id	sid	tid	token	lemma	pos
cjfa-63113	1	1	e	e	X
cjfa-63113	1	2	-	-	PROPN
cjfa-63113	1	3	issn	issn	PROPN
cjfa-63113	1	4	2300	2300	NUM
cjfa-63113	1	5	-	-	SYM
cjfa-63113	1	6	3065	3065	NUM
cjfa-63113	1	7	p	p	PROPN
cjfa-63113	1	8	-	-	PUNCT
cjfa-63113	1	9	issn	issn	PROPN
cjfa-63113	1	10	2300	2300	NUM
cjfa-63113	1	11	-	-	SYM
cjfa-63113	1	12	12402025	12402025	NUM
cjfa-63113	1	13	,	,	PUNCT
cjfa-63113	1	14	volume	volume	NOUN
cjfa-63113	1	15	14	14	NUM
cjfa-63113	1	16	,	,	PUNCT
cjfa-63113	1	17	issue	issue	NOUN
cjfa-63113	1	18	1	1	NUM
cjfa-63113	1	19	copernican	copernican	PROPN
cjfa-63113	1	20	journal	journal	PROPN
cjfa-63113	1	21	of	of	ADP
cjfa-63113	1	22	finance	finance	PROPN
cjfa-63113	1	23	&	&	CCONJ
cjfa-63113	1	24	accounting	accounting	NOUN
cjfa-63113	1	25	date	date	NOUN
cjfa-63113	1	26	of	of	ADP
cjfa-63113	1	27	submission	submission	NOUN
cjfa-63113	1	28	:	:	PUNCT
cjfa-63113	1	29	february	february	NOUN
cjfa-63113	1	30	6	6	NUM
cjfa-63113	1	31	,	,	PUNCT
cjfa-63113	1	32	2025	2025	NUM
cjfa-63113	1	33	;	;	PUNCT
cjfa-63113	1	34	date	date	NOUN
cjfa-63113	1	35	of	of	ADP
cjfa-63113	1	36	acceptance	acceptance	NOUN
cjfa-63113	1	37	:	:	PUNCT
cjfa-63113	1	38	april	april	PROPN
cjfa-63113	1	39	23	23	NUM
cjfa-63113	1	40	,	,	PUNCT
cjfa-63113	1	41	2025	2025	NUM
cjfa-63113	1	42	.	.	PUNCT
cjfa-63113	2	1	*	*	PUNCT
cjfa-63113	2	2	contact	contact	NOUN
cjfa-63113	2	3	information	information	NOUN
cjfa-63113	2	4	:	:	PUNCT
cjfa-63113	3	1	eva.reuthlinger@lmu.de	eva.reuthlinger@lmu.de	PROPN
cjfa-63113	3	2	,	,	PUNCT
cjfa-63113	3	3	institut	institut	PROPN
cjfa-63113	3	4	für	für	PROPN
cjfa-63113	3	5	finance	finance	PROPN
cjfa-63113	3	6	und	und	PROPN
cjfa-63113	3	7	banking	banking	NOUN
cjfa-63113	3	8	,	,	PUNCT
cjfa-63113	3	9	ludwig	ludwig	PROPN
cjfa-63113	3	10	-	-	PUNCT
cjfa-63113	3	11	maximilians	maximilians	PROPN
cjfa-63113	3	12	-	-	PUNCT
cjfa-63113	3	13	universität	universität	NOUN
cjfa-63113	3	14	münchen	münchen	NOUN
cjfa-63113	3	15	,	,	PUNCT
cjfa-63113	3	16	80539	80539	NUM
cjfa-63113	3	17	münchen	münchen	NOUN
cjfa-63113	3	18	,	,	PUNCT
cjfa-63113	3	19	phone	phone	NOUN
cjfa-63113	3	20	:	:	PUNCT
cjfa-63113	3	21	+498921803108	+498921803108	NUM
cjfa-63113	3	22	;	;	PUNCT
cjfa-63113	3	23	orcid	orcid	PROPN
cjfa-63113	3	24	i	i	NOUN
cjfa-63113	3	25	d	d	NOUN
cjfa-63113	3	26	:	:	PUNCT
cjfa-63113	3	27	https://orcid.org/0009-0003-0670-1641	https://orcid.org/0009-0003-0670-1641	PROPN
cjfa-63113	3	28	.	.	PUNCT
cjfa-63113	4	1	*	*	PUNCT
cjfa-63113	4	2	*	*	PUNCT
cjfa-63113	4	3	contact	contact	NOUN
cjfa-63113	4	4	information	information	NOUN
cjfa-63113	4	5	:	:	PUNCT
cjfa-63113	5	1	tanja.sinha@thi.de	tanja.sinha@thi.de	ADV
cjfa-63113	5	2	,	,	PUNCT
cjfa-63113	5	3	corporate	corporate	ADJ
cjfa-63113	5	4	finance	finance	NOUN
cjfa-63113	5	5	,	,	PUNCT
cjfa-63113	5	6	technische	technische	PROPN
cjfa-63113	5	7	hochschule	hochschule	NOUN
cjfa-63113	5	8	ingolstadt	ingolstadt	NOUN
cjfa-63113	5	9	,	,	PUNCT
cjfa-63113	5	10	esplanade	esplanade	NOUN
cjfa-63113	5	11	10	10	NUM
cjfa-63113	5	12	,	,	PUNCT
cjfa-63113	5	13	85549	85549	NUM
cjfa-63113	5	14	ingolstadt	ingolstadt	NOUN
cjfa-63113	5	15	,	,	PUNCT
cjfa-63113	5	16	phone	phone	NOUN
cjfa-63113	5	17	:	:	PUNCT
cjfa-63113	5	18	+4984193482555	+4984193482555	NUM
cjfa-63113	5	19	;	;	PUNCT
cjfa-63113	5	20	orcid	orcid	NOUN
cjfa-63113	6	1	i	i	NOUN
cjfa-63113	6	2	d	d	PROPN
cjfa-63113	6	3	:	:	PUNCT
cjfa-63113	7	1	https://orcid.org/0009-0001-4966-1980	https://orcid.org/0009-0001-4966-1980	PROPN
cjfa-63113	7	2	.	.	PUNCT
cjfa-63113	7	3	reuthlinger	reuthlinger	PROPN
cjfa-63113	7	4	,	,	PUNCT
cjfa-63113	7	5	e.	e.	PROPN
cjfa-63113	7	6	,	,	PUNCT
cjfa-63113	7	7	&	&	CCONJ
cjfa-63113	7	8	sinha	sinha	PROPN
cjfa-63113	7	9	,	,	PUNCT
cjfa-63113	7	10	t.	t.	PROPN
cjfa-63113	7	11	(	(	PUNCT
cjfa-63113	7	12	2025	2025	NUM
cjfa-63113	7	13	)	)	PUNCT
cjfa-63113	7	14	.	.	PUNCT
cjfa-63113	8	1	impact	impact	NOUN
cjfa-63113	8	2	investing	invest	VERB
cjfa-63113	8	3	from	from	ADP
cjfa-63113	8	4	an	an	DET
cjfa-63113	8	5	european	european	ADJ
cjfa-63113	8	6	perspective	perspective	NOUN
cjfa-63113	8	7	–	–	PUNCT
cjfa-63113	8	8	do	do	VERB
cjfa-63113	8	9	good	good	NOUN
cjfa-63113	8	10	and	and	CCONJ
cjfa-63113	8	11	earn	earn	VERB
cjfa-63113	8	12	money	money	NOUN
cjfa-63113	8	13	?	?	PUNCT
cjfa-63113	9	1	copernican	copernican	PROPN
cjfa-63113	9	2	journal	journal	PROPN
cjfa-63113	9	3	of	of	ADP
cjfa-63113	9	4	finance	finance	PROPN
cjfa-63113	9	5	&	&	CCONJ
cjfa-63113	9	6	accounting	accounting	NOUN
cjfa-63113	9	7	,	,	PUNCT
cjfa-63113	9	8	14(1	14(1	NUM
cjfa-63113	9	9	)	)	PUNCT
cjfa-63113	9	10	,	,	PUNCT
cjfa-63113	9	11	87–109	87–109	NUM
cjfa-63113	9	12	.	.	PUNCT
cjfa-63113	9	13	http://dx.doi	http://dx.doi	NOUN
cjfa-63113	9	14	.	.	PUNCT
cjfa-63113	10	1	org/10.12775	org/10.12775	PROPN
cjfa-63113	10	2	/	/	SYM
cjfa-63113	10	3	cjfa.2025.005	cjfa.2025.005	PROPN
cjfa-63113	10	4	eva	eva	PROPN
cjfa-63113	10	5	reuthlinger	reuthlinger	PROPN
cjfa-63113	10	6	*	*	PUNCT
cjfa-63113	10	7	ludwig	ludwig	PROPN
cjfa-63113	10	8	-	-	PUNCT
cjfa-63113	10	9	maximilians	maximilians	PROPN
cjfa-63113	10	10	-	-	PUNCT
cjfa-63113	10	11	universität	universität	NOUN
cjfa-63113	10	12	münchen	münchen	NOUN
cjfa-63113	10	13	tanja	tanja	NOUN
cjfa-63113	10	14	sinha	sinha	PROPN
cjfa-63113	10	15	*	*	PROPN
cjfa-63113	10	16	*	*	PROPN
cjfa-63113	10	17	technische	technische	PROPN
cjfa-63113	10	18	hochschule	hochschule	NOUN
cjfa-63113	10	19	ingolstadt	ingolstadt	NOUN
cjfa-63113	10	20	impact	impact	NOUN
cjfa-63113	10	21	investing	invest	VERB
cjfa-63113	10	22	from	from	ADP
cjfa-63113	10	23	a	a	DET
cjfa-63113	10	24	european	european	ADJ
cjfa-63113	10	25	perspective	perspective	NOUN
cjfa-63113	10	26	–	–	PUNCT
cjfa-63113	10	27	do	do	VERB
cjfa-63113	10	28	good	good	NOUN
cjfa-63113	10	29	and	and	CCONJ
cjfa-63113	10	30	earn	earn	VERB
cjfa-63113	10	31	money	money	NOUN
cjfa-63113	10	32	?	?	PUNCT
cjfa-63113	11	1	keywords	keyword	NOUN
cjfa-63113	11	2	:	:	PUNCT
cjfa-63113	11	3	impact	impact	NOUN
cjfa-63113	11	4	investing	investing	NOUN
cjfa-63113	11	5	,	,	PUNCT
cjfa-63113	11	6	investment	investment	NOUN
cjfa-63113	11	7	decisions	decision	NOUN
cjfa-63113	11	8	,	,	PUNCT
cjfa-63113	11	9	portfolio	portfolio	NOUN
cjfa-63113	11	10	optimization	optimization	NOUN
cjfa-63113	11	11	,	,	PUNCT
cjfa-63113	11	12	sustainability	sustainability	NOUN
cjfa-63113	11	13	,	,	PUNCT
cjfa-63113	11	14	performance	performance	NOUN
cjfa-63113	11	15	.	.	PUNCT
cjfa-63113	12	1	j	j	PROPN
cjfa-63113	12	2	e	e	PROPN
cjfa-63113	12	3	l	l	PROPN
cjfa-63113	12	4	classification	classification	NOUN
cjfa-63113	12	5	:	:	PUNCT
cjfa-63113	12	6	c61	c61	PROPN
cjfa-63113	12	7	,	,	PUNCT
cjfa-63113	12	8	c690	c690	PROPN
cjfa-63113	12	9	,	,	PUNCT
cjfa-63113	12	10	g110	g110	PROPN
cjfa-63113	12	11	.	.	PUNCT
cjfa-63113	13	1	abstract	abstract	ADJ
cjfa-63113	13	2	:	:	PUNCT
cjfa-63113	13	3	impact	impact	NOUN
cjfa-63113	13	4	investing	investing	NOUN
cjfa-63113	13	5	provides	provide	VERB
cjfa-63113	13	6	a	a	DET
cjfa-63113	13	7	promising	promising	ADJ
cjfa-63113	13	8	way	way	NOUN
cjfa-63113	13	9	to	to	PART
cjfa-63113	13	10	fund	fund	VERB
cjfa-63113	13	11	sustainable	sustainable	ADJ
cjfa-63113	13	12	development	development	NOUN
cjfa-63113	13	13	while	while	SCONJ
cjfa-63113	13	14	balancing	balance	VERB
cjfa-63113	13	15	financial	financial	ADJ
cjfa-63113	13	16	,	,	PUNCT
cjfa-63113	13	17	social	social	ADJ
cjfa-63113	13	18	,	,	PUNCT
cjfa-63113	13	19	and	and	CCONJ
cjfa-63113	13	20	environmental	environmental	ADJ
cjfa-63113	13	21	goals	goal	NOUN
cjfa-63113	13	22	.	.	PUNCT
cjfa-63113	14	1	this	this	DET
cjfa-63113	14	2	study	study	NOUN
cjfa-63113	14	3	compares	compare	VERB
cjfa-63113	14	4	the	the	DET
cjfa-63113	14	5	performance	performance	NOUN
cjfa-63113	14	6	of	of	ADP
cjfa-63113	14	7	impact	impact	NOUN
cjfa-63113	14	8	,	,	PUNCT
cjfa-63113	14	9	conventional	conventional	ADJ
cjfa-63113	14	10	,	,	PUNCT
cjfa-63113	14	11	and	and	CCONJ
cjfa-63113	14	12	esg	esg	NOUN
cjfa-63113	14	13	portfolios	portfolio	NOUN
cjfa-63113	14	14	in	in	ADP
cjfa-63113	14	15	the	the	DET
cjfa-63113	14	16	european	european	ADJ
cjfa-63113	14	17	stock	stock	NOUN
cjfa-63113	14	18	market	market	NOUN
cjfa-63113	14	19	over	over	ADP
cjfa-63113	14	20	more	more	ADJ
cjfa-63113	14	21	than	than	ADP
cjfa-63113	14	22	10	10	NUM
cjfa-63113	14	23	years	year	NOUN
cjfa-63113	14	24	,	,	PUNCT
cjfa-63113	14	25	using	use	VERB
cjfa-63113	14	26	markowitz	markowitz	PROPN
cjfa-63113	14	27	optimization	optimization	NOUN
cjfa-63113	14	28	and	and	CCONJ
cjfa-63113	14	29	naive	naive	ADJ
cjfa-63113	14	30	diversification	diversification	NOUN
cjfa-63113	14	31	.	.	PUNCT
cjfa-63113	15	1	the	the	DET
cjfa-63113	15	2	findings	finding	NOUN
cjfa-63113	15	3	show	show	VERB
cjfa-63113	15	4	that	that	SCONJ
cjfa-63113	15	5	impact	impact	NOUN
cjfa-63113	15	6	portfolios	portfolio	NOUN
cjfa-63113	15	7	yield	yield	VERB
cjfa-63113	15	8	the	the	DET
cjfa-63113	15	9	highest	high	ADJ
cjfa-63113	15	10	returns	return	NOUN
cjfa-63113	15	11	,	,	PUNCT
cjfa-63113	15	12	without	without	ADP
cjfa-63113	15	13	sacrificing	sacrifice	VERB
cjfa-63113	15	14	financial	financial	ADJ
cjfa-63113	15	15	performance	performance	NOUN
cjfa-63113	15	16	when	when	SCONJ
cjfa-63113	15	17	integrating	integrate	VERB
cjfa-63113	15	18	sustainability	sustainability	NOUN
cjfa-63113	15	19	criteria	criterion	NOUN
cjfa-63113	15	20	that	that	PRON
cjfa-63113	15	21	go	go	VERB
cjfa-63113	15	22	beyond	beyond	ADP
cjfa-63113	15	23	the	the	DET
cjfa-63113	15	24	classical	classical	ADJ
cjfa-63113	15	25	esg	esg	NOUN
cjfa-63113	15	26	investing	investing	NOUN
cjfa-63113	15	27	.	.	PUNCT
cjfa-63113	16	1	mailto:eva.reuthlinger@lmu.de	mailto:eva.reuthlinger@lmu.de	ADJ
cjfa-63113	16	2	eva	eva	NOUN
cjfa-63113	16	3	reuthlinger	reuthlinger	NOUN
cjfa-63113	16	4	,	,	PUNCT
cjfa-63113	16	5	tanja	tanja	NOUN
cjfa-63113	16	6	sinha8888	sinha8888	PROPN
cjfa-63113	16	7	 	 	SPACE
cjfa-63113	16	8	introduction	introduction	NOUN
cjfa-63113	16	9	 	 	SPACE
cjfa-63113	16	10	introduction	introduction	NOUN
cjfa-63113	16	11	at	at	ADP
cjfa-63113	16	12	cop21	cop21	PROPN
cjfa-63113	16	13	in	in	ADP
cjfa-63113	16	14	paris	paris	PROPN
cjfa-63113	16	15	(	(	PUNCT
cjfa-63113	16	16	2015	2015	NUM
cjfa-63113	16	17	)	)	PUNCT
cjfa-63113	16	18	,	,	PUNCT
cjfa-63113	16	19	196	196	NUM
cjfa-63113	16	20	parties	party	NOUN
cjfa-63113	16	21	adopted	adopt	VERB
cjfa-63113	16	22	the	the	DET
cjfa-63113	16	23	paris	paris	PROPN
cjfa-63113	16	24	agreement	agreement	NOUN
cjfa-63113	16	25	,	,	PUNCT
cjfa-63113	16	26	aiming	aim	VERB
cjfa-63113	16	27	to	to	PART
cjfa-63113	16	28	limit	limit	VERB
cjfa-63113	16	29	global	global	ADJ
cjfa-63113	16	30	warming	warming	NOUN
cjfa-63113	16	31	by	by	ADP
cjfa-63113	16	32	well	well	ADV
cjfa-63113	16	33	below	below	ADP
cjfa-63113	16	34	2	2	NUM
cjfa-63113	16	35	°	°	NOUN
cjfa-63113	16	36	c	c	NOUN
cjfa-63113	16	37	,	,	PUNCT
cjfa-63113	16	38	ideally	ideally	ADV
cjfa-63113	16	39	1.5	1.5	NUM
cjfa-63113	16	40	°	°	NOUN
cjfa-63113	16	41	c	c	NOUN
cjfa-63113	16	42	,	,	PUNCT
cjfa-63113	16	43	above	above	ADP
cjfa-63113	16	44	pre	pre	ADJ
cjfa-63113	16	45	-	-	ADJ
cjfa-63113	16	46	industrial	industrial	ADJ
cjfa-63113	16	47	levels	level	NOUN
cjfa-63113	16	48	.	.	PUNCT
cjfa-63113	17	1	in	in	ADP
cjfa-63113	17	2	the	the	DET
cjfa-63113	17	3	same	same	ADJ
cjfa-63113	17	4	year	year	NOUN
cjfa-63113	17	5	,	,	PUNCT
cjfa-63113	17	6	all	all	DET
cjfa-63113	17	7	un	un	PROPN
cjfa-63113	17	8	member	member	NOUN
cjfa-63113	17	9	states	state	NOUN
cjfa-63113	17	10	committed	commit	VERB
cjfa-63113	17	11	to	to	ADP
cjfa-63113	17	12	the	the	DET
cjfa-63113	17	13	17	17	NUM
cjfa-63113	17	14	sustainable	sustainable	ADJ
cjfa-63113	17	15	development	development	NOUN
cjfa-63113	17	16	goals	goal	NOUN
cjfa-63113	17	17	(	(	PUNCT
cjfa-63113	17	18	sdgs	sdgs	ADJ
cjfa-63113	17	19	)	)	PUNCT
cjfa-63113	17	20	to	to	PART
cjfa-63113	17	21	be	be	AUX
cjfa-63113	17	22	achieved	achieve	VERB
cjfa-63113	17	23	until	until	ADP
cjfa-63113	17	24	2030	2030	NUM
cjfa-63113	17	25	(	(	PUNCT
cjfa-63113	17	26	united	united	PROPN
cjfa-63113	17	27	nations	nations	PROPN
cjfa-63113	17	28	,	,	PUNCT
cjfa-63113	17	29	2015	2015	NUM
cjfa-63113	17	30	;	;	PUNCT
cjfa-63113	17	31	united	united	PROPN
cjfa-63113	17	32	nations	nations	PROPN
cjfa-63113	17	33	,	,	PUNCT
cjfa-63113	17	34	2016	2016	NUM
cjfa-63113	17	35	)	)	PUNCT
cjfa-63113	17	36	.	.	PUNCT
cjfa-63113	18	1	implementing	implement	VERB
cjfa-63113	18	2	climate	climate	NOUN
cjfa-63113	18	3	-	-	PUNCT
cjfa-63113	18	4	related	relate	VERB
cjfa-63113	18	5	goals	goal	NOUN
cjfa-63113	18	6	requires	require	VERB
cjfa-63113	18	7	$	$	SYM
cjfa-63113	18	8	5–7	5–7	NUM
cjfa-63113	18	9	trillion	trillion	NUM
cjfa-63113	18	10	annually	annually	ADV
cjfa-63113	18	11	until	until	ADP
cjfa-63113	18	12	2030	2030	NUM
cjfa-63113	18	13	(	(	PUNCT
cjfa-63113	18	14	unctad	unctad	PROPN
cjfa-63113	18	15	,	,	PUNCT
cjfa-63113	18	16	2014	2014	NUM
cjfa-63113	18	17	)	)	PUNCT
cjfa-63113	18	18	.	.	PUNCT
cjfa-63113	19	1	the	the	DET
cjfa-63113	19	2	main	main	ADJ
cjfa-63113	19	3	challenge	challenge	NOUN
cjfa-63113	19	4	is	be	AUX
cjfa-63113	19	5	securing	secure	VERB
cjfa-63113	19	6	sufficient	sufficient	ADJ
cjfa-63113	19	7	financial	financial	ADJ
cjfa-63113	19	8	resources	resource	NOUN
cjfa-63113	19	9	(	(	PUNCT
cjfa-63113	19	10	barua	barua	PROPN
cjfa-63113	19	11	,	,	PUNCT
