NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Sustainable Investing in Equilibrium

Lubos Pastor, Robert F. Stambaugh, Lucian A. Taylor

NBER Working Paper No. 26549
Issued in December 2019, Revised in February 2020

---- Acknowledgments ----

Pástor is at the University of Chicago Booth School of Business. Stambaugh and Taylor are at the Wharton School of the University of Pennsylvania. Pástor and Stambaugh are also at the NBER. Pástor is additionally at the National Bank of Slovakia and the CEPR. The views in this paper are the responsibility of the authors, not the institutions they are affiliated with. We are grateful for comments from Rui Albuquerque, Malcolm Baker, George Constantinides, Alex Edmans, Gene Fama, Sam Hartzmark, John Heaton, Ralph Koijen, Yrjo Koskinen, Raghu Rajan, Jeff Wurgler, Josef Zechner, and seminar audiences at the University of Chicago, WU Vienna, and the National Bank of Slovakia. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Lubos Pastor ----

Pastor is a member of the governing board of the National Bank of Slovakia whose responsibilities include serving as the principal regulator of investment funds in Slovakia. Yet the Bank has no stake in this research, no benefit from it, and no influence upon it.

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