestartet ist, hat in 2022 -9% verloren und liegt damit ebenfalls im Wettbewerbsvergleich gut, vor allem im Vergleich zu aktiv gemanagten Aktienfonds (-15%). Das gilt auch für die Volatilität von 14% und den maximalen zwischenzeitlichen Verlust von 14% (vgl. auch Mein Artikel 9 Fonds: Noch nachhaltigere Regeln – Responsible Investment Research Blog (prof-soehnholz.com)).

Fazit: SDG, Trendfolge und mein Fonds besonders gut

Vereinfacht zusammengefasst haben 2022 meine nachhaltigen ETF-Portfolios schlechter rentiert als nicht-nachhaltige Benchmarks. Die beiden nachhaltigen ETF Trendfolgeportfolios haben dagegen erheblich besser als traditionelle Mischfonds abgeschnitten.

Meine konzentrierten direkten Aktienportfolios (vgl. 30 stocks, if responsible, are all I need – Responsible Investment Research Blog (prof-soehnholz.com) haben überwiegend besser als vergleichbare nachhaltige ETF-Portfolios rentiert (zu den überarbeiteten Regeln für 2023 vergleiche Artikel 9 ETF-Portfolios bzw. PAB ETF-Portfolios sind attraktiv – Responsible Investment Research Blog (prof-soehnholz.com)). Meine direkten nachhaltigen Portfolios haben zwar schlechter als traditionelle ETF-Portfolios performt, aber oft vergleichbar mit aktiv gemanagten traditionellen Fonds. Im Einzelnen rentierten meine sehr fokussierten (Deutsche Aktien, Infrastruktur, Immobilien) Aktienportfolios 2022 relativ schlecht. Relativ gut bis sehr gut waren dagegen meine Trendfolge und die direkten SDG Aktienportfolios sowie mein FutureVest Fonds.

Anmerkungen:

Die Performancedetails siehe www.soehnholzesg.com und zu allen Regeln und Portfolios siehe Das Soehnholz ESG und SDG Portfoliobuch. Benchmarkdaten: Eigene Berechnungen auf Basis von www.morningstar.de

Female ESG power and more (Researchposting 111)

Female ESG power: >10x new research on human rights ratings, child care, female ESG power, climate defaults, brown offloads, green consumers, green benchmarks, transition risks, ESG shocks, leasing, UN PRI, timberland and hedge funds by Gaizka Ormazabal, Frauke Peter, Joshua Rauh, Thierry Roncalli et al.

Social research: Female ESG power

Human rights ratings? ESG Ratings and Human Rights Due Diligence – How can ESG ratings be used to assess the human rights due diligence practices of companies? by Emil Sirén Gualinga as of Jan.4^th, 2023 (#45): “… the paper examined the relationship between ESG ratings and Corporate Human Rights Benchmark (CHRB) scores. The findings indicate that in general, ESG scores are not a good proxy for assessing companies’ human rights due diligence processes and practices. Moreover, whereas the relationship between ESG ratings and CHRB scores are inconsistent, a low score on Refinitiv and ISS may indicate that a company lacks adequate human rights due diligence processes. Conversely, a high score on Refinitiv or ISS is not necessarily an indicator of strong human rights due diligence processes. Lastly, the paper also acknowledges that the CHRB itself has limitations, as it does not preclude companies with a track record of being involved in human rights abuses from achieving high scores” (p. 15).

Social application-help: Early Child Care and Labor Supply of Lower-SES Mothers: A Randomized Controlled Trial by Henning Hermes, Marina Krauß, Philipp Lergetporer, Frauke Peter, Simon Wiederhold as of Jan.3^rd, 2023 (#16): “We present experimental evidence that enabling access to universal early child care for families with lower socioeconomic status (SES) increases maternal labor supply. Our intervention provides families with customized help for child care applications … The treatment increases lower-SES mothers’ full-time employment rates by 9 percentage points (+160%), household income by 10%, and mothers’ earnings by 22%. … Overall, the treatment substantially improves intra-household gender equality in terms of child care duties and earnings“ (abstract).

Female ESG power: The Eco Gender Gap in Boardrooms by Po-Hsuan Hsu, Kai Li, and Yihui Pan as of Jan. 3^rd, 2023 (#151): “Using novel firm- and facility-level measures of corporate environmental performance over the period 2002–2021, we establish a robust and positive association between board gender diversity and corporate environmental performance. This relation appears to be causal … We find that female directors bring more expertise on sustainability in boardrooms than male directors. Female directors are more likely to sit on sustainability-related committees and key monitoring committees than male directors. Boards with more female directors are more likely to link top executives’ compensation to corporate ESG performance” (p. 34). My comment: Similar results see 140227 ESG_Paper_V3 1 (naaim.org)

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Artikel 9 Fonds: Sind 50% Turnover ok?