cjfa-63113	19	12	2020	2020	NUM
cjfa-63113	19	13	)	)	PUNCT
cjfa-63113	19	14	.	.	PUNCT
cjfa-63113	20	1	governments	government	NOUN
cjfa-63113	20	2	and	and	CCONJ
cjfa-63113	20	3	donations	donation	NOUN
cjfa-63113	20	4	alone	alone	ADV
cjfa-63113	20	5	are	be	AUX
cjfa-63113	20	6	insufficient	insufficient	ADJ
cjfa-63113	20	7	and	and	CCONJ
cjfa-63113	20	8	private	private	ADJ
cjfa-63113	20	9	capital	capital	NOUN
cjfa-63113	20	10	participation	participation	NOUN
cjfa-63113	20	11	is	be	AUX
cjfa-63113	20	12	essential	essential	ADJ
cjfa-63113	20	13	(	(	PUNCT
cjfa-63113	20	14	bose	bose	PROPN
cjfa-63113	20	15	,	,	PUNCT
cjfa-63113	20	16	dong	dong	PROPN
cjfa-63113	20	17	&	&	CCONJ
cjfa-63113	20	18	simpson	simpson	PROPN
cjfa-63113	20	19	,	,	PUNCT
cjfa-63113	20	20	2019	2019	NUM
cjfa-63113	20	21	;	;	PUNCT
cjfa-63113	20	22	ecosoc	ecosoc	NOUN
cjfa-63113	20	23	chamber	chamber	NOUN
cjfa-63113	20	24	,	,	PUNCT
cjfa-63113	20	25	2018	2018	NUM
cjfa-63113	20	26	)	)	PUNCT
cjfa-63113	20	27	.	.	PUNCT
cjfa-63113	21	1	impact	impact	NOUN
cjfa-63113	21	2	investing	investing	NOUN
cjfa-63113	21	3	is	be	AUX
cjfa-63113	21	4	an	an	DET
cjfa-63113	21	5	effective	effective	ADJ
cjfa-63113	21	6	approach	approach	NOUN
cjfa-63113	21	7	to	to	ADP
cjfa-63113	21	8	financing	finance	VERB
cjfa-63113	21	9	the	the	DET
cjfa-63113	21	10	sdgs	sdgs	NOUN
cjfa-63113	21	11	(	(	PUNCT
cjfa-63113	21	12	then	then	ADV
cjfa-63113	21	13	&	&	CCONJ
cjfa-63113	21	14	schmidt	schmidt	PROPN
cjfa-63113	21	15	,	,	PUNCT
cjfa-63113	21	16	2020	2020	NUM
cjfa-63113	21	17	)	)	PUNCT
cjfa-63113	21	18	,	,	PUNCT
cjfa-63113	21	19	whereby	whereby	SCONJ
cjfa-63113	21	20	investors	investor	NOUN
cjfa-63113	21	21	’	'	PUNCT
cjfa-63113	21	22	capital	capital	NOUN
cjfa-63113	21	23	is	be	AUX
cjfa-63113	21	24	used	use	VERB
cjfa-63113	21	25	specifically	specifically	ADV
cjfa-63113	21	26	to	to	PART
cjfa-63113	21	27	solve	solve	VERB
cjfa-63113	21	28	social	social	ADJ
cjfa-63113	21	29	and	and	CCONJ
cjfa-63113	21	30	environmental	environmental	ADJ
cjfa-63113	21	31	problems	problem	NOUN
cjfa-63113	21	32	(	(	PUNCT
cjfa-63113	21	33	busch	busch	PROPN
cjfa-63113	21	34	,	,	PUNCT
cjfa-63113	21	35	bruce	bruce	NOUN
cjfa-63113	21	36	-	-	PUNCT
cjfa-63113	21	37	clark	clark	PROPN
cjfa-63113	21	38	,	,	PUNCT
cjfa-63113	21	39	derwall	derwall	PROPN
cjfa-63113	21	40	,	,	PUNCT
cjfa-63113	21	41	eccles	eccles	PROPN
cjfa-63113	21	42	,	,	PUNCT
cjfa-63113	21	43	hebb	hebb	PROPN
cjfa-63113	21	44	,	,	PUNCT
cjfa-63113	21	45	hoepner	hoepner	NOUN
cjfa-63113	21	46	,	,	PUNCT
cjfa-63113	21	47	klein	klein	PROPN
cjfa-63113	21	48	,	,	PUNCT
cjfa-63113	21	49	krueger	krueger	PROPN
cjfa-63113	21	50	,	,	PUNCT
cjfa-63113	21	51	paetzold	paetzold	ADJ
cjfa-63113	21	52	,	,	PUNCT
cjfa-63113	21	53	scholtens	scholtens	PROPN
cjfa-63113	21	54	&	&	CCONJ
cjfa-63113	21	55	weber	weber	PROPN
cjfa-63113	21	56	,	,	PUNCT
cjfa-63113	21	57	2021	2021	NUM
cjfa-63113	21	58	)	)	PUNCT
cjfa-63113	21	59	.	.	PUNCT
cjfa-63113	22	1	however	however	ADV
cjfa-63113	22	2	,	,	PUNCT
cjfa-63113	22	3	the	the	DET
cjfa-63113	22	4	assets	asset	NOUN
cjfa-63113	22	5	under	under	ADP
cjfa-63113	22	6	management	management	NOUN
cjfa-63113	22	7	in	in	ADP
cjfa-63113	22	8	the	the	DET
cjfa-63113	22	9	impact	impact	NOUN
cjfa-63113	22	10	investing	investing	NOUN
cjfa-63113	22	11	market	market	NOUN
cjfa-63113	22	12	are	be	AUX
cjfa-63113	22	13	very	very	ADV
cjfa-63113	22	14	low	low	ADJ
cjfa-63113	22	15	compared	compare	VERB
cjfa-63113	22	16	to	to	ADP
cjfa-63113	22	17	other	other	ADJ
cjfa-63113	22	18	sustainable	sustainable	ADJ
cjfa-63113	22	19	investment	investment	NOUN
cjfa-63113	22	20	strategies	strategy	NOUN
cjfa-63113	22	21	(	(	PUNCT
cjfa-63113	22	22	global	global	ADJ
cjfa-63113	22	23	sustainable	sustainable	ADJ
cjfa-63113	22	24	investment	investment	NOUN
cjfa-63113	22	25	alliance	alliance	NOUN
cjfa-63113	22	26	,	,	PUNCT
cjfa-63113	22	27	2018	2018	NUM
cjfa-63113	22	28	)	)	PUNCT
cjfa-63113	22	29	.	.	PUNCT
cjfa-63113	23	1	despite	despite	SCONJ
cjfa-63113	23	2	the	the	DET
cjfa-63113	23	3	increased	increase	VERB
cjfa-63113	23	4	inclusion	inclusion	NOUN
cjfa-63113	23	5	of	of	ADP
cjfa-63113	23	6	social	social	ADJ
cjfa-63113	23	7	and	and	CCONJ
cjfa-63113	23	8	environmental	environmental	ADJ
cjfa-63113	23	9	criteria	criterion	NOUN
cjfa-63113	23	10	,	,	PUNCT
cjfa-63113	23	11	financial	financial	ADJ
cjfa-63113	23	12	returns	return	NOUN
cjfa-63113	23	13	remain	remain	VERB
cjfa-63113	23	14	a	a	DET
cjfa-63113	23	15	key	key	ADJ
cjfa-63113	23	16	priority	priority	NOUN
cjfa-63113	23	17	for	for	ADP
cjfa-63113	23	18	many	many	ADJ
cjfa-63113	23	19	investors	investor	NOUN
cjfa-63113	23	20	(	(	PUNCT
cjfa-63113	23	21	barua	barua	PROPN
cjfa-63113	23	22	,	,	PUNCT
cjfa-63113	23	23	2020	2020	NUM
cjfa-63113	23	24	)	)	PUNCT
cjfa-63113	23	25	.	.	PUNCT
cjfa-63113	24	1	numerous	numerous	ADJ
cjfa-63113	24	2	studies	study	NOUN
cjfa-63113	24	3	examine	examine	VERB
cjfa-63113	24	4	the	the	DET
cjfa-63113	24	5	performance	performance	NOUN
cjfa-63113	24	6	of	of	ADP
cjfa-63113	24	7	sustainable	sustainable	ADJ
cjfa-63113	24	8	investment	investment	NOUN
cjfa-63113	24	9	strategies	strategy	NOUN
cjfa-63113	24	10	such	such	ADJ
cjfa-63113	24	11	as	as	ADP
cjfa-63113	24	12	esg	esg	PROPN
cjfa-63113	24	13	investing	investing	NOUN
cjfa-63113	24	14	(	(	PUNCT
cjfa-63113	24	15	e.g.	e.g.	ADV
cjfa-63113	24	16	,	,	PUNCT
cjfa-63113	24	17	cunha	cunha	NOUN
cjfa-63113	24	18	,	,	PUNCT
cjfa-63113	24	19	de	de	PROPN
cjfa-63113	24	20	oliveira	oliveira	PROPN
cjfa-63113	24	21	,	,	PUNCT
cjfa-63113	24	22	orsato	orsato	PROPN
cjfa-63113	24	23	,	,	PUNCT
cjfa-63113	24	24	klotzle	klotzle	NOUN
cjfa-63113	24	25	,	,	PUNCT
cjfa-63113	24	26	cyrino	cyrino	PROPN
cjfa-63113	24	27	oliveira	oliveira	PROPN
cjfa-63113	24	28	&	&	CCONJ
cjfa-63113	24	29	caiado	caiado	PROPN
cjfa-63113	24	30	,	,	PUNCT
cjfa-63113	24	31	2020	2020	NUM
cjfa-63113	24	32	;	;	PUNCT
cjfa-63113	24	33	dorfleitner	dorfleitner	NOUN
cjfa-63113	24	34	,	,	PUNCT
cjfa-63113	24	35	kreuzer	kreuzer	PROPN
cjfa-63113	24	36	&	&	CCONJ
cjfa-63113	24	37	sparrer	sparrer	PROPN
cjfa-63113	24	38	,	,	PUNCT
cjfa-63113	24	39	2020	2020	NUM
cjfa-63113	24	40	)	)	PUNCT
cjfa-63113	24	41	.	.	PUNCT
cjfa-63113	25	1	while	while	SCONJ
cjfa-63113	25	2	findings	finding	NOUN
cjfa-63113	25	3	vary	vary	VERB
cjfa-63113	25	4	,	,	PUNCT
cjfa-63113	25	5	experts	expert	NOUN
cjfa-63113	25	6	generally	generally	ADV
cjfa-63113	25	7	agree	agree	VERB
cjfa-63113	25	8	that	that	SCONJ
cjfa-63113	25	9	integrating	integrate	VERB
cjfa-63113	25	10	sustainability	sustainability	NOUN
cjfa-63113	25	11	does	do	AUX
cjfa-63113	25	12	not	not	PART
cjfa-63113	25	13	inherently	inherently	ADV
cjfa-63113	25	14	lead	lead	VERB
cjfa-63113	25	15	to	to	ADP
cjfa-63113	25	16	lower	low	ADJ
cjfa-63113	25	17	returns	return	NOUN
cjfa-63113	25	18	.	.	PUNCT
cjfa-63113	26	1	despite	despite	SCONJ
cjfa-63113	26	2	the	the	DET
cjfa-63113	26	3	growing	grow	VERB
cjfa-63113	26	4	interest	interest	NOUN
cjfa-63113	26	5	,	,	PUNCT
cjfa-63113	26	6	the	the	DET
cjfa-63113	26	7	research	research	NOUN
cjfa-63113	26	8	on	on	ADP
cjfa-63113	26	9	impact	impact	NOUN
cjfa-63113	26	10	investments	investment	NOUN
cjfa-63113	26	11	,	,	PUNCT
cjfa-63113	26	12	particularly	particularly	ADV
cjfa-63113	26	13	in	in	ADP
cjfa-63113	26	14	public	public	ADJ
cjfa-63113	26	15	equity	equity	NOUN
cjfa-63113	26	16	,	,	PUNCT
cjfa-63113	26	17	remains	remain	VERB
cjfa-63113	26	18	limited	limited	ADJ
cjfa-63113	26	19	and	and	CCONJ
cjfa-63113	26	20	yields	yield	NOUN
cjfa-63113	26	21	mixed	mixed	ADJ
cjfa-63113	26	22	results	result	NOUN
cjfa-63113	26	23	(	(	PUNCT
cjfa-63113	26	24	e.g.	e.g.	ADV
cjfa-63113	26	25	,	,	PUNCT
cjfa-63113	26	26	biasin	biasin	NOUN
cjfa-63113	26	27	,	,	PUNCT
cjfa-63113	26	28	cerqueti	cerqueti	PROPN
cjfa-63113	26	29	,	,	PUNCT
cjfa-63113	26	30	giacomini	giacomini	PROPN
cjfa-63113	26	31	,	,	PUNCT
cjfa-63113	26	32	marinelli	marinelli	PROPN
cjfa-63113	26	33	,	,	PUNCT
cjfa-63113	26	34	quaranta	quaranta	PROPN
cjfa-63113	26	35	&	&	CCONJ
cjfa-63113	26	36	riccetti	riccetti	PROPN
cjfa-63113	26	37	,	,	PUNCT
cjfa-63113	26	38	2019	2019	NUM
cjfa-63113	26	39	;	;	PUNCT
cjfa-63113	26	40	giacomini	giacomini	PROPN
cjfa-63113	26	41	,	,	PUNCT
cjfa-63113	26	42	marinelli	marinelli	PROPN
cjfa-63113	26	43	&	&	CCONJ
cjfa-63113	26	44	riccetti	riccetti	PROPN
cjfa-63113	26	45	,	,	PUNCT
cjfa-63113	26	46	2022	2022	NUM
cjfa-63113	26	47	;	;	PUNCT
cjfa-63113	26	48	la	la	X
cjfa-63113	26	49	torre	torre	PROPN
cjfa-63113	26	50	,	,	PUNCT
cjfa-63113	26	51	mango	mango	NOUN
cjfa-63113	26	52	&	&	CCONJ
cjfa-63113	26	53	chiappini	chiappini	PROPN
cjfa-63113	26	54	,	,	PUNCT
cjfa-63113	26	55	2017	2017	NUM
cjfa-63113	26	56	)	)	PUNCT
cjfa-63113	26	57	.	.	PUNCT
cjfa-63113	27	1	this	this	DET
cjfa-63113	27	2	highlights	highlight	VERB
cjfa-63113	27	3	a	a	DET
cjfa-63113	27	4	clear	clear	ADJ
cjfa-63113	27	5	gap	gap	NOUN
cjfa-63113	27	6	in	in	ADP
cjfa-63113	27	7	the	the	DET
cjfa-63113	27	8	literature	literature	NOUN
cjfa-63113	27	9	and	and	CCONJ
cjfa-63113	27	10	underlines	underline	VERB
cjfa-63113	27	11	the	the	DET
cjfa-63113	27	12	need	need	NOUN
cjfa-63113	27	13	for	for	ADP
cjfa-63113	27	14	further	further	ADJ
cjfa-63113	27	15	scientific	scientific	ADJ
cjfa-63113	27	16	investigation	investigation	NOUN
cjfa-63113	27	17	.	.	PUNCT
cjfa-63113	28	1	we	we	PRON
cjfa-63113	28	2	seek	seek	VERB
cjfa-63113	28	3	to	to	PART
cjfa-63113	28	4	address	address	VERB
cjfa-63113	28	5	this	this	DET
cjfa-63113	28	6	gap	gap	NOUN
cjfa-63113	28	7	by	by	ADP
cjfa-63113	28	8	empirically	empirically	ADV
cjfa-63113	28	9	analyzing	analyze	VERB
cjfa-63113	28	10	the	the	DET
cjfa-63113	28	11	performance	performance	NOUN
cjfa-63113	28	12	of	of	ADP
cjfa-63113	28	13	european	european	ADJ
cjfa-63113	28	14	impact	impact	NOUN
cjfa-63113	28	15	investment	investment	NOUN
cjfa-63113	28	16	portfolios	portfolio	NOUN
cjfa-63113	28	17	,	,	PUNCT
cjfa-63113	28	18	comparing	compare	VERB
cjfa-63113	28	19	them	they	PRON
cjfa-63113	28	20	to	to	ADP
cjfa-63113	28	21	esg	esg	PROPN
cjfa-63113	28	22	-	-	PUNCT
cjfa-63113	28	23	based	base	VERB
cjfa-63113	28	24	and	and	CCONJ
cjfa-63113	28	25	conventional	conventional	ADJ
cjfa-63113	28	26	equity	equity	NOUN
cjfa-63113	28	27	portfolios	portfolio	NOUN
cjfa-63113	28	28	.	.	PUNCT
cjfa-63113	29	1	we	we	PRON
cjfa-63113	29	2	aim	aim	VERB
cjfa-63113	29	3	to	to	PART
cjfa-63113	29	4	determine	determine	VERB
cjfa-63113	29	5	whether	whether	SCONJ
cjfa-63113	29	6	impact	impact	NOUN
cjfa-63113	29	7	investing	invest	VERB
cjfa-63113	29	8	in	in	ADP
cjfa-63113	29	9	public	public	ADJ
cjfa-63113	29	10	equity	equity	NOUN
cjfa-63113	29	11	is	be	AUX
cjfa-63113	29	12	financially	financially	ADV
cjfa-63113	29	13	rewarding	rewarding	ADJ
cjfa-63113	29	14	beyond	beyond	ADP
cjfa-63113	29	15	traditional	traditional	ADJ
cjfa-63113	29	16	esg	esg	PROPN
cjfa-63113	29	17	criteria	criterion	NOUN
cjfa-63113	29	18	.	.	PUNCT
cjfa-63113	30	1	the	the	DET
cjfa-63113	30	2	paper	paper	NOUN
cjfa-63113	30	3	is	be	AUX
cjfa-63113	30	4	structured	structure	VERB
cjfa-63113	30	5	as	as	SCONJ
cjfa-63113	30	6	follows	follow	VERB
cjfa-63113	30	7	:	:	PUNCT
cjfa-63113	30	8	chapter	chapter	NOUN
cjfa-63113	30	9	ii	ii	PROPN
cjfa-63113	30	10	introduces	introduce	VERB
cjfa-63113	30	11	sustainable	sustainable	ADJ
cjfa-63113	30	12	investment	investment	NOUN
cjfa-63113	30	13	strategies	strategy	NOUN
cjfa-63113	30	14	and	and	CCONJ
cjfa-63113	30	15	impact	impact	NOUN
cjfa-63113	30	16	investing	investing	NOUN
cjfa-63113	30	17	.	.	PUNCT
cjfa-63113	31	1	chapter	chapter	NOUN
cjfa-63113	31	2	iii	iii	PROPN
cjfa-63113	31	3	reviews	review	VERB
cjfa-63113	31	4	the	the	DET
cjfa-63113	31	5	literature	literature	NOUN
cjfa-63113	31	6	.	.	PUNCT
cjfa-63113	32	1	chap	chap	PROPN
cjfa-63113	32	2	impact	impact	NOUN
cjfa-63113	32	3	investing	invest	VERB
cjfa-63113	32	4	from	from	ADP
cjfa-63113	32	5	a	a	DET
cjfa-63113	32	6	european	european	ADJ
cjfa-63113	32	7	perspective	perspective	NOUN
cjfa-63113	32	8	…	…	PUNCT
cjfa-63113	32	9	8989	8989	NUM
cjfa-63113	32	10	ter	ter	NOUN
cjfa-63113	32	11	iv	iv	NUM
cjfa-63113	32	12	outlines	outline	VERB
cjfa-63113	32	13	the	the	DET
cjfa-63113	32	14	methodology	methodology	NOUN
cjfa-63113	32	15	,	,	PUNCT
cjfa-63113	32	16	followed	follow	VERB
cjfa-63113	32	17	by	by	ADP
cjfa-63113	32	18	the	the	DET
cjfa-63113	32	19	results	result	NOUN
cjfa-63113	32	20	in	in	ADP
cjfa-63113	32	21	chapter	chapter	NOUN
cjfa-63113	32	22	v.	v.	PROPN
cjfa-63113	32	23	chapter	chapter	PROPN
cjfa-63113	32	24	vi	vi	PROPN
cjfa-63113	32	25	discusses	discuss	VERB
cjfa-63113	32	26	implications	implication	NOUN
cjfa-63113	32	27	,	,	PUNCT
cjfa-63113	32	28	and	and	CCONJ
cjfa-63113	32	29	chapter	chapter	NOUN
cjfa-63113	32	30	vii	vii	PROPN
cjfa-63113	32	31	concludes	conclude	VERB
cjfa-63113	32	32	with	with	ADP
cjfa-63113	32	33	key	key	ADJ
cjfa-63113	32	34	findings	finding	NOUN
cjfa-63113	32	35	.	.	PUNCT
cjfa-63113	33	1	the	the	DET
cjfa-63113	33	2	concept	concept	NOUN
cjfa-63113	33	3	of	of	ADP
cjfa-63113	33	4	impact	impact	NOUN
cjfa-63113	33	5	investingthe	investingthe	DET
cjfa-63113	33	6	concept	concept	NOUN
cjfa-63113	33	7	of	of	ADP
cjfa-63113	33	8	impact	impact	NOUN
cjfa-63113	33	9	investing	invest	VERB
cjfa-63113	33	10	the	the	DET
cjfa-63113	33	11	term	term	NOUN
cjfa-63113	33	12	‘	'	PUNCT
