Latest Achievements
Humnath Panta, faculty at the School of Business, co-authored the article “ESG Ratings in Motion: The Global Market Response to Upgrades and Downgrades,” published in the Journal of Sustainable Finance & Investment (Taylor & Francis, January 7, 2026). The study analyzes 2,841 MSCI-rated global stocks (2017–2021) using a calendar-time portfolio approach and finds that ESG rating upgrades (downgrades) generate statistically and economically significant abnormal returns of about +1% (–1%) per month. The effects are robust across models, holding periods, sectors, and regions, with stronger impacts for large and growth firms and in low power-distance countries, and increased synchronization post-COVID-19. The findings advance understanding of ESG information efficiency and its implications for global asset pricing and investment strategy.
Humnath Panta, faculty at the School of Business, co-authored the article “ESG Ratings in Motion: The Global Market Response to Upgrades and Downgrades,” published in the Journal of Sustainable Finance & Investment (Taylor & Francis, January 7, 2026). The study analyzes 2,841 MSCI-rated global stocks (2017–2021) using a calendar-time portfolio approach and finds that ESG rating upgrades (downgrades) generate statistically and economically significant abnormal returns of about +1% (–1%) per month. The effects are robust across models, holding periods, sectors, and regions, with stronger impacts for large and growth firms and in low power-distance countries, and increased synchronization post-COVID-19. The findings advance understanding of ESG information efficiency and its implications for global asset pricing and investment strategy.