Artikel 9 Fonds mit klaren Nachhaltigkeitsregeln

Für meinen Artikel 9 Fonds FutureVest Equity Sustainable Development Goals R versuche ich, nur die verantwortungsvollsten 30 Aktien zu nutzen (vgl. 30 stocks, if responsible, are all I need – Responsible Investment Research Blog (prof-soehnholz.com).

„Verantwortungsvoll“ definiere ich dabei auf Basis eines transparenten Konzepts (vgl. 220901_Nachhaltigkeitsinvestmentpolitik_der_Soehnholz_Asset_Management_GmbH-9d76c965ab447b9ff4e1f04e62dffaa12e12f064.pdf (futurevest.fund).

Die Regeln für meine Portfolios können einmal pro Jahr geändert werden. Dabei versuche ich, die Nachhaltigkeitskriterien immer strenger zu fassen. Das hat Anfang 2022 zu einem Austausch von 15 der 30 Aktien meines Fonds geführt (für 2022 vgl. Mein Artikel 9 Fonds: Noch nachhaltigere Regeln – Responsible Investment Research Blog (prof-soehnholz.com).

Für den Fonds ist das die diesjährige Selektionsstatistik: Von über dreissigtausend Aktien liegen für etwas mehr als die Hälfte aussagekräftige E, S und G Ratings vor. Etwa 2.300 erfüllen meine E, S und G Mindestanforderungen. Davon fallen weitere knapp 400 durch meine Rule-of-Law Länderausschlüsse heraus, ungefähr 1.100 entfallen durch Aktivitätsausschlüsse und 100 weitere durch angekündigte Übernahmen, andere Delisting-Gründe oder ineffiziente Zugangsmöglichkeiten. Damit bleiben nach Ausschluss der 25% Aktien mit den höchsten Kursverlusten ungefähr 500 für meine Portfolios zulässige Aktien übrig. Ungefähr 10% davon erfüllen zudem meine Anforderungen an Vereinbarkeit mit den Nachhaltigen Entwicklungszielen der Vereinten Nationen (UN SDG).

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Artikel 9 ETF-Portfolios bzw. PAB ETF-Portfolios sind attraktiv

Artikel 9 ETF-Portfolios: Mein erstes nachhaltiges ETF-Portfolio habe ich 2015 entwickelt und Anfang 2016 online gestellt. Meines Wissens war dieses ESG ETF-Portfolio damit das erste derartige öffentliche Portfolio weltweit. Das Ziel war und ist weiterhin, eine möglichst breite Asset-Allokation mit möglichst nachhaltigen ETFs umzusetzen (vgl. Das-Soehnholz-ESG-und-SDG-Portfoliobuch.pdf (soehnholzesg.com), S. 95ff). Das hat bisher nicht nur konzeptionell, sondern auch rendite- und risikomäßig gut funktioniert (vgl. www.soehnholzesg.com).

Meine erste nachhaltige ETF-Portfoliogeneration: Konzeptionelle Selektion

Zum Start gab es nur nachhaltige ETFs für hochkapitalisierte Aktien aus Industrieländern und für Unternehmensanleihen. Erst nach und nach konnten zusätzliche Marktsegmente mit verantwortungsvollen ETFs abgedeckt werden. Aktuell sind auch nachhaltige ETFs für Immobilien- und Infrastrukturaktien, niedrig kapitalisierte Unternehmen, Unternehmen aus Entwicklungsländern und, als mein Ersatz für Staatsanleihen, Anleihen multilateraler Entwicklungsbanken verfügbar.

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ESG bonus: Researchblogposting #109

ESG bonus: 15x new research on inequality, diversity, PRI, greenium, fintech, incompetences, engagement, 1/n and more by Peter Mülbert, David Walker, Malcom Baker, Lucian Bebchuk, Marie Dutordoir, Guofu Zhou, Dirk Zetzsche, David Larcker, Raina Gibson, Pedro Matos et al.

Environmental and social research

Climate action: Adaptation platforms – a way forward for adaptation governance in small cities? Lessons learned from two cities in Germany by Julia Teebken, Nicole Mitchell and Klaus Jacob as of Dec. 7^th, 2022 (#6): “… we introduce adaptation platforms as a novel, low-threshold approach to initiate climate adaptation governance in small cities. … In Boizenburg (Elbe) in Northern Germany, an adaptation platform (“Platz-B”) was set up in the municipal administration. In the local authority association of Liebenwerda, in Eastern Germany, the platform (“Lighthouse Louise”) was developed through an association, which is organized by civil society. We present the context conditions for establishing the platforms, their core principles, functions, and some of the adaptation projects which were initiated“ (abstract).