cjfa-63113	33	13	sustainability	sustainability	NOUN
cjfa-63113	33	14	’	'	PUNCT
cjfa-63113	33	15	in	in	ADP
cjfa-63113	33	16	capital	capital	NOUN
cjfa-63113	33	17	markets	market	NOUN
cjfa-63113	33	18	encompasses	encompass	VERB
cjfa-63113	33	19	ecological	ecological	ADJ
cjfa-63113	33	20	,	,	PUNCT
cjfa-63113	33	21	social	social	ADJ
cjfa-63113	33	22	,	,	PUNCT
cjfa-63113	33	23	and	and	CCONJ
cjfa-63113	33	24	ethical	ethical	ADJ
cjfa-63113	33	25	aspects	aspect	NOUN
cjfa-63113	33	26	,	,	PUNCT
cjfa-63113	33	27	often	often	ADV
cjfa-63113	33	28	assessed	assess	VERB
cjfa-63113	33	29	using	use	VERB
cjfa-63113	33	30	esg	esg	PROPN
cjfa-63113	33	31	factors	factor	NOUN
cjfa-63113	33	32	(	(	PUNCT
cjfa-63113	33	33	environmental	environmental	ADJ
cjfa-63113	33	34	,	,	PUNCT
cjfa-63113	33	35	social	social	ADJ
cjfa-63113	33	36	,	,	PUNCT
cjfa-63113	33	37	and	and	CCONJ
cjfa-63113	33	38	governance	governance	NOUN
cjfa-63113	33	39	)	)	PUNCT
cjfa-63113	33	40	.	.	PUNCT
cjfa-63113	34	1	examples	example	NOUN
cjfa-63113	34	2	include	include	VERB
cjfa-63113	34	3	energy	energy	NOUN
cjfa-63113	34	4	efficiency	efficiency	NOUN
cjfa-63113	34	5	,	,	PUNCT
cjfa-63113	34	6	carbon	carbon	NOUN
cjfa-63113	34	7	emissions	emission	NOUN
cjfa-63113	34	8	,	,	PUNCT
cjfa-63113	34	9	labor	labor	NOUN
cjfa-63113	34	10	standards	standard	NOUN
cjfa-63113	34	11	,	,	PUNCT
cjfa-63113	34	12	human	human	ADJ
cjfa-63113	34	13	rights	right	NOUN
cjfa-63113	34	14	,	,	PUNCT
cjfa-63113	34	15	governance	governance	NOUN
cjfa-63113	34	16	structures	structure	NOUN
cjfa-63113	34	17	,	,	PUNCT
cjfa-63113	34	18	or	or	CCONJ
cjfa-63113	34	19	risk	risk	NOUN
cjfa-63113	34	20	/	/	SYM
cjfa-63113	34	21	reputation	reputation	NOUN
cjfa-63113	34	22	management	management	NOUN
cjfa-63113	34	23	(	(	PUNCT
cjfa-63113	34	24	cfa	cfa	PROPN
cjfa-63113	34	25	institute	institute	PROPN
cjfa-63113	34	26	,	,	PUNCT
cjfa-63113	34	27	2015	2015	NUM
cjfa-63113	34	28	)	)	PUNCT
cjfa-63113	34	29	.	.	PUNCT
cjfa-63113	35	1	terms	term	NOUN
cjfa-63113	35	2	like	like	ADP
cjfa-63113	35	3	green	green	ADJ
cjfa-63113	35	4	money	money	NOUN
cjfa-63113	35	5	,	,	PUNCT
cjfa-63113	35	6	social	social	ADJ
cjfa-63113	35	7	investments	investment	NOUN
cjfa-63113	35	8	,	,	PUNCT
cjfa-63113	35	9	sustainable	sustainable	ADJ
cjfa-63113	35	10	investing	investing	NOUN
cjfa-63113	35	11	,	,	PUNCT
cjfa-63113	35	12	and	and	CCONJ
cjfa-63113	35	13	esg	esg	PROPN
cjfa-63113	35	14	investments	investment	NOUN
cjfa-63113	35	15	are	be	AUX
cjfa-63113	35	16	often	often	ADV
cjfa-63113	35	17	used	use	VERB
cjfa-63113	35	18	synonymously	synonymously	ADV
cjfa-63113	35	19	(	(	PUNCT
cjfa-63113	35	20	forum	forum	NOUN
cjfa-63113	35	21	nachhaltige	nachhaltige	VERB
cjfa-63113	35	22	geldanlagen	geldanlagen	PROPN
cjfa-63113	35	23	e.v	e.v	PROPN
cjfa-63113	35	24	.	.	PROPN
cjfa-63113	35	25	,	,	PUNCT
cjfa-63113	35	26	n.d	n.d	PROPN
cjfa-63113	35	27	.	.	PROPN
cjfa-63113	35	28	;	;	PUNCT
cjfa-63113	35	29	schueth	schueth	PROPN
cjfa-63113	35	30	,	,	PUNCT
cjfa-63113	35	31	2003	2003	NUM
cjfa-63113	35	32	;	;	PUNCT
cjfa-63113	35	33	feri	feri	PROPN
cjfa-63113	35	34	cognitive	cognitive	PROPN
cjfa-63113	35	35	finance	finance	PROPN
cjfa-63113	35	36	institute	institute	NOUN
cjfa-63113	35	37	,	,	PUNCT
cjfa-63113	35	38	2019	2019	NUM
cjfa-63113	35	39	)	)	PUNCT
cjfa-63113	35	40	.	.	PUNCT
cjfa-63113	36	1	different	different	ADJ
cjfa-63113	36	2	sustainable	sustainable	ADJ
cjfa-63113	36	3	investment	investment	NOUN
cjfa-63113	36	4	strategies	strategy	NOUN
cjfa-63113	36	5	vary	vary	VERB
cjfa-63113	36	6	in	in	ADP
cjfa-63113	36	7	how	how	SCONJ
cjfa-63113	36	8	sustainability	sustainability	NOUN
cjfa-63113	36	9	is	be	AUX
cjfa-63113	36	10	considered	consider	VERB
cjfa-63113	36	11	.	.	PUNCT
cjfa-63113	37	1	caplan	caplan	PROPN
cjfa-63113	37	2	,	,	PUNCT
cjfa-63113	37	3	griswold	griswold	PROPN
cjfa-63113	37	4	and	and	CCONJ
cjfa-63113	37	5	jarvis	jarvis	PROPN
cjfa-63113	37	6	(	(	PUNCT
cjfa-63113	37	7	2013	2013	NUM
cjfa-63113	37	8	)	)	PUNCT
cjfa-63113	37	9	classify	classify	VERB
cjfa-63113	37	10	them	they	PRON
cjfa-63113	37	11	into	into	ADP
cjfa-63113	37	12	socially	socially	ADV
cjfa-63113	37	13	responsible	responsible	ADJ
cjfa-63113	37	14	investing	investing	NOUN
cjfa-63113	37	15	(	(	PUNCT
cjfa-63113	37	16	sri)1	sri)1	PROPN
cjfa-63113	37	17	,	,	PUNCT
cjfa-63113	37	18	esg	esg	NOUN
cjfa-63113	37	19	investing	investing	NOUN
cjfa-63113	37	20	,	,	PUNCT
cjfa-63113	37	21	and	and	CCONJ
cjfa-63113	37	22	impact	impact	NOUN
cjfa-63113	37	23	investing	invest	VERB
cjfa-63113	37	24	with	with	ADP
cjfa-63113	37	25	the	the	DET
cjfa-63113	37	26	latter	latter	ADJ
cjfa-63113	37	27	two	two	NUM
cjfa-63113	37	28	grouped	group	VERB
cjfa-63113	37	29	as	as	ADP
cjfa-63113	37	30	sustainable	sustainable	ADJ
cjfa-63113	37	31	investments2	investments2	PROPN
cjfa-63113	37	32	.	.	PUNCT
cjfa-63113	38	1	since	since	SCONJ
cjfa-63113	38	2	this	this	DET
cjfa-63113	38	3	paper	paper	NOUN
cjfa-63113	38	4	focuses	focus	VERB
cjfa-63113	38	5	on	on	ADP
cjfa-63113	38	6	sustainable	sustainable	ADJ
cjfa-63113	38	7	investments	investment	NOUN
cjfa-63113	38	8	,	,	PUNCT
cjfa-63113	38	9	we	we	PRON
cjfa-63113	38	10	need	need	VERB
cjfa-63113	38	11	to	to	PART
cjfa-63113	38	12	distinguish	distinguish	VERB
cjfa-63113	38	13	between	between	ADP
cjfa-63113	38	14	esg	esg	NOUN
cjfa-63113	38	15	and	and	CCONJ
cjfa-63113	38	16	impact	impact	NOUN
cjfa-63113	38	17	investing	investing	NOUN
cjfa-63113	38	18	.	.	PUNCT
cjfa-63113	39	1	esg	esg	NOUN
cjfa-63113	39	2	strategies	strategy	NOUN
cjfa-63113	39	3	use	use	VERB
cjfa-63113	39	4	esg	esg	NOUN
cjfa-63113	39	5	factors	factor	NOUN
cjfa-63113	39	6	to	to	PART
cjfa-63113	39	7	select	select	VERB
cjfa-63113	39	8	investments	investment	NOUN
cjfa-63113	39	9	,	,	PUNCT
cjfa-63113	39	10	but	but	CCONJ
cjfa-63113	39	11	typically	typically	ADV
cjfa-63113	39	12	only	only	ADV
cjfa-63113	39	13	to	to	PART
cjfa-63113	39	14	enhance	enhance	VERB
cjfa-63113	39	15	financial	financial	ADJ
cjfa-63113	39	16	performance	performance	NOUN
cjfa-63113	39	17	(	(	PUNCT
cjfa-63113	39	18	caplan	caplan	PROPN
cjfa-63113	39	19	et	et	PROPN
cjfa-63113	39	20	al	al	PROPN
cjfa-63113	39	21	.	.	PROPN
cjfa-63113	39	22	,	,	PUNCT
cjfa-63113	39	23	2013	2013	NUM
cjfa-63113	39	24	)	)	PUNCT
cjfa-63113	39	25	.	.	PUNCT
cjfa-63113	40	1	these	these	DET
cjfa-63113	40	2	strategies	strategy	NOUN
cjfa-63113	40	3	include	include	VERB
cjfa-63113	40	4	exclusions	exclusion	NOUN
cjfa-63113	40	5	(	(	PUNCT
cjfa-63113	40	6	e.g.	e.g.	ADV
cjfa-63113	40	7	,	,	PUNCT
cjfa-63113	40	8	weapons	weapon	NOUN
cjfa-63113	40	9	,	,	PUNCT
cjfa-63113	40	10	tobacco	tobacco	NOUN
cjfa-63113	40	11	)	)	PUNCT
cjfa-63113	40	12	or	or	CCONJ
cjfa-63113	40	13	focus	focus	VERB
cjfa-63113	40	14	on	on	ADP
cjfa-63113	40	15	specific	specific	ADJ
cjfa-63113	40	16	sectors	sector	NOUN
cjfa-63113	40	17	(	(	PUNCT
cjfa-63113	40	18	e.g.	e.g.	ADV
cjfa-63113	40	19	,	,	PUNCT
cjfa-63113	40	20	renewable	renewable	ADJ
cjfa-63113	40	21	energy	energy	NOUN
cjfa-63113	40	22	or	or	CCONJ
cjfa-63113	40	23	green	green	ADJ
cjfa-63113	40	24	real	real	ADJ
cjfa-63113	40	25	estate)3	estate)3	PROPN
cjfa-63113	40	26	.	.	PUNCT
cjfa-63113	41	1	all	all	DET
cjfa-63113	41	2	sustainable	sustainable	ADJ
cjfa-63113	41	3	investment	investment	NOUN
cjfa-63113	41	4	strategies	strategy	NOUN
cjfa-63113	41	5	prioritize	prioritize	VERB
cjfa-63113	41	6	financial	financial	ADJ
cjfa-63113	41	7	return	return	NOUN
cjfa-63113	41	8	,	,	PUNCT
cjfa-63113	41	9	with	with	ADP
cjfa-63113	41	10	social	social	ADJ
cjfa-63113	41	11	or	or	CCONJ
cjfa-63113	41	12	environmental	environmental	ADJ
cjfa-63113	41	13	impact	impact	NOUN
cjfa-63113	41	14	being	be	AUX
cjfa-63113	41	15	secondary	secondary	ADJ
cjfa-63113	41	16	(	(	PUNCT
cjfa-63113	41	17	cojoianu	cojoianu	PROPN
cjfa-63113	41	18	,	,	PUNCT
cjfa-63113	41	19	hoepner	hoepner	NOUN
cjfa-63113	41	20	&	&	CCONJ
cjfa-63113	41	21	lin	lin	PROPN
cjfa-63113	41	22	,	,	PUNCT
cjfa-63113	41	23	2020	2020	NUM
cjfa-63113	41	24	)	)	PUNCT
cjfa-63113	41	25	.	.	PUNCT
cjfa-63113	42	1	impact	impact	NOUN
cjfa-63113	42	2	investing	investing	NOUN
cjfa-63113	42	3	differs	differ	VERB
cjfa-63113	42	4	from	from	ADP
cjfa-63113	42	5	other	other	ADJ
cjfa-63113	42	6	sustainable	sustainable	ADJ
cjfa-63113	42	7	investments	investment	NOUN
cjfa-63113	42	8	by	by	ADP
cjfa-63113	42	9	treating	treat	VERB
cjfa-63113	42	10	financial	financial	ADJ
cjfa-63113	42	11	return	return	NOUN
cjfa-63113	42	12	and	and	CCONJ
cjfa-63113	42	13	positive	positive	ADJ
cjfa-63113	42	14	social	social	ADJ
cjfa-63113	42	15	or	or	CCONJ
cjfa-63113	42	16	environmental	environmental	ADJ
cjfa-63113	42	17	impact	impact	NOUN
cjfa-63113	42	18	as	as	ADP
cjfa-63113	42	19	equally	equally	ADV
cjfa-63113	42	20	important	important	ADJ
cjfa-63113	42	21	.	.	PUNCT
cjfa-63113	43	1	impact	impact	NOUN
cjfa-63113	43	2	investors	investor	NOUN
cjfa-63113	43	3	aim	aim	VERB
cjfa-63113	43	4	for	for	ADP
cjfa-63113	43	5	deeper	deep	ADJ
cjfa-63113	43	6	change	change	NOUN
cjfa-63113	43	7	to	to	PART
cjfa-63113	43	8	address	address	VERB
cjfa-63113	43	9	social	social	ADJ
cjfa-63113	43	10	and	and	CCONJ
cjfa-63113	43	11	environmental	environmental	ADJ
cjfa-63113	43	12	challenges	challenge	NOUN
cjfa-63113	43	13	(	(	PUNCT
cjfa-63113	43	14	busch	busch	PROPN
cjfa-63113	43	15	et	et	PROPN
cjfa-63113	43	16	al	al	PROPN
cjfa-63113	43	17	.	.	PROPN
cjfa-63113	43	18	,	,	PUNCT
cjfa-63113	43	19	2021	2021	NUM
cjfa-63113	43	20	)	)	PUNCT
cjfa-63113	43	21	.	.	PUNCT
cjfa-63113	44	1	as	as	ADP
cjfa-63113	44	2	a	a	DET
cjfa-63113	44	3	relatively	relatively	ADV
cjfa-63113	44	4	new	new	ADJ
cjfa-63113	44	5	strategy	strategy	NOUN
cjfa-63113	44	6	,	,	PUNCT
cjfa-63113	44	7	impact	impact	NOUN
cjfa-63113	44	8	investing	investing	NOUN
cjfa-63113	44	9	lacks	lack	VERB
cjfa-63113	44	10	a	a	DET
cjfa-63113	44	11	consistent	consistent	ADJ
cjfa-63113	44	12	,	,	PUNCT
cjfa-63113	44	13	universally	universally	ADV
cjfa-63113	44	14	accepted	accept	VERB
cjfa-63113	44	15	definition	definition	NOUN
cjfa-63113	44	16	(	(	PUNCT
cjfa-63113	44	17	agrawal	agrawal	PROPN
cjfa-63113	44	18	&	&	CCONJ
cjfa-63113	44	19	hockerts	hockert	NOUN
cjfa-63113	44	20	,	,	PUNCT
cjfa-63113	44	21	2019	2019	NUM
cjfa-63113	44	22	)	)	PUNCT
cjfa-63113	44	23	.	.	PUNCT
cjfa-63113	45	1	it	it	PRON
cjfa-63113	45	2	is	be	AUX
cjfa-63113	45	3	also	also	ADV
cjfa-63113	45	4	referred	refer	VERB
cjfa-63113	45	5	to	to	ADP
cjfa-63113	45	6	as	as	ADP
cjfa-63113	45	7	social	social	ADJ
cjfa-63113	45	8	finance	finance	NOUN
cjfa-63113	45	9	,	,	PUNCT
cjfa-63113	45	10	social	social	ADJ
cjfa-63113	45	11	impact	impact	NOUN
cjfa-63113	45	12	investing	investing	NOUN
cjfa-63113	45	13	,	,	PUNCT
cjfa-63113	45	14	blended	blend	VERB
cjfa-63113	45	15	value	value	NOUN
cjfa-63113	45	16	investing	investing	NOUN
cjfa-63113	45	17	,	,	PUNCT
cjfa-63113	45	18	or	or	CCONJ
cjfa-63113	45	19	impact	impact	NOUN
cjfa-63113	45	20	finance	finance	NOUN
cjfa-63113	45	21	1	1	NUM
cjfa-63113	45	22	 	 	SPACE
cjfa-63113	45	23	unlike	unlike	ADP
cjfa-63113	45	24	esg	esg	PROPN
cjfa-63113	45	25	investing	investing	NOUN
cjfa-63113	45	26	,	,	PUNCT
cjfa-63113	45	27	sri	sri	PROPN
cjfa-63113	45	28	only	only	ADV
cjfa-63113	45	29	excludes	exclude	VERB
cjfa-63113	45	30	ecologically	ecologically	ADV
cjfa-63113	45	31	and	and	CCONJ
cjfa-63113	45	32	socially	socially	ADV
cjfa-63113	45	33	questionable	questionable	ADJ
cjfa-63113	45	34	companies	company	NOUN
cjfa-63113	45	35	,	,	PUNCT
cjfa-63113	45	36	without	without	ADP
cjfa-63113	45	37	actively	actively	ADV
cjfa-63113	45	38	seeking	seek	VERB
cjfa-63113	45	39	sustainable	sustainable	ADJ
cjfa-63113	45	40	ones	one	NOUN
cjfa-63113	45	41	(	(	PUNCT
cjfa-63113	45	42	caplan	caplan	PROPN
cjfa-63113	45	43	et	et	PROPN
cjfa-63113	45	44	al	al	PROPN
cjfa-63113	45	45	.	.	PROPN
cjfa-63113	45	46	,	,	PUNCT
cjfa-63113	45	47	2013	2013	NUM
cjfa-63113	45	48	)	)	PUNCT
cjfa-63113	45	49	.	.	PUNCT
cjfa-63113	46	1	2	2	NUM
cjfa-63113	46	2	 	 	SPACE
cjfa-63113	46	3	for	for	ADP
cjfa-63113	46	4	a	a	DET
cjfa-63113	46	5	discussion	discussion	NOUN
cjfa-63113	46	6	on	on	ADP
cjfa-63113	46	7	the	the	DET
cjfa-63113	46	8	differences	difference	NOUN
cjfa-63113	46	9	between	between	ADP
cjfa-63113	46	10	impact	impact	NOUN
cjfa-63113	46	11	investing	investing	NOUN
cjfa-63113	46	12	and	and	CCONJ
cjfa-63113	46	13	esg	esg	PROPN
cjfa-63113	46	14	investing	investing	NOUN
cjfa-63113	46	15	,	,	PUNCT
cjfa-63113	46	16	see	see	VERB
cjfa-63113	46	17	de	de	PROPN
cjfa-63113	46	18	jong	jong	PROPN
cjfa-63113	46	19	and	and	CCONJ
cjfa-63113	46	20	rocco	rocco	PROPN
cjfa-63113	46	21	(	(	PUNCT
cjfa-63113	46	22	2022	2022	NUM
cjfa-63113	46	23	)	)	PUNCT
cjfa-63113	46	24	.	.	PUNCT
cjfa-63113	47	1	3	3	X
cjfa-63113	47	2	 	 	SPACE
cjfa-63113	47	3	also	also	ADV
cjfa-63113	47	4	for	for	ADP
cjfa-63113	47	5	more	more	ADJ
cjfa-63113	47	6	details	detail	NOUN
cjfa-63113	47	7	of	of	ADP
cjfa-63113	47	8	possible	possible	ADJ
cjfa-63113	47	9	sustainable	sustainable	ADJ
cjfa-63113	47	10	investment	investment	NOUN
cjfa-63113	47	11	strategies	strategy	NOUN
cjfa-63113	47	12	,	,	PUNCT
cjfa-63113	47	13	see	see	VERB
cjfa-63113	47	14	forum	forum	NOUN
cjfa-63113	47	15	nachhaltige	nachhaltige	VERB
cjfa-63113	47	16	geldanlagen	geldanlagen	PROPN
cjfa-63113	47	17	e.v	e.v	PROPN
cjfa-63113	47	18	.	.	PROPN
cjfa-63113	47	19	(	(	PUNCT
