Green Tilts

The views in this paper are the responsibility of the authors, not the institutions they are affiliated with. We are grateful for comments from our discussants Kunal Sachdeva and Adam Winegar, from Winston Dou, David Musto, Mike Sebastian, Yao Zeng, Olivier David Zerbib, participants at the 2023 BI Conference on Corporate Governance, 2023 University of Houston/Dallas Fed Energy Finance and the Energy Transition conference, 2023 University of Alberta Frontiers in Finance Conference, and seminar participants at the following universities: Alabama, EDHEC, Peking, Pennsylvania, and Tinbergen Institute. We dedicate this paper to the memory of Livia Amato, whose many contributions as a research professional have benefited this paper as well as our prior work. We also thank Vitor Furtado Farias and Vanessa Hu for excellent research assistance. This research was funded in part by the Fama-Miller Center for Research in Finance at the University of Chicago Booth School of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• June 8, 2023