Inequality drivers: Hours Inequality by Daniele Checchi, Cecilia García-Peñalosa, and Lara Vivian as of Dec. 14^th, 2022 (#16): “… while the contribution of hours worked to earnings inequality is moderate in France and the US, it explains between 30 and 40 percent of earnings inequality in Germany and the UK. … it could be that individuals with higher wages now work more (supply-side) or that jobs that pay lower wages also provide fewer hours (demand-side) … the increase in female employment observed in all countries tending to increase inequality. … If reduced working hours are the result of individual choices, the increase in leisure may offset the loss in relative income and result in higher welfare. Alternatively, if low-pay workers are unable to work as much as they would like … then a deteriorated income position will be associated with under-employment and hence a loss in utility“ (p. 24).

Advert for German investors: “Sponsor” my research by recommending my article 9 fund. The minimum investment is approx. EUR 50 and return and risks are relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings. The fund typically scores very well in sustainability rankings, see this new tool for example.

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Green illusion: Researchblogposting #108

Green illusion: 15x new research on social media, Scope 3, CSR, ESG bonifications, sovereigns, pensions, securitization, microfinance, trend-following, IQ, VCs and fintech by Jonas Heese, Andreas Hoepner, Fabiola Schneider et al.

Ecological and social research: Green illusion

Good social media: The Monitoring Role of Social Media by Jonas Heese and Joseph Pacelli as of Nov. 22^nd (#104): “This paper examines the effect of social media on firm misconduct through multiple empirical strategies. … Mobile broadband access, and 3G internet in particular, is a key driver of growth in the use of social media applications. Our results indicate that facilities reduce violations by 1.8% and penalties by 13% in the three-year period following the introduction of 3G. … our findings suggest that social media is an effective monitor of corporate misconduct” (p. 35/36). My comment: With my article 9 fund I invest in telecom infrastructure companies (i.a.)

Green illusion? Beyond Scope 3: Modelling Resilience to a Lower-Emissions Future by Debarshi Basu, Gerald T Garvey, Shuangzi Guo, and Ryan Zamani from Blackrock as of Dec. 6^th, 2022 (#31): “We … compute the full supply-chain adjusted carbon footprint of 57 industries in 54 countries … We find a significant full-scope carbon footprint of industries such as Finance and Health Care despite their small direct emissions. At the other end, high-emitting industries such as Air Transport, Retailing, and Rubber support a wide range of otherwise low-carbon downstream activities and appear resilient to a low carbon transition. To test the model with historical data, we use high historical energy prices to proxy more stringent carbon regulation. Industries that our model classifies as resilient perform equally across high and low energy prices. By contrast, industries that are currently classified as green based on naïve emissions significantly underperform in times of high energy costs” (abstract).

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Microfinance risk and more: Researchposting #107

Microfinance risk: 15x new research on publication biases, green innovation, supply chains, biocredits, greenium, ESG ratings and loans, CSR, Kickbacks etc. by Karol Kemper, Ulf Moslener, Nic Schaub, Simon Straumann, Pınar Yeşin et al.

Ecological and social research

Misleading research: Footprint of publication selection bias on meta-analysis in medicine, economics, and psychology by František Bartoš et al as of August 25^th, 2022: “… we survey over 26,000 meta-analyses containing more than 800,000 effect size estimates from medicine, economics, and psychology …. The median probability of the presence of an effect in economics decreased from 99.9% to 29.7% after adjusting for publication selection bias. This reduction was slightly lower in psychology (98.9% −→ 55.7%) and considerably lower in medicine (38.0% −→ 27.5%)” (abstract). My comment: There is always bias in research, with my approach, too, but is important to disclose it: 100 research blogposts since 2018 – Responsible Investment Research Blog (prof-soehnholz.com)

Brown innovations: Toxic Emissions and Corporate Green Innovation by Wenquan Li, Suman Neupane, and Kelvin Jui Keng Tan as of Oct. 23^rd, 2022 (#264): “Consistent with our main hypothesis, which hinges upon regulatory burden and environmental awareness, we show that high-emission companies produce more green patents of higher quality and value than low-emission firms. … We also find that environmental related green patents mitigate future toxic air releases“ (abstract). My question: Is internal financing sufficient or external capital required to finance these innovations?