cjfa-63113	47	20	n.d	n.d	PROPN
cjfa-63113	47	21	.	.	PROPN
cjfa-63113	47	22	)	)	PUNCT
cjfa-63113	47	23	.	.	PUNCT
cjfa-63113	48	1	eva	eva	PROPN
cjfa-63113	48	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	48	3	,	,	PUNCT
cjfa-63113	48	4	tanja	tanja	NOUN
cjfa-63113	48	5	sinha9090	sinha9090	PROPN
cjfa-63113	48	6	(	(	PUNCT
cjfa-63113	48	7	martin	martin	PROPN
cjfa-63113	48	8	,	,	PUNCT
cjfa-63113	48	9	2013	2013	NUM
cjfa-63113	48	10	)	)	PUNCT
cjfa-63113	48	11	.	.	PUNCT
cjfa-63113	49	1	this	this	DET
cjfa-63113	49	2	paper	paper	NOUN
cjfa-63113	49	3	uses	use	VERB
cjfa-63113	49	4	the	the	DET
cjfa-63113	49	5	definition	definition	NOUN
cjfa-63113	49	6	by	by	ADP
cjfa-63113	49	7	the	the	DET
cjfa-63113	49	8	global	global	ADJ
cjfa-63113	49	9	impact	impact	NOUN
cjfa-63113	49	10	investing	invest	VERB
cjfa-63113	49	11	network	network	NOUN
cjfa-63113	49	12	(	(	PUNCT
cjfa-63113	49	13	giin	giin	NOUN
cjfa-63113	49	14	):	):	PUNCT
cjfa-63113	49	15	“	"	PUNCT
cjfa-63113	49	16	impact	impact	NOUN
cjfa-63113	49	17	investments	investment	NOUN
cjfa-63113	49	18	are	be	AUX
cjfa-63113	49	19	made	make	VERB
cjfa-63113	49	20	with	with	ADP
cjfa-63113	49	21	the	the	DET
cjfa-63113	49	22	intention	intention	NOUN
cjfa-63113	49	23	to	to	PART
cjfa-63113	49	24	generate	generate	VERB
cjfa-63113	49	25	positive	positive	ADJ
cjfa-63113	49	26	,	,	PUNCT
cjfa-63113	49	27	measurable	measurable	ADJ
cjfa-63113	49	28	social	social	ADJ
cjfa-63113	49	29	and	and	CCONJ
cjfa-63113	49	30	environmental	environmental	ADJ
cjfa-63113	49	31	impact	impact	NOUN
cjfa-63113	49	32	alongside	alongside	ADP
cjfa-63113	49	33	a	a	DET
cjfa-63113	49	34	financial	financial	ADJ
cjfa-63113	49	35	return	return	NOUN
cjfa-63113	49	36	”	"	PUNCT
cjfa-63113	49	37	(	(	PUNCT
cjfa-63113	49	38	giin	giin	NOUN
cjfa-63113	49	39	,	,	PUNCT
cjfa-63113	49	40	2021	2021	NUM
cjfa-63113	49	41	)	)	PUNCT
cjfa-63113	49	42	.	.	PUNCT
cjfa-63113	50	1	this	this	DET
cjfa-63113	50	2	definition	definition	NOUN
cjfa-63113	50	3	contains	contain	VERB
cjfa-63113	50	4	four	four	NUM
cjfa-63113	50	5	key	key	ADJ
cjfa-63113	50	6	elements	element	NOUN
cjfa-63113	50	7	–	–	PUNCT
cjfa-63113	50	8	intentionality	intentionality	NOUN
cjfa-63113	50	9	,	,	PUNCT
cjfa-63113	50	10	financial	financial	ADJ
cjfa-63113	50	11	returns	return	NOUN
cjfa-63113	50	12	,	,	PUNCT
cjfa-63113	50	13	range	range	NOUN
cjfa-63113	50	14	of	of	ADP
cjfa-63113	50	15	asset	asset	NOUN
cjfa-63113	50	16	classes	class	NOUN
cjfa-63113	50	17	,	,	PUNCT
cjfa-63113	50	18	and	and	CCONJ
cjfa-63113	50	19	impact	impact	NOUN
cjfa-63113	50	20	measurement	measurement	NOUN
cjfa-63113	50	21	–	–	PUNCT
cjfa-63113	50	22	which	which	PRON
cjfa-63113	50	23	clearly	clearly	ADV
cjfa-63113	50	24	distinguish	distinguish	VERB
cjfa-63113	50	25	impact	impact	NOUN
cjfa-63113	50	26	investing	invest	VERB
cjfa-63113	50	27	from	from	ADP
cjfa-63113	50	28	other	other	ADJ
cjfa-63113	50	29	sustainable	sustainable	ADJ
cjfa-63113	50	30	investment	investment	NOUN
cjfa-63113	50	31	strategies	strategy	NOUN
cjfa-63113	50	32	.	.	PUNCT
cjfa-63113	51	1	impact	impact	NOUN
cjfa-63113	51	2	investors	investor	NOUN
cjfa-63113	51	3	aim	aim	VERB
cjfa-63113	51	4	to	to	PART
cjfa-63113	51	5	use	use	VERB
cjfa-63113	51	6	capital	capital	NOUN
cjfa-63113	51	7	to	to	PART
cjfa-63113	51	8	address	address	VERB
cjfa-63113	51	9	social	social	ADJ
cjfa-63113	51	10	and	and	CCONJ
cjfa-63113	51	11	environmental	environmental	ADJ
cjfa-63113	51	12	issues	issue	NOUN
cjfa-63113	51	13	by	by	ADP
cjfa-63113	51	14	investing	invest	VERB
cjfa-63113	51	15	in	in	ADP
cjfa-63113	51	16	companies	company	NOUN
cjfa-63113	51	17	offering	offer	VERB
cjfa-63113	51	18	market	market	NOUN
cjfa-63113	51	19	-	-	PUNCT
cjfa-63113	51	20	based	base	VERB
cjfa-63113	51	21	solutions	solution	NOUN
cjfa-63113	51	22	(	(	PUNCT
cjfa-63113	51	23	quinn	quinn	NOUN
cjfa-63113	51	24	&	&	CCONJ
cjfa-63113	51	25	munir	munir	PROPN
cjfa-63113	51	26	,	,	PUNCT
cjfa-63113	51	27	2017	2017	NUM
cjfa-63113	51	28	)	)	PUNCT
cjfa-63113	51	29	.	.	PUNCT
cjfa-63113	52	1	there	there	PRON
cjfa-63113	52	2	are	be	VERB
cjfa-63113	52	3	no	no	DET
cjfa-63113	52	4	specific	specific	ADJ
cjfa-63113	52	5	requirements	requirement	NOUN
cjfa-63113	52	6	for	for	ADP
cjfa-63113	52	7	the	the	DET
cjfa-63113	52	8	extent	extent	NOUN
cjfa-63113	52	9	of	of	ADP
cjfa-63113	52	10	the	the	DET
cjfa-63113	52	11	non	non	ADJ
cjfa-63113	52	12	-	-	ADJ
cjfa-63113	52	13	financial	financial	ADJ
cjfa-63113	52	14	impact	impact	NOUN
cjfa-63113	52	15	to	to	PART
cjfa-63113	52	16	be	be	AUX
cjfa-63113	52	17	considered	consider	VERB
cjfa-63113	52	18	impact	impact	NOUN
cjfa-63113	52	19	investing	investing	NOUN
cjfa-63113	52	20	(	(	PUNCT
cjfa-63113	52	21	johnson	johnson	PROPN
cjfa-63113	52	22	&	&	CCONJ
cjfa-63113	52	23	lee	lee	PROPN
cjfa-63113	52	24	,	,	PUNCT
cjfa-63113	52	25	2013	2013	NUM
cjfa-63113	52	26	)	)	PUNCT
cjfa-63113	52	27	.	.	PUNCT
cjfa-63113	53	1	what	what	PRON
cjfa-63113	53	2	matters	matter	VERB
cjfa-63113	53	3	is	be	AUX
cjfa-63113	53	4	the	the	DET
cjfa-63113	53	5	investor	investor	NOUN
cjfa-63113	53	6	’s	’s	PART
cjfa-63113	53	7	intention	intention	NOUN
cjfa-63113	53	8	to	to	PART
cjfa-63113	53	9	make	make	VERB
cjfa-63113	53	10	a	a	DET
cjfa-63113	53	11	positive	positive	ADJ
cjfa-63113	53	12	contribution	contribution	NOUN
cjfa-63113	53	13	,	,	PUNCT
cjfa-63113	53	14	not	not	PART
cjfa-63113	53	15	the	the	DET
cjfa-63113	53	16	company	company	NOUN
cjfa-63113	53	17	’s	’s	PART
cjfa-63113	53	18	(	(	PUNCT
cjfa-63113	53	19	jaquier	jaquier	NOUN
cjfa-63113	53	20	,	,	PUNCT
cjfa-63113	53	21	2016	2016	NUM
cjfa-63113	53	22	)	)	PUNCT
cjfa-63113	53	23	.	.	PUNCT
cjfa-63113	54	1	financially	financially	ADV
cjfa-63113	54	2	,	,	PUNCT
cjfa-63113	54	3	impact	impact	NOUN
cjfa-63113	54	4	investing	investing	NOUN
cjfa-63113	54	5	seeks	seek	VERB
cjfa-63113	54	6	to	to	PART
cjfa-63113	54	7	maximize	maximize	VERB
cjfa-63113	54	8	capital	capital	NOUN
cjfa-63113	54	9	(	(	PUNCT
cjfa-63113	54	10	bugglevine	bugglevine	PROPN
cjfa-63113	54	11	&	&	CCONJ
cjfa-63113	54	12	emerson	emerson	PROPN
cjfa-63113	54	13	,	,	PUNCT
cjfa-63113	54	14	2011	2011	NUM
cjfa-63113	54	15	)	)	PUNCT
cjfa-63113	54	16	,	,	PUNCT
cjfa-63113	54	17	with	with	ADP
cjfa-63113	54	18	returns	return	NOUN
cjfa-63113	54	19	ranging	range	VERB
cjfa-63113	54	20	from	from	ADP
cjfa-63113	54	21	below	below	NOUN
cjfa-63113	54	22	-	-	PUNCT
cjfa-63113	54	23	average	average	NOUN
cjfa-63113	54	24	to	to	ADP
cjfa-63113	54	25	market	market	NOUN
cjfa-63113	54	26	rate	rate	NOUN
cjfa-63113	54	27	(	(	PUNCT
cjfa-63113	54	28	giin	giin	NOUN
cjfa-63113	54	29	,	,	PUNCT
cjfa-63113	54	30	n.d	n.d	PROPN
cjfa-63113	54	31	.	.	PROPN
cjfa-63113	54	32	)	)	PUNCT
cjfa-63113	54	33	.	.	PUNCT
cjfa-63113	55	1	the	the	DET
cjfa-63113	55	2	focus	focus	NOUN
cjfa-63113	55	3	is	be	AUX
cjfa-63113	55	4	on	on	ADP
cjfa-63113	55	5	achieving	achieve	VERB
cjfa-63113	55	6	a	a	DET
cjfa-63113	55	7	return	return	NOUN
cjfa-63113	55	8	;	;	PUNCT
cjfa-63113	55	9	without	without	ADP
cjfa-63113	55	10	it	it	PRON
cjfa-63113	55	11	,	,	PUNCT
cjfa-63113	55	12	the	the	DET
cjfa-63113	55	13	investment	investment	NOUN
cjfa-63113	55	14	would	would	AUX
cjfa-63113	55	15	no	no	ADV
cjfa-63113	55	16	longer	long	ADV
cjfa-63113	55	17	qualify	qualify	VERB
cjfa-63113	55	18	as	as	ADP
cjfa-63113	55	19	impact	impact	NOUN
cjfa-63113	55	20	investing	investing	NOUN
cjfa-63113	55	21	(	(	PUNCT
cjfa-63113	55	22	roundy	roundy	PROPN
cjfa-63113	55	23	,	,	PUNCT
cjfa-63113	55	24	holzhauer	holzhauer	PROPN
cjfa-63113	55	25	&	&	CCONJ
cjfa-63113	55	26	dai	dai	PROPN
cjfa-63113	55	27	,	,	PUNCT
cjfa-63113	55	28	2017	2017	NUM
cjfa-63113	55	29	)	)	PUNCT
cjfa-63113	55	30	.	.	PUNCT
cjfa-63113	56	1	initially	initially	ADV
cjfa-63113	56	2	focused	focus	VERB
cjfa-63113	56	3	on	on	ADP
cjfa-63113	56	4	private	private	ADJ
cjfa-63113	56	5	equity	equity	NOUN
cjfa-63113	56	6	and	and	CCONJ
cjfa-63113	56	7	direct	direct	ADJ
cjfa-63113	56	8	lending	lending	NOUN
cjfa-63113	56	9	(	(	PUNCT
cjfa-63113	56	10	bugg	bugg	NOUN
cjfa-63113	56	11	-	-	PUNCT
cjfa-63113	56	12	levine	levine	PROPN
cjfa-63113	56	13	&	&	CCONJ
cjfa-63113	56	14	emerson	emerson	PROPN
cjfa-63113	56	15	,	,	PUNCT
cjfa-63113	56	16	2011	2011	NUM
cjfa-63113	56	17	)	)	PUNCT
cjfa-63113	56	18	,	,	PUNCT
cjfa-63113	56	19	impact	impact	NOUN
cjfa-63113	56	20	investing	investing	NOUN
cjfa-63113	56	21	now	now	ADV
cjfa-63113	56	22	also	also	ADV
cjfa-63113	56	23	applies	apply	VERB
cjfa-63113	56	24	to	to	ADP
cjfa-63113	56	25	public	public	ADJ
cjfa-63113	56	26	equity	equity	NOUN
cjfa-63113	56	27	,	,	PUNCT
cjfa-63113	56	28	where	where	SCONJ
cjfa-63113	56	29	it	it	PRON
cjfa-63113	56	30	saw	see	VERB
cjfa-63113	56	31	the	the	DET
cjfa-63113	56	32	highest	high	ADJ
cjfa-63113	56	33	growth	growth	NOUN
cjfa-63113	56	34	between	between	ADP
cjfa-63113	56	35	2015	2015	NUM
cjfa-63113	56	36	and	and	CCONJ
cjfa-63113	56	37	2019	2019	NUM
cjfa-63113	56	38	(	(	PUNCT
cjfa-63113	56	39	giin	giin	NOUN
cjfa-63113	56	40	,	,	PUNCT
cjfa-63113	56	41	2020	2020	NUM
cjfa-63113	56	42	)	)	PUNCT
cjfa-63113	56	43	.	.	PUNCT
cjfa-63113	57	1	finally	finally	ADV
cjfa-63113	57	2	,	,	PUNCT
cjfa-63113	57	3	measuring	measure	VERB
cjfa-63113	57	4	non	non	ADJ
cjfa-63113	57	5	-	-	ADJ
cjfa-63113	57	6	financial	financial	ADJ
cjfa-63113	57	7	impact	impact	NOUN
cjfa-63113	57	8	is	be	AUX
cjfa-63113	57	9	essential	essential	ADJ
cjfa-63113	57	10	.	.	PUNCT
cjfa-63113	58	1	various	various	ADJ
cjfa-63113	58	2	standards	standard	NOUN
cjfa-63113	58	3	have	have	AUX
cjfa-63113	58	4	been	be	AUX
cjfa-63113	58	5	developed	develop	VERB
cjfa-63113	58	6	to	to	PART
cjfa-63113	58	7	address	address	VERB
cjfa-63113	58	8	this	this	DET
cjfa-63113	58	9	(	(	PUNCT
cjfa-63113	58	10	feri	feri	PROPN
cjfa-63113	58	11	cognitive	cognitive	PROPN
cjfa-63113	58	12	finance	finance	PROPN
cjfa-63113	58	13	institute	institute	NOUN
cjfa-63113	58	14	,	,	PUNCT
cjfa-63113	58	15	2019	2019	NUM
cjfa-63113	58	16	)	)	PUNCT
cjfa-63113	58	17	.	.	PUNCT
cjfa-63113	59	1	the	the	DET
cjfa-63113	59	2	sdgs	sdgs	NOUN
cjfa-63113	59	3	are	be	AUX
cjfa-63113	59	4	widely	widely	ADV
cjfa-63113	59	5	used	use	VERB
cjfa-63113	59	6	by	by	ADP
cjfa-63113	59	7	impact	impact	NOUN
cjfa-63113	59	8	investors	investor	NOUN
cjfa-63113	59	9	for	for	ADP
cjfa-63113	59	10	measuring	measure	VERB
cjfa-63113	59	11	impact	impact	NOUN
cjfa-63113	59	12	(	(	PUNCT
cjfa-63113	59	13	giin	giin	NOUN
cjfa-63113	59	14	,	,	PUNCT
cjfa-63113	59	15	2020	2020	NUM
cjfa-63113	59	16	)	)	PUNCT
cjfa-63113	59	17	,	,	PUNCT
cjfa-63113	59	18	offering	offer	VERB
cjfa-63113	59	19	a	a	DET
cjfa-63113	59	20	common	common	ADJ
cjfa-63113	59	21	framework	framework	NOUN
cjfa-63113	59	22	for	for	ADP
cjfa-63113	59	23	further	far	ADV
cjfa-63113	59	24	developing	develop	VERB
cjfa-63113	59	25	the	the	DET
cjfa-63113	59	26	field	field	NOUN
cjfa-63113	59	27	(	(	PUNCT
cjfa-63113	59	28	schramade	schramade	NOUN
cjfa-63113	59	29	,	,	PUNCT
cjfa-63113	59	30	2017	2017	NUM
cjfa-63113	59	31	)	)	PUNCT
cjfa-63113	59	32	.	.	PUNCT
cjfa-63113	60	1	in	in	ADP
cjfa-63113	60	2	total	total	NOUN
cjfa-63113	60	3	,	,	PUNCT
cjfa-63113	60	4	it	it	PRON
cjfa-63113	60	5	can	can	AUX
cjfa-63113	60	6	be	be	AUX
cjfa-63113	60	7	stated	state	VERB
cjfa-63113	60	8	that	that	SCONJ
cjfa-63113	60	9	impact	impact	NOUN
cjfa-63113	60	10	investors	investor	NOUN
cjfa-63113	60	11	attach	attach	VERB
cjfa-63113	60	12	the	the	DET
cjfa-63113	60	13	same	same	ADJ
cjfa-63113	60	14	importance	importance	NOUN
cjfa-63113	60	15	to	to	ADP
cjfa-63113	60	16	the	the	DET
cjfa-63113	60	17	non	non	ADJ
cjfa-63113	60	18	-	-	ADJ
cjfa-63113	60	19	financial	financial	ADJ
cjfa-63113	60	20	impact	impact	NOUN
cjfa-63113	60	21	of	of	ADP
cjfa-63113	60	22	their	their	PRON
cjfa-63113	60	23	investments	investment	NOUN
cjfa-63113	60	24	as	as	ADP
cjfa-63113	60	25	to	to	ADP
cjfa-63113	60	26	the	the	DET
cjfa-63113	60	27	financial	financial	ADJ
cjfa-63113	60	28	return4	return4	NOUN
cjfa-63113	60	29	.	.	PUNCT
cjfa-63113	61	1	in	in	ADP
cjfa-63113	61	2	addition	addition	NOUN
cjfa-63113	61	3	,	,	PUNCT
cjfa-63113	61	4	measuring	measure	VERB
cjfa-63113	61	5	the	the	DET
cjfa-63113	61	6	impact	impact	NOUN
cjfa-63113	61	7	of	of	ADP
cjfa-63113	61	8	investments	investment	NOUN
cjfa-63113	61	9	is	be	AUX
cjfa-63113	61	10	a	a	DET
cjfa-63113	61	11	mandatory	mandatory	ADJ
cjfa-63113	61	12	prerequisite	prerequisite	NOUN
cjfa-63113	61	13	for	for	ADP
cjfa-63113	61	14	being	be	AUX
cjfa-63113	61	15	able	able	ADJ
cjfa-63113	61	16	to	to	PART
cjfa-63113	61	17	speak	speak	VERB
cjfa-63113	61	18	of	of	ADP
cjfa-63113	61	19	an	an	DET
cjfa-63113	61	20	impact	impact	NOUN
cjfa-63113	61	21	investment5	investment5	PROPN
cjfa-63113	61	22	.	.	PUNCT
cjfa-63113	62	1	literature	literature	NOUN
cjfa-63113	62	2	reviewliterature	reviewliterature	NOUN
cjfa-63113	62	3	review	review	VERB
cjfa-63113	62	4	many	many	ADJ
cjfa-63113	62	5	studies	study	NOUN
cjfa-63113	62	6	have	have	AUX
cjfa-63113	62	7	examined	examine	VERB
cjfa-63113	62	8	the	the	DET
cjfa-63113	62	9	relationship	relationship	NOUN
cjfa-63113	62	10	between	between	ADP
cjfa-63113	62	11	sustainability	sustainability	NOUN
cjfa-63113	62	12	and	and	CCONJ
cjfa-63113	62	13	equity	equity	NOUN
cjfa-63113	62	14	investment	investment	NOUN
cjfa-63113	62	15	performance	performance	NOUN
cjfa-63113	62	16	,	,	PUNCT
