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Percorrer por autor "Brescia, Giulia"

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  • From venture to market : financial performance of sustainable VC-backed firms in the U.S.
    Publication . Brescia, Giulia; Shuwaikh, Fátima
    Sustainable investment has seen a sharp increase in popularity in recent years, prompting concerns about its true financial viability. The performance of portfolios made up of sustainable (green) vs non-sustainable (non-green) firms is examined in this thesis, with an emphasis on young and innovative firms that are backed by VC. The study estimates alpha, or risk-adjusted performance, for both synthetic green and non-green portfolio built from publicly traded, former VC-backed companies using both unconditional and conditional versions of the Carhart (1997) four-factor model and the Fama-French (2015) five-factor model. According to the results, greens portfolios do not beat non-green portfolios statistically significantly, however they do somewhat exceed them in more complete models with simpler simplifications. Overall, sustainability does not appear to be either penalized or rewarded by financial markets over the observed period (202032024). However, it does affect the profile and characteristics of the target firms4an aspect that may be relevant to investors who consider not only financial returns but also the environmental and social impact of their investment decisions. Main contributions: • Focus on how VC-backed green and non-green companies performed after their IPO. • Application of both unconditional and conditional asset pricing models (Carhart, Fama-French) to estimate risk-adjusted performance. • Evidence of no significant green premium, which adds to the discussion of sustainable investing’s financial performance.
    2025-06-25Dissertação de mestrado Acesso embargado Ver mais