Covid-19 and Optimal Portfolio Selection for Investment in Sustainable Development Goals

被引：155
作者：
Yoshino, Naoyuki [1 ,2 ]
Taghizadeh-Hesary, Farhad [3 ]
Otsuka, Miyu [4 ]
机构：
[1] Keio Univ, Tokyo, Japan
[2] Natl Grad Inst Policy Studies GRIPS, Tokyo, Japan
[3] Tokai Univ, Social Sci Res Inst, Hiratsuka, Kanagawa, Japan
[4] Keio Univ, Grad Sch Econ, Tokyo, Japan
来源：
FINANCE RESEARCH LETTERS | 2021年 / 38卷
关键词：
sustainable development goals; optimal portfolio selection; Covid-19; carbon tax; standard pollution tax;
D O I：
10.1016/j.frl.2020.101695
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The Covid-19 pandemic and global economic recession has shrunk global energy demand and collapsed fossil fuel prices. Therefore, renewable energy projects are losing their competitiveness. This endangers the achievement of several Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change. Various consulting companies define the SDGs differently. Institutional investors hire consulting companies and allocate their investment based on the consultants' suggestions. This paper theoretically shows that the current allocation of investors by considering SDG based on various consulting companies will lead to distortion in the investment portfolio. The desired portfolio allocation can be achieved by taxing pollution and waste such as CO2, NOx, and plastics, globally with the same tax rate. Global taxation on pollution will lead to the desired portfolio allocation of assets.
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页数：6
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