cjfa-63113	62	17	but	but	CCONJ
cjfa-63113	62	18	few	few	ADJ
cjfa-63113	62	19	focus	focus	NOUN
cjfa-63113	62	20	on	on	ADP
cjfa-63113	62	21	impact	impact	NOUN
cjfa-63113	62	22	investments	investment	NOUN
cjfa-63113	62	23	from	from	ADP
cjfa-63113	62	24	a	a	DET
cjfa-63113	62	25	port4	port4	NOUN
cjfa-63113	62	26	 	 	SPACE
cjfa-63113	62	27	this	this	PRON
cjfa-63113	62	28	is	be	AUX
cjfa-63113	62	29	also	also	ADV
cjfa-63113	62	30	stated	state	VERB
cjfa-63113	62	31	by	by	ADP
cjfa-63113	62	32	clarkin	clarkin	NOUN
cjfa-63113	62	33	and	and	CCONJ
cjfa-63113	62	34	cangioni	cangioni	PROPN
cjfa-63113	62	35	(	(	PUNCT
cjfa-63113	62	36	2016	2016	NUM
cjfa-63113	62	37	)	)	PUNCT
cjfa-63113	62	38	and	and	CCONJ
cjfa-63113	62	39	höchstädter	höchstädter	PROPN
cjfa-63113	62	40	and	and	CCONJ
cjfa-63113	62	41	scheck	scheck	PROPN
cjfa-63113	62	42	(	(	PUNCT
cjfa-63113	62	43	2015	2015	NUM
cjfa-63113	62	44	)	)	PUNCT
cjfa-63113	62	45	.	.	PUNCT
cjfa-63113	63	1	5	5	NUM
cjfa-63113	63	2	 	 	SPACE
cjfa-63113	63	3	however	however	ADV
cjfa-63113	63	4	,	,	PUNCT
cjfa-63113	63	5	financial	financial	ADJ
cjfa-63113	63	6	returns	return	NOUN
cjfa-63113	63	7	can	can	AUX
cjfa-63113	63	8	easily	easily	ADV
cjfa-63113	63	9	be	be	AUX
cjfa-63113	63	10	measured	measure	VERB
cjfa-63113	63	11	,	,	PUNCT
cjfa-63113	63	12	whereas	whereas	SCONJ
cjfa-63113	63	13	social	social	ADJ
cjfa-63113	63	14	returns	return	NOUN
cjfa-63113	63	15	are	be	AUX
cjfa-63113	63	16	subjective	subjective	ADJ
cjfa-63113	63	17	and	and	CCONJ
cjfa-63113	63	18	difficult	difficult	ADJ
cjfa-63113	63	19	to	to	PART
cjfa-63113	63	20	measure	measure	VERB
cjfa-63113	63	21	.	.	PUNCT
cjfa-63113	64	1	cf	cf	NOUN
cjfa-63113	64	2	.	.	PUNCT
cjfa-63113	65	1	schmidt	schmidt	PROPN
cjfa-63113	65	2	(	(	PUNCT
cjfa-63113	65	3	2023	2023	NUM
cjfa-63113	65	4	)	)	PUNCT
cjfa-63113	65	5	,	,	PUNCT
cjfa-63113	65	6	p.	p.	NOUN
cjfa-63113	65	7	508	508	NUM
cjfa-63113	65	8	.	.	PUNCT
cjfa-63113	66	1	impact	impact	NOUN
cjfa-63113	66	2	investing	invest	VERB
cjfa-63113	66	3	from	from	ADP
cjfa-63113	66	4	a	a	DET
cjfa-63113	66	5	european	european	ADJ
cjfa-63113	66	6	perspective	perspective	NOUN
cjfa-63113	66	7	…	…	PUNCT
cjfa-63113	66	8	9191	9191	NUM
cjfa-63113	66	9	folio	folio	NOUN
cjfa-63113	66	10	perspective6	perspective6	PROPN
cjfa-63113	66	11	.	.	PUNCT
cjfa-63113	67	1	biasin	biasin	VERB
cjfa-63113	67	2	et	et	PROPN
cjfa-63113	67	3	al	al	PROPN
cjfa-63113	67	4	.	.	PROPN
cjfa-63113	68	1	(	(	PUNCT
cjfa-63113	68	2	2019	2019	NUM
cjfa-63113	68	3	)	)	PUNCT
cjfa-63113	68	4	analyze	analyze	VERB
cjfa-63113	68	5	the	the	DET
cjfa-63113	68	6	effects	effect	NOUN
cjfa-63113	68	7	of	of	ADP
cjfa-63113	68	8	sustainable	sustainable	ADJ
cjfa-63113	68	9	investment	investment	NOUN
cjfa-63113	68	10	strategies	strategy	NOUN
cjfa-63113	68	11	on	on	ADP
cjfa-63113	68	12	portfolios	portfolio	NOUN
cjfa-63113	68	13	of	of	ADP
cjfa-63113	68	14	internationally	internationally	ADV
cjfa-63113	68	15	listed	list	VERB
cjfa-63113	68	16	companies	company	NOUN
cjfa-63113	68	17	,	,	PUNCT
cjfa-63113	68	18	comparing	compare	VERB
cjfa-63113	68	19	conventional	conventional	ADJ
cjfa-63113	68	20	portfolios	portfolio	NOUN
cjfa-63113	68	21	with	with	ADP
cjfa-63113	68	22	those	those	PRON
cjfa-63113	68	23	including	include	VERB
cjfa-63113	68	24	impact	impact	NOUN
cjfa-63113	68	25	investments	investment	NOUN
cjfa-63113	68	26	.	.	PUNCT
cjfa-63113	69	1	using	use	VERB
cjfa-63113	69	2	three	three	NUM
cjfa-63113	69	3	weighting	weighting	NOUN
cjfa-63113	69	4	strategies	strategy	NOUN
cjfa-63113	69	5	,	,	PUNCT
cjfa-63113	69	6	four	four	NUM
cjfa-63113	69	7	risk	risk	NOUN
cjfa-63113	69	8	aversion	aversion	NOUN
cjfa-63113	69	9	parameters	parameter	NOUN
cjfa-63113	69	10	,	,	PUNCT
cjfa-63113	69	11	and	and	CCONJ
cjfa-63113	69	12	a	a	DET
cjfa-63113	69	13	study	study	NOUN
cjfa-63113	69	14	period	period	NOUN
cjfa-63113	69	15	from	from	ADP
cjfa-63113	69	16	2002	2002	NUM
cjfa-63113	69	17	to	to	ADP
cjfa-63113	69	18	2018	2018	NUM
cjfa-63113	69	19	,	,	PUNCT
cjfa-63113	69	20	they	they	PRON
cjfa-63113	69	21	find	find	VERB
cjfa-63113	69	22	that	that	SCONJ
cjfa-63113	69	23	for	for	ADP
cjfa-63113	69	24	risk	risk	NOUN
cjfa-63113	69	25	-	-	PUNCT
cjfa-63113	69	26	averse	averse	ADJ
cjfa-63113	69	27	investors	investor	NOUN
cjfa-63113	69	28	,	,	PUNCT
cjfa-63113	69	29	including	include	VERB
cjfa-63113	69	30	impact	impact	NOUN
cjfa-63113	69	31	investments	investment	NOUN
cjfa-63113	69	32	with	with	ADP
cjfa-63113	69	33	markowitz	markowitz	PROPN
cjfa-63113	69	34	optimization7	optimization7	PROPN
cjfa-63113	69	35	improves	improve	VERB
cjfa-63113	69	36	total	total	ADJ
cjfa-63113	69	37	returns	return	NOUN
cjfa-63113	69	38	.	.	PUNCT
cjfa-63113	70	1	for	for	ADP
cjfa-63113	70	2	highly	highly	ADV
cjfa-63113	70	3	riskaverse	riskaverse	ADJ
cjfa-63113	70	4	investors	investor	NOUN
cjfa-63113	70	5	,	,	PUNCT
cjfa-63113	70	6	the	the	DET
cjfa-63113	70	7	inclusion	inclusion	NOUN
cjfa-63113	70	8	of	of	ADP
cjfa-63113	70	9	impact	impact	NOUN
cjfa-63113	70	10	investments	investment	NOUN
cjfa-63113	70	11	still	still	ADV
cjfa-63113	70	12	increases	increase	VERB
cjfa-63113	70	13	returns	return	NOUN
cjfa-63113	70	14	,	,	PUNCT
cjfa-63113	70	15	but	but	CCONJ
cjfa-63113	70	16	only	only	ADV
cjfa-63113	70	17	with	with	ADP
cjfa-63113	70	18	naive	naive	ADJ
cjfa-63113	70	19	diversification8	diversification8	NOUN
cjfa-63113	70	20	.	.	PUNCT
cjfa-63113	71	1	however	however	ADV
cjfa-63113	71	2	,	,	PUNCT
cjfa-63113	71	3	the	the	DET
cjfa-63113	71	4	sharpe	sharpe	PROPN
cjfa-63113	71	5	ratio	ratio	NOUN
cjfa-63113	71	6	,	,	PUNCT
cjfa-63113	71	7	representing	represent	VERB
cjfa-63113	71	8	risk	risk	NOUN
cjfa-63113	71	9	-	-	PUNCT
cjfa-63113	71	10	adjusted	adjust	VERB
cjfa-63113	71	11	performance	performance	NOUN
cjfa-63113	71	12	,	,	PUNCT
cjfa-63113	71	13	shows	show	VERB
cjfa-63113	71	14	that	that	SCONJ
cjfa-63113	71	15	conventional	conventional	ADJ
cjfa-63113	71	16	portfolios	portfolio	NOUN
cjfa-63113	71	17	outperform	outperform	VERB
cjfa-63113	71	18	those	those	PRON
cjfa-63113	71	19	with	with	ADP
cjfa-63113	71	20	impact	impact	NOUN
cjfa-63113	71	21	investments	investment	NOUN
cjfa-63113	71	22	.	.	PUNCT
cjfa-63113	72	1	they	they	PRON
cjfa-63113	72	2	conclude	conclude	VERB
cjfa-63113	72	3	that	that	SCONJ
cjfa-63113	72	4	impact	impact	NOUN
cjfa-63113	72	5	investments	investment	NOUN
cjfa-63113	72	6	increase	increase	VERB
cjfa-63113	72	7	total	total	ADJ
cjfa-63113	72	8	return	return	NOUN
cjfa-63113	72	9	across	across	ADP
cjfa-63113	72	10	all	all	DET
cjfa-63113	72	11	risk	risk	NOUN
cjfa-63113	72	12	aversion	aversion	NOUN
cjfa-63113	72	13	parameters	parameter	NOUN
cjfa-63113	72	14	.	.	PUNCT
cjfa-63113	73	1	giacomini	giacomini	VERB
cjfa-63113	73	2	et	et	PROPN
cjfa-63113	73	3	al	al	PROPN
cjfa-63113	73	4	.	.	PROPN
cjfa-63113	74	1	(	(	PUNCT
cjfa-63113	74	2	2022	2022	NUM
cjfa-63113	74	3	)	)	PUNCT
cjfa-63113	74	4	investigate	investigate	VERB
cjfa-63113	74	5	whether	whether	SCONJ
cjfa-63113	74	6	publicly	publicly	ADV
cjfa-63113	74	7	listed	list	VERB
cjfa-63113	74	8	impact	impact	NOUN
cjfa-63113	74	9	firms	firm	NOUN
cjfa-63113	74	10	differ	differ	VERB
cjfa-63113	74	11	from	from	ADP
cjfa-63113	74	12	non	non	ADJ
cjfa-63113	74	13	-	-	ADJ
cjfa-63113	74	14	impact	impact	ADJ
cjfa-63113	74	15	firms	firm	NOUN
cjfa-63113	74	16	in	in	ADP
cjfa-63113	74	17	terms	term	NOUN
cjfa-63113	74	18	of	of	ADP
cjfa-63113	74	19	risk	risk	NOUN
cjfa-63113	74	20	-	-	PUNCT
cjfa-63113	74	21	return	return	NOUN
cjfa-63113	74	22	performance	performance	NOUN
cjfa-63113	74	23	on	on	ADP
cjfa-63113	74	24	the	the	DET
cjfa-63113	74	25	us	us	PROPN
cjfa-63113	74	26	stock	stock	NOUN
cjfa-63113	74	27	market	market	NOUN
cjfa-63113	74	28	between	between	ADP
cjfa-63113	74	29	2002	2002	NUM
cjfa-63113	74	30	and	and	CCONJ
cjfa-63113	74	31	2019	2019	NUM
cjfa-63113	74	32	.	.	PUNCT
cjfa-63113	75	1	they	they	PRON
cjfa-63113	75	2	find	find	VERB
cjfa-63113	75	3	that	that	SCONJ
cjfa-63113	75	4	while	while	SCONJ
cjfa-63113	75	5	overall	overall	ADJ
cjfa-63113	75	6	risk	risk	NOUN
cjfa-63113	75	7	-	-	PUNCT
cjfa-63113	75	8	return	return	NOUN
cjfa-63113	75	9	profiles	profile	NOUN
cjfa-63113	75	10	are	be	AUX
cjfa-63113	75	11	similar	similar	ADJ
cjfa-63113	75	12	,	,	PUNCT
cjfa-63113	75	13	impact	impact	NOUN
cjfa-63113	75	14	firms	firm	NOUN
cjfa-63113	75	15	outperform	outperform	VERB
cjfa-63113	75	16	non	non	ADJ
cjfa-63113	75	17	-	-	ADJ
cjfa-63113	75	18	impact	impact	ADJ
cjfa-63113	75	19	firms	firm	NOUN
cjfa-63113	75	20	during	during	ADP
cjfa-63113	75	21	the	the	DET
cjfa-63113	75	22	financial	financial	ADJ
cjfa-63113	75	23	crisis	crisis	NOUN
cjfa-63113	75	24	.	.	PUNCT
cjfa-63113	76	1	la	la	PROPN
cjfa-63113	76	2	torre	torre	PROPN
cjfa-63113	76	3	et	et	PROPN
cjfa-63113	76	4	al	al	PROPN
cjfa-63113	76	5	.	.	PROPN
cjfa-63113	77	1	(	(	PUNCT
cjfa-63113	77	2	2017	2017	NUM
cjfa-63113	77	3	)	)	PUNCT
cjfa-63113	77	4	compare	compare	VERB
cjfa-63113	77	5	three	three	NUM
cjfa-63113	77	6	naive	naive	ADJ
cjfa-63113	77	7	diversified	diversified	ADJ
cjfa-63113	77	8	equity	equity	NOUN
cjfa-63113	77	9	portfolios	portfolio	NOUN
cjfa-63113	77	10	(	(	PUNCT
cjfa-63113	77	11	impact	impact	NOUN
cjfa-63113	77	12	,	,	PUNCT
cjfa-63113	77	13	conventional	conventional	ADJ
cjfa-63113	77	14	,	,	PUNCT
cjfa-63113	77	15	and	and	CCONJ
cjfa-63113	77	16	mixed	mixed	ADJ
cjfa-63113	77	17	)	)	PUNCT
cjfa-63113	77	18	.	.	PUNCT
cjfa-63113	78	1	in	in	ADP
cjfa-63113	78	2	contrast	contrast	NOUN
cjfa-63113	78	3	to	to	PART
cjfa-63113	78	4	biasin	biasin	VERB
cjfa-63113	78	5	et	et	PROPN
cjfa-63113	78	6	al	al	PROPN
cjfa-63113	78	7	.	.	PROPN
cjfa-63113	79	1	(	(	PUNCT
cjfa-63113	79	2	2019	2019	NUM
cjfa-63113	79	3	)	)	PUNCT
cjfa-63113	79	4	and	and	CCONJ
cjfa-63113	79	5	giacomini	giacomini	VERB
cjfa-63113	79	6	et	et	PROPN
cjfa-63113	79	7	al	al	PROPN
cjfa-63113	79	8	.	.	PROPN
cjfa-63113	80	1	(	(	PUNCT
cjfa-63113	80	2	2022	2022	NUM
cjfa-63113	80	3	)	)	PUNCT
cjfa-63113	80	4	,	,	PUNCT
cjfa-63113	80	5	they	they	PRON
cjfa-63113	80	6	find	find	VERB
cjfa-63113	80	7	that	that	SCONJ
cjfa-63113	80	8	while	while	SCONJ
cjfa-63113	80	9	impact	impact	NOUN
cjfa-63113	80	10	investments	investment	NOUN
cjfa-63113	80	11	do	do	AUX
cjfa-63113	80	12	not	not	PART
cjfa-63113	80	13	worsen	worsen	VERB
cjfa-63113	80	14	diversification	diversification	NOUN
cjfa-63113	80	15	and	and	CCONJ
cjfa-63113	80	16	can	can	AUX
cjfa-63113	80	17	reduce	reduce	VERB
cjfa-63113	80	18	unsystematic	unsystematic	ADJ
cjfa-63113	80	19	risk	risk	NOUN
cjfa-63113	80	20	in	in	ADP
cjfa-63113	80	21	mixed	mixed	ADJ
cjfa-63113	80	22	portfolios	portfolio	NOUN
cjfa-63113	80	23	,	,	PUNCT
cjfa-63113	80	24	the	the	DET
cjfa-63113	80	25	highest	high	ADJ
cjfa-63113	80	26	average	average	ADJ
cjfa-63113	80	27	return	return	NOUN
cjfa-63113	80	28	and	and	CCONJ
cjfa-63113	80	29	sharpe	sharpe	NOUN
cjfa-63113	80	30	ratio	ratio	NOUN
cjfa-63113	80	31	are	be	AUX
cjfa-63113	80	32	achieved	achieve	VERB
cjfa-63113	80	33	by	by	ADP
cjfa-63113	80	34	conventional	conventional	ADJ
cjfa-63113	80	35	portfolios	portfolio	NOUN
cjfa-63113	80	36	.	.	PUNCT
cjfa-63113	81	1	both	both	CCONJ
cjfa-63113	81	2	the	the	DET
cjfa-63113	81	3	impact	impact	NOUN
cjfa-63113	81	4	and	and	CCONJ
cjfa-63113	81	5	mixed	mixed	ADJ
cjfa-63113	81	6	portfolios	portfolio	NOUN
cjfa-63113	81	7	show	show	VERB
cjfa-63113	81	8	negative	negative	ADJ
cjfa-63113	81	9	average	average	ADJ
cjfa-63113	81	10	returns	return	NOUN
cjfa-63113	81	11	,	,	PUNCT
cjfa-63113	81	12	negative	negative	ADJ
cjfa-63113	81	13	sharpe	sharpe	NOUN
cjfa-63113	81	14	ratios	ratio	NOUN
cjfa-63113	81	15	,	,	PUNCT
cjfa-63113	81	16	and	and	CCONJ
cjfa-63113	81	17	higher	high	ADJ
cjfa-63113	81	18	standard	standard	ADJ
cjfa-63113	81	19	deviations	deviation	NOUN
cjfa-63113	81	20	.	.	PUNCT
cjfa-63113	82	1	la	la	PROPN
cjfa-63113	82	2	torre	torre	PROPN
cjfa-63113	82	3	et	et	PROPN
cjfa-63113	82	4	al	al	PROPN
cjfa-63113	82	5	.	.	PROPN
cjfa-63113	83	1	(	(	PUNCT
cjfa-63113	83	2	2017	2017	NUM
cjfa-63113	83	3	)	)	PUNCT
cjfa-63113	83	4	conclude	conclude	VERB
cjfa-63113	83	5	that	that	SCONJ
cjfa-63113	83	6	impact	impact	NOUN
cjfa-63113	83	7	investments	investment	NOUN
cjfa-63113	83	8	perform	perform	VERB
cjfa-63113	83	9	worse	bad	ADJ
cjfa-63113	83	10	than	than	ADP
cjfa-63113	83	11	conventional	conventional	ADJ
cjfa-63113	83	12	portfolios	portfolio	NOUN
cjfa-63113	83	13	in	in	ADP
cjfa-63113	83	14	terms	term	NOUN
cjfa-63113	83	15	of	of	ADP
cjfa-63113	83	16	both	both	CCONJ
cjfa-63113	83	17	risk	risk	NOUN
cjfa-63113	83	18	-	-	PUNCT
cjfa-63113	83	19	adjusted	adjust	VERB
cjfa-63113	83	20	and	and	CCONJ
cjfa-63113	83	21	absolute	absolute	ADJ
cjfa-63113	83	22	performance9	performance9	NOUN
cjfa-63113	83	23	.	.	PUNCT
cjfa-63113	84	1	6	6	NUM
cjfa-63113	84	2	 	 	SPACE
cjfa-63113	84	3	nonetheless	nonetheless	ADV
cjfa-63113	84	4	,	,	PUNCT
cjfa-63113	84	5	there	there	PRON
cjfa-63113	84	6	are	be	VERB
cjfa-63113	84	7	also	also	ADV
cjfa-63113	84	8	some	some	DET
cjfa-63113	84	9	studies	study	NOUN
cjfa-63113	84	10	not	not	PART
cjfa-63113	84	11	focusing	focus	VERB
cjfa-63113	84	12	on	on	ADP
cjfa-63113	84	13	stock	stock	NOUN
cjfa-63113	84	14	-	-	PUNCT
cjfa-63113	84	15	listed	list	VERB
cjfa-63113	84	16	investments	investment	NOUN
cjfa-63113	84	17	,	,	PUNCT
cjfa-63113	84	18	but	but	CCONJ
cjfa-63113	84	19	on	on	ADP
