Is disagreement beneficial for market efficiency? Evidence from ESG ratings
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L Yin, X Zhu, Z Su, H Guo
Journal of International Money and Finance, 2025
Elsevier
ESG rating disagreement refers to discrepancies in ESG performance ratings assigned to a firm by different rating agencies. This study investigates how ESG rating disagreement impacts firm pricing efficiency. These findings demonstrate that ESG rating disagreement contributes to promoting firm pricing efficiency. This effect is especially noticeable during periods of decreased market sentiment, volatility, turnover, and increased liquidity and among firms with specific characteristics, including large market capitalization, value …