Advert for German investors: “Sponsor” my research by recommending my Article 9 fund. The minimum investment is approx. EUR 50 and return and risks are relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

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Green research deficits: Researchblogposting #106

Green research: 15x new research on net-zero, healthcare, banking, m&a, ESG, voting, retail investors, private equity etc. by Sandra Nolte, Harald Lohre, Martin Oehmke, Marcus Opp et al.

Social and green research

Climate demographics: The Slow Demographic Transition in Regions Vulnerable to Climate Change by Thang Dao, Matthias Kalkuhl, and Chrysovalantis Vasilakis as of October 21^st, 2022 (#7): “We consider how the demographic transition has been shaped in regions that are the least developed and the most vulnerable to climate change. Environmental conditions affect intra-household labor allocation because of the impacts on local resources under the poor infrastructural system. Climate change causes damage to local resources, offsetting the role of technological progress in saving time that women spend on their housework. Hence, the gender inequality in education/income is upheld, delaying declines in fertility and creating population momentum. The bigger population, in turn, degrades local resources through expanded production. The interplay between local resources, gender inequality, and population, under the persistent effect of climate change, may thus generate a slow demographic transition and stagnation. We provide empirical confirmation for our theoretical predictions from 44 Sub-Saharan African countries” (abstract).

Net zero challenges: Neutralizing the Atmosphere by Shelley Welton as of May 5^th, 2022 (#151): “Net zero” has rapidly become the new organizing paradigm of climate change law. … To date, critiques have centered on what this Article terms “accounting” risks: that is, risks that pledges in action will fail to live up to pledges on paper. The Article argues that there are two broader normative risks with net zero that are underdiagnosed but may prove more intractable. First, the net zero framework presumes collective disinterest regarding the best way to neutralize atmospheric emissions, with every participating entity left to determine its own preferred strategy. In reality, decisions around how to reach net zero emissions are contested, impactful, and often politically explosive. … The second risk this Article identifies is the “collective achievement challenge”: if the world continues to pursue an atomized approach to net zero, it is likely that entities will over-rely on certain cost-effective strategies—like tree planting—at scales that cannot be collectively achieved, at least not without substantial collateral social consequences. Disjunctive efforts toward net zero thus threaten to undermine the legal, political, and physical foundations of the global project” (abstract).

Advert for German investors: “Sponsor” my research by recommending my Article 9 fund. The minimum investment is approx. EUR 50 and so far return and risks are relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

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Smart women: Researchblogposting #105

Smart women: 16x new research on populism, immigration, children, progress, renewables, CCUS, purpose, fossil fuels, green bonds and loans, social premium, resilience, sustainability preferences, and crowdfunding by Holger Spamann, Dorothea Schäfer, Andreas Stephan, Zacharias Sautner et al.

Social research: Smart Women

Smarter women (1): Income Misperception and Populism by Thilo N. H. Albers, Felix Kersting, and Fabian Kosse as of November 16^th, 2022 (#13): “Based on a representative sample of German households, we find that individuals with pessimistic beliefs about their own income position have more right-wing populist attitudes. …. Men are more likely to translate dissatisfaction resulting from income misperception into populist attitudes than women. Our findings show that misperception strongly matters for populist attitudes, also in comparison to the objective income position. … policymakers … could improve citizens’ information about the households’ respective relative income position. … unintended consequences could occur. For example, the radical Norwegian approach towards transparency—one could query the income of every citizen online—decreased happiness among the poor (Perez-Truglia 2020)“ (p. 15).

Old anti-immigrants? No Country for Young People? The Rise of Anti-Immigration Politics in Ageing Societies by Valerio Dotti as of Oct. 7^th, 2022 (#3): “… population ageing and rising income inequality increase the political pressure to restrict the inflow of immigrant workers and inflate the size of government. … We show that ageing and rising inequality can help explain the success of anti-immigration politicians and parties in recent years. … the tightening of immigration policy induced by population ageing and rising inequality is generally harmful, though the harm is most severe for young people and future generations” (p. 44).

Climate demographics: Are Environmental Concerns Deterring People from Having Children? by Ben Lockwood, Nattavudh Powdthavee, and Andrew J. Oswald as of Oct. 11^th, 2022 (#13): „Our study … follows through time a random sample of thousands of initially childless men and women in the UK. Those individuals who are committed to a green lifestyle are found to be less likely to go on to have offspring. Later analysis adjusts statistically for a large set of potential confounders, including age, education, marital status, mental health, life satisfaction, optimism, and physical health. … a person entirely unconcerned about environmental behaviour is found to be approximately 60% more likely to go on to have a child when compared to a deeply committed environment” (abstract).

Advert for German investors: “Sponsor” my research e.g. by buying my Article 9 fund. The minimum investment is approx. EUR 50 and so far return and risks are relatively good: FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T: I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

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