cjfa-63113	84	20	venture	venture	NOUN
cjfa-63113	84	21	and	and	CCONJ
cjfa-63113	84	22	growth	growth	NOUN
cjfa-63113	84	23	equity	equity	NOUN
cjfa-63113	84	24	impact	impact	NOUN
cjfa-63113	84	25	funds	fund	NOUN
cjfa-63113	84	26	(	(	PUNCT
cjfa-63113	84	27	e.g.	e.g.	ADV
cjfa-63113	84	28	,	,	PUNCT
cjfa-63113	84	29	barber	barber	NOUN
cjfa-63113	84	30	,	,	PUNCT
cjfa-63113	84	31	morse	morse	PROPN
cjfa-63113	84	32	&	&	CCONJ
cjfa-63113	84	33	yasuda	yasuda	PROPN
cjfa-63113	84	34	,	,	PUNCT
cjfa-63113	84	35	2021	2021	NUM
cjfa-63113	84	36	)	)	PUNCT
cjfa-63113	84	37	or	or	CCONJ
cjfa-63113	84	38	a	a	DET
cjfa-63113	84	39	wider	wide	ADJ
cjfa-63113	84	40	range	range	NOUN
cjfa-63113	84	41	of	of	ADP
cjfa-63113	84	42	asset	asset	NOUN
cjfa-63113	84	43	classes	class	NOUN
cjfa-63113	84	44	(	(	PUNCT
cjfa-63113	84	45	e.g.	e.g.	ADV
cjfa-63113	84	46	,	,	PUNCT
cjfa-63113	84	47	burton	burton	PROPN
cjfa-63113	84	48	,	,	PUNCT
cjfa-63113	84	49	cole	cole	PROPN
cjfa-63113	84	50	,	,	PUNCT
cjfa-63113	84	51	dev	dev	PROPN
cjfa-63113	84	52	,	,	PUNCT
cjfa-63113	84	53	jarymowycz	jarymowycz	PROPN
cjfa-63113	84	54	,	,	PUNCT
cjfa-63113	84	55	jeng	jeng	PROPN
cjfa-63113	84	56	,	,	PUNCT
cjfa-63113	84	57	lerner	lerner	PROPN
cjfa-63113	84	58	,	,	PUNCT
cjfa-63113	84	59	mashwama	mashwama	PROPN
cjfa-63113	84	60	,	,	PUNCT
cjfa-63113	84	61	xu	xu	PROPN
cjfa-63113	84	62	&	&	CCONJ
cjfa-63113	84	63	zochowski	zochowski	PROPN
cjfa-63113	84	64	,	,	PUNCT
cjfa-63113	84	65	2021	2021	NUM
cjfa-63113	84	66	)	)	PUNCT
cjfa-63113	84	67	.	.	PUNCT
cjfa-63113	85	1	7	7	NUM
cjfa-63113	85	2	 	 	SPACE
cjfa-63113	85	3	markowitz	markowitz	NOUN
cjfa-63113	85	4	optimization	optimization	NOUN
cjfa-63113	85	5	involves	involve	VERB
cjfa-63113	85	6	two	two	NUM
cjfa-63113	85	7	approaches	approach	NOUN
cjfa-63113	85	8	:	:	PUNCT
cjfa-63113	85	9	minimizing	minimize	VERB
cjfa-63113	85	10	portfolio	portfolio	NOUN
cjfa-63113	85	11	risk	risk	NOUN
cjfa-63113	85	12	for	for	ADP
cjfa-63113	85	13	a	a	DET
cjfa-63113	85	14	target	target	NOUN
cjfa-63113	85	15	return	return	NOUN
cjfa-63113	85	16	or	or	CCONJ
cjfa-63113	85	17	maximizing	maximize	VERB
cjfa-63113	85	18	return	return	NOUN
cjfa-63113	85	19	for	for	ADP
cjfa-63113	85	20	a	a	DET
cjfa-63113	85	21	target	target	NOUN
cjfa-63113	85	22	risk	risk	NOUN
cjfa-63113	85	23	(	(	PUNCT
cjfa-63113	85	24	markowitz	markowitz	PROPN
cjfa-63113	85	25	,	,	PUNCT
cjfa-63113	85	26	1952	1952	NUM
cjfa-63113	85	27	)	)	PUNCT
cjfa-63113	85	28	.	.	PUNCT
cjfa-63113	86	1	8	8	NUM
cjfa-63113	86	2	 	 	SPACE
cjfa-63113	86	3	within	within	ADP
cjfa-63113	86	4	naive	naive	ADJ
cjfa-63113	86	5	diversification	diversification	NOUN
cjfa-63113	86	6	,	,	PUNCT
cjfa-63113	86	7	n	n	CCONJ
cjfa-63113	86	8	different	different	ADJ
cjfa-63113	86	9	securities	security	NOUN
cjfa-63113	86	10	are	be	AUX
cjfa-63113	86	11	included	include	VERB
cjfa-63113	86	12	in	in	ADP
cjfa-63113	86	13	the	the	DET
cjfa-63113	86	14	portfolios	portfolio	NOUN
cjfa-63113	86	15	,	,	PUNCT
cjfa-63113	86	16	with	with	ADP
cjfa-63113	86	17	the	the	DET
cjfa-63113	86	18	same	same	ADJ
cjfa-63113	86	19	proportion	proportion	NOUN
cjfa-63113	86	20	1	1	NUM
cjfa-63113	86	21	/	/	SYM
cjfa-63113	86	22	n	n	PROPN
cjfa-63113	86	23	of	of	ADP
cjfa-63113	86	24	the	the	DET
cjfa-63113	86	25	available	available	ADJ
cjfa-63113	86	26	assets	asset	NOUN
cjfa-63113	86	27	being	be	AUX
cjfa-63113	86	28	invested	invest	VERB
cjfa-63113	86	29	in	in	ADP
cjfa-63113	86	30	each	each	DET
cjfa-63113	86	31	security	security	NOUN
cjfa-63113	86	32	(	(	PUNCT
cjfa-63113	86	33	demiguel	demiguel	NOUN
cjfa-63113	86	34	,	,	PUNCT
cjfa-63113	86	35	garlappi	garlappi	PROPN
cjfa-63113	86	36	&	&	CCONJ
cjfa-63113	86	37	uppal	uppal	PROPN
cjfa-63113	86	38	,	,	PUNCT
cjfa-63113	86	39	2009	2009	NUM
cjfa-63113	86	40	)	)	PUNCT
cjfa-63113	86	41	.	.	PUNCT
cjfa-63113	87	1	9	9	NUM
cjfa-63113	87	2	 	 	SPACE
cjfa-63113	87	3	some	some	DET
cjfa-63113	87	4	studies	study	NOUN
cjfa-63113	87	5	,	,	PUNCT
cjfa-63113	87	6	like	like	ADP
cjfa-63113	87	7	juddoo	juddoo	PROPN
cjfa-63113	87	8	,	,	PUNCT
cjfa-63113	87	9	malki	malki	NOUN
cjfa-63113	87	10	,	,	PUNCT
cjfa-63113	87	11	mathew	mathew	PROPN
cjfa-63113	87	12	and	and	CCONJ
cjfa-63113	87	13	sivaprasad	sivaprasad	PROPN
cjfa-63113	87	14	(	(	PUNCT
cjfa-63113	87	15	2023	2023	NUM
cjfa-63113	87	16	)	)	PUNCT
cjfa-63113	87	17	,	,	PUNCT
cjfa-63113	87	18	define	define	VERB
cjfa-63113	87	19	impact	impact	NOUN
cjfa-63113	87	20	investing	invest	VERB
cjfa-63113	87	21	differently	differently	ADV
cjfa-63113	87	22	,	,	PUNCT
cjfa-63113	87	23	incorporating	incorporate	VERB
cjfa-63113	87	24	tax	tax	NOUN
cjfa-63113	87	25	avoidance	avoidance	NOUN
cjfa-63113	87	26	as	as	ADP
cjfa-63113	87	27	an	an	DET
cjfa-63113	87	28	investment	investment	NOUN
cjfa-63113	87	29	criterion	criterion	NOUN
cjfa-63113	87	30	.	.	PUNCT
cjfa-63113	88	1	eva	eva	PROPN
cjfa-63113	88	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	88	3	,	,	PUNCT
cjfa-63113	88	4	tanja	tanja	PROPN
cjfa-63113	88	5	sinha9292	sinha9292	PROPN
cjfa-63113	88	6	bernal	bernal	PROPN
cjfa-63113	88	7	,	,	PUNCT
cjfa-63113	88	8	hudon	hudon	NOUN
cjfa-63113	88	9	and	and	CCONJ
cjfa-63113	88	10	ledru	ledru	PROPN
cjfa-63113	88	11	(	(	PUNCT
cjfa-63113	88	12	2021	2021	NUM
cjfa-63113	88	13	)	)	PUNCT
cjfa-63113	88	14	construct	construct	VERB
cjfa-63113	88	15	market	market	NOUN
cjfa-63113	88	16	capitalization	capitalization	NOUN
cjfa-63113	88	17	-	-	PUNCT
cjfa-63113	88	18	weighted	weight	VERB
cjfa-63113	88	19	impact	impact	NOUN
cjfa-63113	88	20	investing	investing	NOUN
cjfa-63113	88	21	indices	index	NOUN
cjfa-63113	88	22	from	from	ADP
cjfa-63113	88	23	european	european	PROPN
cjfa-63113	88	24	publicly	publicly	ADV
cjfa-63113	88	25	-	-	PUNCT
cjfa-63113	88	26	listed	list	VERB
cjfa-63113	88	27	companies	company	NOUN
cjfa-63113	88	28	for	for	ADP
cjfa-63113	88	29	2009	2009	NUM
cjfa-63113	88	30	–	–	PUNCT
cjfa-63113	88	31	2016	2016	NUM
cjfa-63113	88	32	and	and	CCONJ
cjfa-63113	88	33	compare	compare	VERB
cjfa-63113	88	34	their	their	PRON
cjfa-63113	88	35	returns	return	NOUN
cjfa-63113	88	36	to	to	ADP
cjfa-63113	88	37	benchmarks	benchmark	NOUN
cjfa-63113	88	38	of	of	ADP
cjfa-63113	88	39	non	non	ADJ
cjfa-63113	88	40	-	-	ADJ
cjfa-63113	88	41	impact	impact	ADJ
cjfa-63113	88	42	companies	company	NOUN
cjfa-63113	88	43	.	.	PUNCT
cjfa-63113	89	1	they	they	PRON
cjfa-63113	89	2	find	find	VERB
cjfa-63113	89	3	that	that	SCONJ
cjfa-63113	89	4	impact	impact	NOUN
cjfa-63113	89	5	investing	investing	NOUN
cjfa-63113	89	6	indices	index	NOUN
cjfa-63113	89	7	underperform	underperform	ADJ
cjfa-63113	89	8	traditional	traditional	ADJ
cjfa-63113	89	9	benchmarks	benchmark	NOUN
cjfa-63113	89	10	in	in	ADP
cjfa-63113	89	11	terms	term	NOUN
cjfa-63113	89	12	of	of	ADP
cjfa-63113	89	13	risk	risk	NOUN
cjfa-63113	89	14	-	-	PUNCT
cjfa-63113	89	15	adjusted	adjust	VERB
cjfa-63113	89	16	performance	performance	NOUN
cjfa-63113	89	17	.	.	PUNCT
cjfa-63113	90	1	in	in	ADP
cjfa-63113	90	2	the	the	DET
cjfa-63113	90	3	esg	esg	PROPN
cjfa-63113	90	4	investing	investing	NOUN
cjfa-63113	90	5	area	area	NOUN
cjfa-63113	90	6	,	,	PUNCT
cjfa-63113	90	7	results	result	NOUN
cjfa-63113	90	8	are	be	AUX
cjfa-63113	90	9	mixed	mixed	ADJ
cjfa-63113	90	10	.	.	PUNCT
cjfa-63113	91	1	cunha	cunha	PROPN
cjfa-63113	91	2	et	et	PROPN
cjfa-63113	91	3	al	al	PROPN
cjfa-63113	91	4	.	.	PROPN
cjfa-63113	92	1	(	(	PUNCT
cjfa-63113	92	2	2020	2020	NUM
cjfa-63113	92	3	)	)	PUNCT
cjfa-63113	92	4	and	and	CCONJ
cjfa-63113	92	5	dorfleitner	dorfleitner	PROPN
cjfa-63113	92	6	et	et	PROPN
cjfa-63113	92	7	al	al	PROPN
cjfa-63113	92	8	.	.	PROPN
cjfa-63113	93	1	(	(	PUNCT
cjfa-63113	93	2	2020	2020	NUM
cjfa-63113	93	3	)	)	PUNCT
cjfa-63113	93	4	reach	reach	VERB
cjfa-63113	93	5	contradictory	contradictory	ADJ
cjfa-63113	93	6	conclusions	conclusion	NOUN
cjfa-63113	93	7	on	on	ADP
cjfa-63113	93	8	the	the	DET
cjfa-63113	93	9	financial	financial	ADJ
cjfa-63113	93	10	benefits	benefit	NOUN
cjfa-63113	93	11	of	of	ADP
cjfa-63113	93	12	esg	esg	PROPN
cjfa-63113	93	13	investments	investment	NOUN
cjfa-63113	93	14	.	.	PUNCT
cjfa-63113	94	1	cunha	cunha	PROPN
cjfa-63113	94	2	et	et	PROPN
cjfa-63113	94	3	al	al	PROPN
cjfa-63113	94	4	.	.	PROPN
cjfa-63113	95	1	(	(	PUNCT
cjfa-63113	95	2	2020	2020	NUM
cjfa-63113	95	3	)	)	PUNCT
cjfa-63113	95	4	show	show	VERB
cjfa-63113	95	5	that	that	SCONJ
cjfa-63113	95	6	sustainability	sustainability	NOUN
cjfa-63113	95	7	’s	’s	PART
cjfa-63113	95	8	impact	impact	NOUN
cjfa-63113	95	9	on	on	ADP
cjfa-63113	95	10	performance	performance	NOUN
cjfa-63113	95	11	varies	vary	VERB
cjfa-63113	95	12	by	by	ADP
cjfa-63113	95	13	region	region	NOUN
cjfa-63113	95	14	,	,	PUNCT
cjfa-63113	95	15	while	while	SCONJ
cjfa-63113	95	16	dorfleitner	dorfleitner	PROPN
cjfa-63113	95	17	et	et	PROPN
cjfa-63113	95	18	al	al	PROPN
cjfa-63113	95	19	.	.	PROPN
cjfa-63113	96	1	(	(	PUNCT
cjfa-63113	96	2	2020	2020	NUM
cjfa-63113	96	3	)	)	PUNCT
cjfa-63113	96	4	find	find	VERB
cjfa-63113	96	5	that	that	SCONJ
cjfa-63113	96	6	the	the	DET
cjfa-63113	96	7	financial	financial	ADJ
cjfa-63113	96	8	advantage	advantage	NOUN
cjfa-63113	96	9	of	of	ADP
cjfa-63113	96	10	esg	esg	NOUN
cjfa-63113	96	11	portfolios	portfolio	NOUN
cjfa-63113	96	12	depends	depend	VERB
cjfa-63113	96	13	on	on	ADP
cjfa-63113	96	14	both	both	DET
cjfa-63113	96	15	region	region	NOUN
cjfa-63113	96	16	and	and	CCONJ
cjfa-63113	96	17	the	the	DET
cjfa-63113	96	18	weighting	weighting	NOUN
cjfa-63113	96	19	strategy	strategy	NOUN
cjfa-63113	96	20	used	use	VERB
cjfa-63113	96	21	.	.	PUNCT
cjfa-63113	97	1	in	in	ADP
cjfa-63113	97	2	the	the	DET
cjfa-63113	97	3	early	early	ADJ
cjfa-63113	97	4	years	year	NOUN
cjfa-63113	97	5	,	,	PUNCT
cjfa-63113	97	6	impact	impact	NOUN
cjfa-63113	97	7	investing	investing	NOUN
cjfa-63113	97	8	was	be	AUX
cjfa-63113	97	9	mainly	mainly	ADV
cjfa-63113	97	10	focused	focus	VERB
cjfa-63113	97	11	on	on	ADP
cjfa-63113	97	12	private	private	ADJ
cjfa-63113	97	13	equity	equity	NOUN
cjfa-63113	97	14	and	and	CCONJ
cjfa-63113	97	15	venture	venture	NOUN
cjfa-63113	97	16	capital	capital	NOUN
cjfa-63113	97	17	,	,	PUNCT
cjfa-63113	97	18	but	but	CCONJ
cjfa-63113	97	19	it	it	PRON
cjfa-63113	97	20	has	have	AUX
cjfa-63113	97	21	increasingly	increasingly	ADV
cjfa-63113	97	22	attracted	attract	VERB
cjfa-63113	97	23	attention	attention	NOUN
cjfa-63113	97	24	from	from	ADP
cjfa-63113	97	25	other	other	ADJ
cjfa-63113	97	26	investors	investor	NOUN
cjfa-63113	97	27	,	,	PUNCT
cjfa-63113	97	28	including	include	VERB
cjfa-63113	97	29	individuals	individual	NOUN
cjfa-63113	97	30	(	(	PUNCT
cjfa-63113	97	31	then	then	ADV
cjfa-63113	97	32	&	&	CCONJ
cjfa-63113	97	33	schmidt	schmidt	PROPN
cjfa-63113	97	34	,	,	PUNCT
cjfa-63113	97	35	2020	2020	NUM
cjfa-63113	97	36	)	)	PUNCT
cjfa-63113	97	37	.	.	PUNCT
cjfa-63113	98	1	therefore	therefore	ADV
cjfa-63113	98	2	,	,	PUNCT
cjfa-63113	98	3	investigating	investigate	VERB
cjfa-63113	98	4	the	the	DET
cjfa-63113	98	5	performance	performance	NOUN
cjfa-63113	98	6	of	of	ADP
cjfa-63113	98	7	portfolios	portfolio	NOUN
cjfa-63113	98	8	consisting	consist	VERB
cjfa-63113	98	9	of	of	ADP
cjfa-63113	98	10	public	public	ADJ
cjfa-63113	98	11	equity	equity	NOUN
cjfa-63113	98	12	is	be	AUX
cjfa-63113	98	13	important	important	ADJ
cjfa-63113	98	14	,	,	PUNCT
cjfa-63113	98	15	as	as	SCONJ
cjfa-63113	98	16	individual	individual	ADJ
cjfa-63113	98	17	investors	investor	NOUN
cjfa-63113	98	18	can	can	AUX
cjfa-63113	98	19	easily	easily	ADV
cjfa-63113	98	20	compile	compile	VERB
cjfa-63113	98	21	such	such	ADJ
cjfa-63113	98	22	portfolios	portfolio	NOUN
cjfa-63113	98	23	themselves10	themselves10	NOUN
cjfa-63113	98	24	.	.	PUNCT
cjfa-63113	99	1	additionally	additionally	ADV
cjfa-63113	99	2	,	,	PUNCT
cjfa-63113	99	3	these	these	DET
cjfa-63113	99	4	portfolios	portfolio	NOUN
cjfa-63113	99	5	should	should	AUX
cjfa-63113	99	6	be	be	AUX
cjfa-63113	99	7	designed	design	VERB
cjfa-63113	99	8	for	for	ADP
cjfa-63113	99	9	easy	easy	ADJ
cjfa-63113	99	10	replication	replication	NOUN
cjfa-63113	99	11	by	by	ADP
cjfa-63113	99	12	all	all	DET
cjfa-63113	99	13	investors11	investors11	NOUN
cjfa-63113	99	14	.	.	PUNCT
cjfa-63113	100	1	unlike	unlike	ADP
cjfa-63113	100	2	previous	previous	ADJ
cjfa-63113	100	3	studies	study	NOUN
cjfa-63113	100	4	on	on	ADP
cjfa-63113	100	5	the	the	DET
cjfa-63113	100	6	performance	performance	NOUN
cjfa-63113	100	7	of	of	ADP
cjfa-63113	100	8	impact	impact	NOUN
cjfa-63113	100	9	investments	investment	NOUN
cjfa-63113	100	10	,	,	PUNCT
cjfa-63113	100	11	our	our	PRON
cjfa-63113	100	12	research	research	NOUN
cjfa-63113	100	13	combines	combine	VERB
cjfa-63113	100	14	a	a	DET
cjfa-63113	100	15	rigorous	rigorous	ADJ
cjfa-63113	100	16	scientific	scientific	ADJ
cjfa-63113	100	17	analysis	analysis	NOUN
cjfa-63113	100	18	with	with	ADP
cjfa-63113	100	19	the	the	DET
cjfa-63113	100	20	application	application	NOUN
cjfa-63113	100	21	of	of	ADP
cjfa-63113	100	22	practical	practical	ADJ
cjfa-63113	100	23	portfolio	portfolio	NOUN
cjfa-63113	100	24	strategies	strategy	NOUN
cjfa-63113	100	25	accessible	accessible	ADJ
cjfa-63113	100	26	to	to	ADP
cjfa-63113	100	27	private	private	ADJ
cjfa-63113	100	28	investors	investor	NOUN
cjfa-63113	100	29	,	,	PUNCT
cjfa-63113	100	30	thereby	thereby	ADV
cjfa-63113	100	31	addressing	address	VERB
cjfa-63113	100	32	the	the	DET
cjfa-63113	100	33	pressing	press	VERB
cjfa-63113	100	34	need	need	NOUN
cjfa-63113	100	35	to	to	PART
cjfa-63113	100	36	channel	channel	VERB
cjfa-63113	100	37	more	more	ADJ
cjfa-63113	100	38	financial	financial	ADJ
cjfa-63113	100	39	resources	resource	NOUN
cjfa-63113	100	40	towards	towards	ADP
cjfa-63113	100	41	the	the	DET
cjfa-63113	100	42	achievement	achievement	NOUN
cjfa-63113	100	43	of	of	ADP
cjfa-63113	100	44	the	the	DET
cjfa-63113	100	45	sdgs	sdgs	PROPN
cjfa-63113	100	46	.	.	PUNCT
cjfa-63113	101	1	data	datum	NOUN
cjfa-63113	101	2	and	and	CCONJ
cjfa-63113	101	3	methodologydata	methodologydata	NOUN
cjfa-63113	101	4	and	and	CCONJ
cjfa-63113	101	5	methodology	methodology	NOUN
cjfa-63113	101	6	to	to	PART
cjfa-63113	101	7	determine	determine	VERB
cjfa-63113	101	8	the	the	DET
cjfa-63113	101	9	effectiveness	effectiveness	NOUN
cjfa-63113	101	10	of	of	ADP
cjfa-63113	101	11	impact	impact	NOUN
cjfa-63113	101	12	investing	invest	VERB
cjfa-63113	101	13	from	from	ADP
cjfa-63113	101	14	a	a	DET
cjfa-63113	101	15	risk	risk	NOUN
cjfa-63113	101	16	-	-	PUNCT
cjfa-63113	101	17	return	return	NOUN
cjfa-63113	101	18	-	-	PUNCT
cjfa-63113	101	19	perspective12	perspective12	NOUN
cjfa-63113	101	20	,	,	PUNCT
cjfa-63113	101	21	we	we	PRON
cjfa-63113	101	22	conducted	conduct	VERB
cjfa-63113	101	23	a	a	DET
cjfa-63113	101	24	study	study	NOUN
cjfa-63113	101	25	based	base	VERB
cjfa-63113	101	26	on	on	ADP
cjfa-63113	101	27	historic	historic	ADJ
cjfa-63113	101	28	data	datum	NOUN
cjfa-63113	101	29	.	.	PUNCT
cjfa-63113	102	1	we	we	PRON
cjfa-63113	102	2	compiled	compile	VERB
cjfa-63113	102	3	portfolios	portfolio	NOUN
cjfa-63113	102	4	based	base	VERB
cjfa-63113	102	5	on	on	ADP
cjfa-63113	102	6	different	different	ADJ
cjfa-63113	102	7	sustainability	sustainability	NOUN
cjfa-63113	102	8	levels	level	NOUN
cjfa-63113	102	9	:	:	PUNCT
cjfa-63113	102	10	conventional	conventional	ADJ
cjfa-63113	102	11	,	,	PUNCT
cjfa-63113	102	12	esg	esg	PROPN
cjfa-63113	102	13	,	,	PUNCT
cjfa-63113	102	14	and	and	CCONJ
cjfa-63113	102	15	impact	impact	NOUN
cjfa-63113	102	16	.	.	PUNCT
cjfa-63113	103	1	for	for	ADP
cjfa-63113	103	2	robustness	robustness	NOUN
cjfa-63113	103	3	,	,	PUNCT
cjfa-63113	103	4	we	we	PRON
cjfa-63113	103	5	used	use	VERB
cjfa-63113	103	6	both	both	CCONJ
cjfa-63113	103	7	the	the	DET
cjfa-63113	103	8	markowitz	markowitz	PROPN
cjfa-63113	103	9	approach	approach	NOUN
cjfa-63113	103	10	and	and	CCONJ
cjfa-63113	103	11	naive	naive	ADJ
cjfa-63113	103	12	diversification	diversification	NOUN
cjfa-63113	103	13	,	,	PUNCT
cjfa-63113	103	14	the	the	DET
cjfa-63113	103	15	10	10	NUM
cjfa-63113	103	16	 	 	SPACE
cjfa-63113	103	17	previous	previous	ADJ
cjfa-63113	103	18	research	research	NOUN
cjfa-63113	103	19	(	(	PUNCT
cjfa-63113	103	20	e.g.	e.g.	ADV
cjfa-63113	103	21	,	,	PUNCT
cjfa-63113	103	22	pawłowski	pawłowski	NOUN
cjfa-63113	103	23	,	,	PUNCT
cjfa-63113	103	24	2018	2018	NUM
cjfa-63113	103	25	)	)	PUNCT
cjfa-63113	103	26	has	have	AUX
cjfa-63113	103	27	highlighted	highlight	VERB
cjfa-63113	103	28	that	that	SCONJ
cjfa-63113	103	29	individual	individual	ADJ
cjfa-63113	103	30	investors	investor	NOUN
cjfa-63113	103	31	are	be	AUX
cjfa-63113	103	32	increasingly	increasingly	ADV
cjfa-63113	103	33	investing	invest	VERB
cjfa-63113	103	34	in	in	ADP
cjfa-63113	103	35	equities	equity	NOUN
cjfa-63113	103	36	,	,	PUNCT
cjfa-63113	103	37	which	which	PRON
cjfa-63113	103	38	enhances	enhance	VERB
cjfa-63113	103	39	their	their	PRON
cjfa-63113	103	40	potential	potential	ADJ
cjfa-63113	103	41	influence	influence	NOUN
cjfa-63113	103	42	on	on	ADP
cjfa-63113	103	43	the	the	DET
cjfa-63113	103	44	achievement	achievement	NOUN
cjfa-63113	103	45	of	of	ADP
cjfa-63113	103	46	the	the	DET
cjfa-63113	103	47	sdgs	sdgs	NOUN
cjfa-63113	103	48	.	.	PUNCT
cjfa-63113	104	1	11	11	NUM
cjfa-63113	104	2	 	 	SPACE
cjfa-63113	104	3	jacobs	jacobs	PROPN
cjfa-63113	104	4	,	,	PUNCT
cjfa-63113	104	5	müller	müller	PROPN
cjfa-63113	104	6	and	and	CCONJ
cjfa-63113	104	7	weber	weber	PROPN
cjfa-63113	104	8	(	(	PUNCT
cjfa-63113	104	9	2014	2014	NUM
cjfa-63113	104	10	)	)	PUNCT
cjfa-63113	104	11	found	find	VERB
cjfa-63113	104	12	that	that	SCONJ
cjfa-63113	104	13	naive	naive	ADJ
cjfa-63113	104	14	diversification	diversification	NOUN
cjfa-63113	104	15	produces	produce	VERB
cjfa-63113	104	16	sharpe	sharpe	NOUN
cjfa-63113	104	17	ratios	ratio	NOUN
cjfa-63113	104	18	similar	similar	ADJ
cjfa-63113	104	19	to	to	ADP
cjfa-63113	104	20	more	more	ADV
cjfa-63113	104	21	complex	complex	ADJ
cjfa-63113	104	22	methods	method	NOUN
cjfa-63113	104	23	,	,	PUNCT
cjfa-63113	104	24	recommending	recommend	VERB
cjfa-63113	104	25	it	it	PRON
cjfa-63113	104	26	for	for	ADP
cjfa-63113	104	27	individual	individual	ADJ
cjfa-63113	104	28	investors	investor	NOUN
cjfa-63113	104	29	.	.	PUNCT
cjfa-63113	105	1	this	this	PRON
cjfa-63113	105	2	is	be	AUX
cjfa-63113	105	3	also	also	ADV
cjfa-63113	105	4	supported	support	VERB
cjfa-63113	105	5	by	by	ADP
cjfa-63113	105	6	bloomberg	bloomberg	PROPN
cjfa-63113	105	7	,	,	PUNCT
cjfa-63113	105	8	leftwich	leftwich	PROPN
cjfa-63113	105	9	and	and	CCONJ
cjfa-63113	105	10	long	long	ADJ
cjfa-63113	105	11	(	(	PUNCT
cjfa-63113	105	12	1977	1977	NUM
cjfa-63113	105	13	)	)	PUNCT
cjfa-63113	105	14	,	,	PUNCT
cjfa-63113	105	15	and	and	CCONJ
cjfa-63113	105	16	demiguel	demiguel	VERB
cjfa-63113	105	17	et	et	PROPN
cjfa-63113	105	18	al	al	PROPN
cjfa-63113	105	19	.	.	PUNCT
cjfa-63113	106	1	(	(	PUNCT
cjfa-63113	106	2	2009	2009	NUM
cjfa-63113	106	3	)	)	PUNCT
cjfa-63113	106	4	.	.	PUNCT
cjfa-63113	107	1	12	12	NUM
cjfa-63113	107	2	 	 	SPACE
cjfa-63113	107	3	whereas	whereas	SCONJ
cjfa-63113	107	4	other	other	ADJ
cjfa-63113	107	5	studies	study	NOUN
cjfa-63113	107	6	also	also	ADV
cjfa-63113	107	7	investigate	investigate	VERB
cjfa-63113	107	8	the	the	DET
cjfa-63113	107	9	impact	impact	NOUN
cjfa-63113	107	10	on	on	ADP
cjfa-63113	107	11	sustainability	sustainability	NOUN
cjfa-63113	107	12	(	(	PUNCT
cjfa-63113	107	13	e.g.	e.g.	ADV
cjfa-63113	107	14	,	,	PUNCT
cjfa-63113	107	15	jacob	jacob	PROPN
cjfa-63113	107	16	&	&	CCONJ
cjfa-63113	107	17	wilkens	wilkens	PROPN
cjfa-63113	107	18	,	,	PUNCT
cjfa-63113	107	19	2021	2021	NUM
cjfa-63113	107	20	)	)	PUNCT
cjfa-63113	107	21	,	,	PUNCT
cjfa-63113	107	22	in	in	ADP
cjfa-63113	107	23	this	this	DET
cjfa-63113	107	24	paper	paper	NOUN
cjfa-63113	107	25	,	,	PUNCT
cjfa-63113	107	26	in	in	ADP
cjfa-63113	107	27	regard	regard	NOUN
cjfa-63113	107	28	to	to	ADP
cjfa-63113	107	29	sustainability	sustainability	NOUN
cjfa-63113	107	30	,	,	PUNCT
cjfa-63113	107	31	we	we	PRON
cjfa-63113	107	32	compare	compare	VERB
cjfa-63113	107	33	the	the	DET
cjfa-63113	107	34	financial	financial	ADJ
cjfa-63113	107	35	performance	performance	NOUN
cjfa-63113	107	36	of	of	ADP
cjfa-63113	107	37	different	different	ADJ
cjfa-63113	107	38	investment	investment	NOUN
cjfa-63113	107	39	strategies	strategy	NOUN
cjfa-63113	107	40	.	.	PUNCT
cjfa-63113	108	1	impact	impact	NOUN
cjfa-63113	108	2	investing	invest	VERB
cjfa-63113	108	3	from	from	ADP
cjfa-63113	108	4	a	a	DET
cjfa-63113	108	5	european	european	ADJ
cjfa-63113	108	6	perspective	perspective	NOUN
cjfa-63113	108	7	…	…	PUNCT
cjfa-63113	108	8	9393	9393	NUM
cjfa-63113	108	9	latter	latter	ADV
cjfa-63113	108	10	providing	provide	VERB
cjfa-63113	108	11	an	an	DET
cjfa-63113	108	12	easily	easily	ADV
cjfa-63113	108	13	reproducible	reproducible	ADJ
cjfa-63113	108	14	alternative13	alternative13	NOUN
cjfa-63113	108	15	.	.	PUNCT
cjfa-63113	109	1	while	while	SCONJ
cjfa-63113	109	2	naive	naive	ADJ
cjfa-63113	109	3	diversification	diversification	NOUN
cjfa-63113	109	4	may	may	AUX
cjfa-63113	109	5	lead	lead	VERB
cjfa-63113	109	6	to	to	ADP
cjfa-63113	109	7	suboptimal	suboptimal	ADJ
cjfa-63113	109	8	portfolios	portfolio	NOUN
cjfa-63113	109	9	,	,	PUNCT
cjfa-63113	109	10	it	it	PRON
cjfa-63113	109	11	is	be	AUX
cjfa-63113	109	12	easier	easy	ADJ
cjfa-63113	109	13	to	to	PART
cjfa-63113	109	14	implement	implement	VERB
cjfa-63113	109	15	.	.	PUNCT
cjfa-63113	110	1	comparing	compare	VERB
cjfa-63113	110	2	both	both	DET
cjfa-63113	110	3	methods	method	NOUN
cjfa-63113	110	4	helps	help	VERB
cjfa-63113	110	5	to	to	PART
cjfa-63113	110	6	determine	determine	VERB
cjfa-63113	110	7	whether	whether	SCONJ
cjfa-63113	110	8	the	the	DET
cjfa-63113	110	9	performance	performance	NOUN
cjfa-63113	110	10	justifies	justify	VERB
cjfa-63113	110	11	the	the	DET
cjfa-63113	110	12	effort	effort	NOUN
cjfa-63113	110	13	required	require	VERB
cjfa-63113	110	14	for	for	ADP
cjfa-63113	110	15	markowitz	markowitz	PROPN
cjfa-63113	110	16	optimization	optimization	NOUN
cjfa-63113	110	17	.	.	PUNCT
cjfa-63113	111	1	we	we	PRON
cjfa-63113	111	2	chose	choose	VERB
cjfa-63113	111	3	an	an	DET
cjfa-63113	111	4	european	european	ADJ
cjfa-63113	111	5	instead	instead	ADV
cjfa-63113	111	6	of	of	ADP
cjfa-63113	111	7	a	a	DET
cjfa-63113	111	8	german	german	ADJ
cjfa-63113	111	9	-	-	PUNCT
cjfa-63113	111	10	only	only	ADJ
cjfa-63113	111	11	perspective	perspective	NOUN
cjfa-63113	111	12	,	,	PUNCT
cjfa-63113	111	13	to	to	PART
cjfa-63113	111	14	be	be	AUX
cjfa-63113	111	15	able	able	ADJ
cjfa-63113	111	16	to	to	PART
cjfa-63113	111	17	choose	choose	VERB
cjfa-63113	111	18	from	from	ADP
cjfa-63113	111	19	a	a	DET
cjfa-63113	111	20	larger	large	ADJ
cjfa-63113	111	21	investment	investment	NOUN
cjfa-63113	111	22	universe14	universe14	NOUN
cjfa-63113	111	23	.	.	PUNCT
cjfa-63113	112	1	we	we	PRON
cjfa-63113	112	2	excluded	exclude	VERB
cjfa-63113	112	3	transaction	transaction	NOUN
cjfa-63113	112	4	costs	cost	NOUN
cjfa-63113	112	5	and	and	CCONJ
cjfa-63113	112	6	taxes	taxis	NOUN
cjfa-63113	112	7	.	.	PUNCT
cjfa-63113	113	1	the	the	DET
cjfa-63113	113	2	portfolios	portfolio	NOUN
cjfa-63113	113	3	were	be	AUX
cjfa-63113	113	4	based	base	VERB
cjfa-63113	113	5	on	on	ADP
cjfa-63113	113	6	stocks	stock	NOUN
cjfa-63113	113	7	from	from	ADP
cjfa-63113	113	8	three	three	NUM
cjfa-63113	113	9	indices	index	NOUN
cjfa-63113	113	10	:	:	PUNCT
cjfa-63113	113	11	conventional	conventional	ADJ
cjfa-63113	113	12	portfolios	portfolio	NOUN
cjfa-63113	113	13	were	be	AUX
cjfa-63113	113	14	constructed	construct	VERB
cjfa-63113	113	15	from	from	ADP
cjfa-63113	113	16	the	the	DET
cjfa-63113	113	17	stoxx	stoxx	PROPN
cjfa-63113	113	18	europe	europe	PROPN
cjfa-63113	113	19	50	50	NUM
cjfa-63113	113	20	index	index	NOUN
cjfa-63113	113	21	,	,	PUNCT
cjfa-63113	113	22	covering	cover	VERB
cjfa-63113	113	23	50	50	NUM
cjfa-63113	113	24	stocks	stock	NOUN
cjfa-63113	113	25	from	from	ADP
cjfa-63113	113	26	17	17	NUM
cjfa-63113	113	27	countries	country	NOUN
cjfa-63113	113	28	(	(	PUNCT
cjfa-63113	113	29	quontigo	quontigo	INTJ
cjfa-63113	113	30	,	,	PUNCT
cjfa-63113	113	31	n.d.(a	n.d.(a	PROPN
cjfa-63113	113	32	)	)	PUNCT
cjfa-63113	113	33	)	)	PUNCT
cjfa-63113	113	34	;	;	PUNCT
cjfa-63113	113	35	esg	esg	NOUN
cjfa-63113	113	36	portfolios	portfolio	NOUN
cjfa-63113	113	37	used	use	VERB
cjfa-63113	113	38	stocks	stock	NOUN
cjfa-63113	113	39	from	from	ADP
cjfa-63113	113	40	the	the	DET
cjfa-63113	113	41	stoxx	stoxx	PROPN
cjfa-63113	113	42	europe	europe	PROPN
cjfa-63113	113	43	esg	esg	PROPN
cjfa-63113	113	44	leaders	leaders	PROPN
cjfa-63113	113	45	50	50	NUM
cjfa-63113	113	46	index	index	NOUN
cjfa-63113	113	47	,	,	PUNCT
cjfa-63113	113	48	which	which	PRON
cjfa-63113	113	49	includes	include	VERB
cjfa-63113	113	50	companies	company	NOUN
cjfa-63113	113	51	excelling	excel	VERB
cjfa-63113	113	52	in	in	ADP
cjfa-63113	113	53	esg	esg	PROPN
cjfa-63113	113	54	issues	issue	NOUN
cjfa-63113	113	55	(	(	PUNCT
cjfa-63113	113	56	quontigo	quontigo	INTJ
cjfa-63113	113	57	,	,	PUNCT
cjfa-63113	113	58	n.d.(b	n.d.(b	PROPN
cjfa-63113	113	59	)	)	PUNCT
cjfa-63113	113	60	)	)	PUNCT
cjfa-63113	113	61	;	;	PUNCT
cjfa-63113	113	62	impact	impact	NOUN
cjfa-63113	113	63	portfolios	portfolio	NOUN
cjfa-63113	113	64	were	be	AUX
cjfa-63113	113	65	constructed	construct	VERB
cjfa-63113	113	66	from	from	ADP
cjfa-63113	113	67	the	the	DET
cjfa-63113	113	68	msci	msci	PROPN
cjfa-63113	113	69	acwi	acwi	VERB
cjfa-63113	113	70	sustainable	sustainable	ADJ
cjfa-63113	113	71	impact	impact	NOUN
cjfa-63113	113	72	index	index	NOUN
cjfa-63113	113	73	,	,	PUNCT
cjfa-63113	113	74	containing	contain	VERB
cjfa-63113	113	75	companies	company	NOUN
cjfa-63113	113	76	whose	whose	DET
cjfa-63113	113	77	core	core	NOUN
cjfa-63113	113	78	business	business	NOUN
cjfa-63113	113	79	addresses	address	VERB
cjfa-63113	113	80	global	global	ADJ
cjfa-63113	113	81	social	social	ADJ
cjfa-63113	113	82	or	or	CCONJ
cjfa-63113	113	83	environmental	environmental	ADJ
cjfa-63113	113	84	challenges	challenge	NOUN
cjfa-63113	113	85	and	and	CCONJ
cjfa-63113	113	86	promotes	promote	VERB
cjfa-63113	113	87	the	the	DET
cjfa-63113	113	88	sdgs	sdgs	ADJ
cjfa-63113	113	89	(	(	PUNCT
cjfa-63113	113	90	msci	msci	PROPN
cjfa-63113	113	91	,	,	PUNCT
cjfa-63113	113	92	2024a	2024a	NUM
cjfa-63113	113	93	)	)	PUNCT
cjfa-63113	113	94	.	.	PUNCT
cjfa-63113	114	1	we	we	PRON
cjfa-63113	114	2	derived	derive	VERB
cjfa-63113	114	3	the	the	DET
cjfa-63113	114	4	index	index	NOUN
cjfa-63113	114	5	constituents	constituent	NOUN
cjfa-63113	114	6	from	from	ADP
cjfa-63113	114	7	thomson	thomson	PROPN
cjfa-63113	114	8	reuters	reuters	PROPN
cjfa-63113	114	9	datastream	datastream	PROPN
cjfa-63113	114	10	,	,	PUNCT
cjfa-63113	114	11	initially	initially	ADV
cjfa-63113	114	12	selecting	select	VERB
cjfa-63113	114	13	all	all	DET
cjfa-63113	114	14	stocks	stock	NOUN
cjfa-63113	114	15	included	include	VERB
cjfa-63113	114	16	in	in	ADP
cjfa-63113	114	17	the	the	DET
cjfa-63113	114	18	indices	index	NOUN
cjfa-63113	114	19	as	as	ADP
cjfa-63113	114	20	of	of	ADP
cjfa-63113	114	21	april	april	PROPN
cjfa-63113	114	22	2024	2024	NUM
cjfa-63113	114	23	.	.	PUNCT
cjfa-63113	115	1	however	however	ADV
cjfa-63113	115	2	,	,	PUNCT
cjfa-63113	115	3	for	for	ADP
cjfa-63113	115	4	comparability	comparability	NOUN
cjfa-63113	115	5	and	and	CCONJ
cjfa-63113	115	6	a	a	DET
cjfa-63113	115	7	european	european	ADJ
cjfa-63113	115	8	focus	focus	NOUN
cjfa-63113	115	9	,	,	PUNCT
cjfa-63113	115	10	non	non	ADJ
cjfa-63113	115	11	-	-	ADJ
cjfa-63113	115	12	european	european	ADJ
cjfa-63113	115	13	companies	company	NOUN
cjfa-63113	115	14	were	be	AUX
cjfa-63113	115	15	excluded	exclude	VERB
cjfa-63113	115	16	from	from	ADP
cjfa-63113	115	17	the	the	DET
cjfa-63113	115	18	impact	impact	NOUN
cjfa-63113	115	19	index	index	NOUN
cjfa-63113	115	20	.	.	PUNCT
cjfa-63113	116	1	additionally	additionally	ADV
cjfa-63113	116	2	,	,	PUNCT
cjfa-63113	116	3	companies	company	NOUN
cjfa-63113	116	4	listed	list	VERB
cjfa-63113	116	5	on	on	ADP
cjfa-63113	116	6	the	the	DET
cjfa-63113	116	7	frankfurt	frankfurt	PROPN
cjfa-63113	116	8	stock	stock	PROPN
cjfa-63113	116	9	exchange	exchange	NOUN
cjfa-63113	116	10	after	after	ADP
cjfa-63113	116	11	2009	2009	NUM
cjfa-63113	116	12	or	or	CCONJ
cjfa-63113	116	13	not	not	PART
cjfa-63113	116	14	listed	list	VERB
cjfa-63113	116	15	at	at	ADP
cjfa-63113	116	16	all	all	ADV
cjfa-63113	116	17	were	be	AUX
cjfa-63113	116	18	excluded	exclude	VERB
cjfa-63113	116	19	,	,	PUNCT
cjfa-63113	116	20	along	along	ADP
cjfa-63113	116	21	with	with	ADP
cjfa-63113	116	22	swiss	swiss	ADJ
cjfa-63113	116	23	companies	company	NOUN
cjfa-63113	116	24	due	due	ADJ
cjfa-63113	116	25	to	to	ADP
cjfa-63113	116	26	trading	trading	NOUN
cjfa-63113	116	27	suspensions	suspension	NOUN
cjfa-63113	116	28	(	(	PUNCT
cjfa-63113	116	29	börse	börse	NOUN
cjfa-63113	116	30	frankfurt	frankfurt	PROPN
cjfa-63113	116	31	,	,	PUNCT
cjfa-63113	116	32	2019	2019	NUM
cjfa-63113	116	33	)	)	PUNCT
cjfa-63113	116	34	.	.	PUNCT
cjfa-63113	117	1	companies	company	NOUN
cjfa-63113	117	2	with	with	ADP
cjfa-63113	117	3	0	0	NUM
cjfa-63113	117	4	%	%	NOUN
cjfa-63113	117	5	quarterly	quarterly	ADJ
cjfa-63113	117	6	returns	return	NOUN
cjfa-63113	117	7	were	be	AUX
cjfa-63113	117	8	also	also	ADV
cjfa-63113	117	9	excluded	exclude	VERB
cjfa-63113	117	10	.	.	PUNCT
cjfa-63113	118	1	these	these	DET
cjfa-63113	118	2	adjustments	adjustment	NOUN
cjfa-63113	118	3	resulted	result	VERB
cjfa-63113	118	4	in	in	ADP
cjfa-63113	118	5	41	41	NUM
cjfa-63113	118	6	conventional	conventional	ADJ
cjfa-63113	118	7	,	,	PUNCT
cjfa-63113	118	8	47	47	NUM
cjfa-63113	118	9	esg	esg	NOUN
cjfa-63113	118	10	,	,	PUNCT
cjfa-63113	118	11	and	and	CCONJ
cjfa-63113	118	12	20	20	NUM
cjfa-63113	118	13	impact	impact	NOUN
cjfa-63113	118	14	companies	company	NOUN
cjfa-63113	118	15	available	available	ADJ
cjfa-63113	118	16	for	for	ADP
cjfa-63113	118	17	investment	investment	NOUN
cjfa-63113	118	18	.	.	PUNCT
cjfa-63113	119	1	discrete	discrete	ADJ
cjfa-63113	119	2	quarterly	quarterly	ADJ
cjfa-63113	119	3	total	total	ADJ
cjfa-63113	119	4	returns	return	NOUN
cjfa-63113	119	5	(	(	PUNCT
cjfa-63113	119	6	reinvestment	reinvestment	NOUN
cjfa-63113	119	7	of	of	ADP
cjfa-63113	119	8	dividends	dividend	NOUN
cjfa-63113	119	9	was	be	AUX
cjfa-63113	119	10	assumed	assume	VERB
cjfa-63113	119	11	herefore	herefore	ADV
cjfa-63113	119	12	)	)	PUNCT
cjfa-63113	119	13	were	be	AUX
cjfa-63113	119	14	calculated	calculate	VERB
cjfa-63113	119	15	based	base	VERB
cjfa-63113	119	16	on	on	ADP
cjfa-63113	119	17	stock	stock	NOUN
cjfa-63113	119	18	prices15	prices15	NOUN
cjfa-63113	119	19	taken	take	VERB
cjfa-63113	119	20	from	from	ADP
cjfa-63113	119	21	thomson	thomson	PROPN
cjfa-63113	119	22	reuters	reuters	PROPN
cjfa-63113	119	23	datastream	datastream	PROPN
cjfa-63113	119	24	.	.	PUNCT
cjfa-63113	120	1	however	however	ADV
cjfa-63113	120	2	,	,	PUNCT
cjfa-63113	120	3	aligning	align	VERB
cjfa-63113	120	4	with	with	ADP
cjfa-63113	120	5	cunha	cunha	NOUN
cjfa-63113	120	6	et	et	PROPN
cjfa-63113	120	7	al	al	PROPN
cjfa-63113	120	8	.	.	PROPN
cjfa-63113	121	1	(	(	PUNCT
cjfa-63113	121	2	2020	2020	NUM
cjfa-63113	121	3	)	)	PUNCT
cjfa-63113	122	1	and	and	CCONJ
cjfa-63113	122	2	taking	take	VERB
cjfa-63113	122	3	into	into	ADP
cjfa-63113	122	4	account	account	NOUN
cjfa-63113	122	5	the	the	DET
cjfa-63113	122	6	portfolio	portfolio	NOUN
cjfa-63113	122	7	additivity	additivity	NOUN
cjfa-63113	122	8	,	,	PUNCT
cjfa-63113	122	9	we	we	PRON
cjfa-63113	122	10	use	use	VERB
cjfa-63113	122	11	discrete	discrete	ADJ
cjfa-63113	122	12	returns	return	NOUN
cjfa-63113	122	13	in	in	ADP
cjfa-63113	122	14	this	this	DET
cjfa-63113	122	15	paper	paper	NOUN
cjfa-63113	122	16	.	.	PUNCT
cjfa-63113	123	1	we	we	PRON
cjfa-63113	123	2	construct	construct	VERB
cjfa-63113	123	3	several	several	ADJ
cjfa-63113	123	4	european	european	ADJ
cjfa-63113	123	5	equity	equity	NOUN
cjfa-63113	123	6	portfolios	portfolio	NOUN
cjfa-63113	123	7	to	to	PART
cjfa-63113	123	8	investigate	investigate	VERB
cjfa-63113	123	9	and	and	CCONJ
cjfa-63113	123	10	compare	compare	VERB
cjfa-63113	123	11	the	the	DET
cjfa-63113	123	12	financial	financial	ADJ
cjfa-63113	123	13	performance	performance	NOUN
cjfa-63113	123	14	of	of	ADP
cjfa-63113	123	15	impact	impact	NOUN
cjfa-63113	123	16	,	,	PUNCT
cjfa-63113	123	17	esg	esg	NOUN
cjfa-63113	123	18	and	and	CCONJ
cjfa-63113	123	19	conventional	conventional	ADJ
cjfa-63113	123	20	investments	investment	NOUN
cjfa-63113	123	21	on	on	ADP
cjfa-63113	123	22	the	the	DET
cjfa-63113	123	23	european	european	ADJ
cjfa-63113	123	24	stock	stock	NOUN
cjfa-63113	123	25	market	market	NOUN
cjfa-63113	123	26	.	.	PUNCT
cjfa-63113	124	1	we	we	PRON
cjfa-63113	124	2	further	far	ADV
cjfa-63113	124	3	discuss	discuss	VERB
cjfa-63113	124	4	whether	whether	SCONJ
cjfa-63113	124	5	the	the	DET
cjfa-63113	124	6	respective	respective	ADJ
cjfa-63113	124	7	weighting	weighting	NOUN
cjfa-63113	124	8	strategy	strategy	NOUN
cjfa-63113	124	9	applied	apply	VERB
cjfa-63113	124	10	in	in	ADP
cjfa-63113	124	11	form	form	NOUN
cjfa-63113	124	12	of	of	ADP
cjfa-63113	124	13	markowitz	markowitz	PROPN
cjfa-63113	124	14	optimization	optimization	PROPN
cjfa-63113	124	15	(	(	PUNCT
cjfa-63113	124	16	markowitz	markowitz	PROPN
cjfa-63113	124	17	,	,	PUNCT
cjfa-63113	124	18	1952	1952	NUM
cjfa-63113	124	19	)	)	PUNCT
cjfa-63113	124	20	and	and	CCONJ
cjfa-63113	124	21	naive	naive	ADJ
cjfa-63113	124	22	diversification	diversification	NOUN
cjfa-63113	124	23	has	have	VERB
cjfa-63113	124	24	an	an	DET
cjfa-63113	124	25	impact	impact	NOUN
cjfa-63113	124	26	on	on	ADP
cjfa-63113	124	27	the	the	DET
cjfa-63113	124	28	financial	financial	ADJ
cjfa-63113	124	29	performance	performance	NOUN
cjfa-63113	124	30	.	.	PUNCT
cjfa-63113	125	1	13	13	NUM
cjfa-63113	125	2	 	 	SPACE
cjfa-63113	125	3	berk	berk	PROPN
cjfa-63113	125	4	and	and	CCONJ
cjfa-63113	125	5	van	van	PROPN
cjfa-63113	125	6	binsbergen	binsbergen	PROPN
cjfa-63113	125	7	(	(	PUNCT
cjfa-63113	125	8	2025	2025	NUM
cjfa-63113	125	9	)	)	PUNCT
cjfa-63113	125	10	analyze	analyze	VERB
cjfa-63113	125	11	disinvestment	disinvestment	NOUN
cjfa-63113	125	12	’s	’s	PART
cjfa-63113	125	13	effect	effect	NOUN
cjfa-63113	125	14	,	,	PUNCT
cjfa-63113	125	15	concluding	conclude	VERB
cjfa-63113	125	16	that	that	SCONJ
cjfa-63113	125	17	investing	investing	NOUN
cjfa-63113	125	18	,	,	PUNCT
cjfa-63113	125	19	rather	rather	ADV
cjfa-63113	125	20	than	than	ADP
cjfa-63113	125	21	disinvesting	disinvest	VERB
cjfa-63113	125	22	,	,	PUNCT
cjfa-63113	125	23	is	be	AUX
cjfa-63113	125	24	more	more	ADV
cjfa-63113	125	25	effective	effective	ADJ
cjfa-63113	125	26	for	for	ADP
cjfa-63113	125	27	controlling	control	VERB
cjfa-63113	125	28	sustainability	sustainability	NOUN
cjfa-63113	125	29	and	and	CCONJ
cjfa-63113	125	30	making	make	VERB
cjfa-63113	125	31	an	an	DET
cjfa-63113	125	32	impact	impact	NOUN
cjfa-63113	125	33	.	.	PUNCT
cjfa-63113	126	1	14	14	NUM
cjfa-63113	126	2	 	 	SPACE
cjfa-63113	126	3	the	the	DET
cjfa-63113	126	4	first	first	ADJ
cjfa-63113	126	5	esg	esg	PROPN
cjfa-63113	126	6	index	index	NOUN
cjfa-63113	126	7	on	on	ADP
cjfa-63113	126	8	the	the	DET
cjfa-63113	126	9	german	german	ADJ
cjfa-63113	126	10	stock	stock	NOUN
cjfa-63113	126	11	exchange	exchange	NOUN
cjfa-63113	126	12	,	,	PUNCT
cjfa-63113	126	13	launched	launch	VERB
cjfa-63113	126	14	in	in	ADP
cjfa-63113	126	15	march	march	PROPN
cjfa-63113	126	16	2020	2020	NUM
cjfa-63113	126	17	,	,	PUNCT
cjfa-63113	126	18	initially	initially	ADV
cjfa-63113	126	19	underperformed	underperform	VERB
cjfa-63113	126	20	in	in	ADP
cjfa-63113	126	21	both	both	CCONJ
cjfa-63113	126	22	sustainability	sustainability	NOUN
cjfa-63113	126	23	and	and	CCONJ
cjfa-63113	126	24	financial	financial	ADJ
cjfa-63113	126	25	performance	performance	NOUN
cjfa-63113	126	26	.	.	PUNCT
cjfa-63113	127	1	cf	cf	NOUN
cjfa-63113	127	2	.	.	PUNCT
cjfa-63113	128	1	nerlinger	nerlinger	ADV
cjfa-63113	128	2	(	(	PUNCT
cjfa-63113	128	3	2020	2020	NUM
cjfa-63113	128	4	)	)	PUNCT
cjfa-63113	128	5	.	.	PUNCT
cjfa-63113	129	1	15	15	NUM
cjfa-63113	129	2	 	 	SPACE
cjfa-63113	129	3	we	we	PRON
cjfa-63113	129	4	used	use	VERB
cjfa-63113	129	5	thomson	thomson	PROPN
cjfa-63113	129	6	-	-	PUNCT
cjfa-63113	129	7	reuters	reuters	PROPN
cjfa-63113	129	8	datastream	datastream	ADJ
cjfa-63113	129	9	total	total	ADJ
cjfa-63113	129	10	return	return	NOUN
cjfa-63113	129	11	indices	index	NOUN
cjfa-63113	129	12	for	for	ADP
cjfa-63113	129	13	return	return	NOUN
cjfa-63113	129	14	calculation	calculation	NOUN
cjfa-63113	129	15	.	.	PUNCT
cjfa-63113	130	1	eva	eva	PROPN
cjfa-63113	130	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	130	3	,	,	PUNCT
cjfa-63113	130	4	tanja	tanja	NOUN
cjfa-63113	130	5	sinha9494	sinha9494	PROPN
cjfa-63113	130	6	for	for	ADP
cjfa-63113	130	7	each	each	DET
cjfa-63113	130	8	weighting	weight	VERB
cjfa-63113	130	9	strategy	strategy	NOUN
cjfa-63113	130	10	a	a	PRON
cjfa-63113	130	11	conventional	conventional	ADJ
cjfa-63113	130	12	,	,	PUNCT
cjfa-63113	130	13	esg	esg	NOUN
cjfa-63113	130	14	and	and	CCONJ
cjfa-63113	130	15	impact	impact	NOUN
cjfa-63113	130	16	portfolio	portfolio	NOUN
cjfa-63113	130	17	are	be	AUX
cjfa-63113	130	18	constructed	construct	VERB
cjfa-63113	130	19	.	.	PUNCT
cjfa-63113	131	1	our	our	PRON
cjfa-63113	131	2	analysis	analysis	NOUN
cjfa-63113	131	3	is	be	AUX
cjfa-63113	131	4	based	base	VERB
cjfa-63113	131	5	on	on	ADP
cjfa-63113	131	6	a	a	DET
cjfa-63113	131	7	total	total	NOUN
cjfa-63113	131	8	of	of	ADP
cjfa-63113	131	9	six	six	NUM
cjfa-63113	131	10	portfolios	portfolio	NOUN
cjfa-63113	131	11	.	.	PUNCT
cjfa-63113	132	1	each	each	DET
cjfa-63113	132	2	portfolio	portfolio	NOUN
cjfa-63113	132	3	is	be	AUX
cjfa-63113	132	4	adjusted	adjust	VERB
cjfa-63113	132	5	quarterly	quarterly	ADV
cjfa-63113	132	6	on	on	ADP
cjfa-63113	132	7	the	the	DET
cjfa-63113	132	8	last	last	ADJ
cjfa-63113	132	9	day	day	NOUN
cjfa-63113	132	10	of	of	ADP
cjfa-63113	132	11	march	march	PROPN
cjfa-63113	132	12	,	,	PUNCT
cjfa-63113	132	13	june	june	PROPN
cjfa-63113	132	14	,	,	PUNCT
cjfa-63113	132	15	september	september	PROPN
cjfa-63113	132	16	,	,	PUNCT
cjfa-63113	132	17	and	and	CCONJ
cjfa-63113	132	18	december	december	PROPN
cjfa-63113	132	19	.	.	PUNCT
cjfa-63113	133	1	covering	cover	VERB
cjfa-63113	133	2	the	the	DET
cjfa-63113	133	3	period	period	NOUN
cjfa-63113	133	4	from	from	ADP
cjfa-63113	133	5	january	january	PROPN
cjfa-63113	133	6	1	1	NUM
cjfa-63113	133	7	,	,	PUNCT
cjfa-63113	133	8	2011	2011	NUM
cjfa-63113	133	9	,	,	PUNCT
cjfa-63113	133	10	to	to	ADP
cjfa-63113	133	11	december	december	PROPN
cjfa-63113	133	12	29	29	NUM
cjfa-63113	133	13	,	,	PUNCT
cjfa-63113	133	14	2023	2023	NUM
cjfa-63113	133	15	,	,	PUNCT
cjfa-63113	133	16	this	this	PRON
cjfa-63113	133	17	results	result	VERB
cjfa-63113	133	18	in	in	ADP
cjfa-63113	133	19	51	51	NUM
cjfa-63113	133	20	rebalancing	rebalancing	NOUN
cjfa-63113	133	21	dates16	dates16	NOUN
cjfa-63113	133	22	.	.	PUNCT
cjfa-63113	134	1	while	while	SCONJ
cjfa-63113	134	2	quarterly	quarterly	ADJ
cjfa-63113	134	3	adjustments	adjustment	NOUN
cjfa-63113	134	4	may	may	AUX
cjfa-63113	134	5	not	not	PART
cjfa-63113	134	6	suit	suit	VERB
cjfa-63113	134	7	all	all	DET
cjfa-63113	134	8	investors	investor	NOUN
cjfa-63113	134	9	or	or	CCONJ
cjfa-63113	134	10	market	market	NOUN
cjfa-63113	134	11	conditions	condition	NOUN
cjfa-63113	134	12	,	,	PUNCT
cjfa-63113	134	13	it	it	PRON
cjfa-63113	134	14	allows	allow	VERB
cjfa-63113	134	15	for	for	ADP
cjfa-63113	134	16	comparability	comparability	NOUN
cjfa-63113	134	17	with	with	ADP
cjfa-63113	134	18	common	common	ADJ
cjfa-63113	134	19	indices	index	NOUN
cjfa-63113	134	20	,	,	PUNCT
cjfa-63113	134	21	which	which	PRON
cjfa-63113	134	22	also	also	ADV
cjfa-63113	134	23	use	use	VERB
cjfa-63113	134	24	quarterly	quarterly	ADJ
cjfa-63113	134	25	rebalancing	rebalancing	NOUN
cjfa-63113	134	26	(	(	PUNCT
cjfa-63113	134	27	stoxx	stoxx	ADJ
cjfa-63113	134	28	,	,	PUNCT
cjfa-63113	134	29	2024	2024	NUM
cjfa-63113	134	30	;	;	PUNCT
cjfa-63113	134	31	msci	msci	PROPN
cjfa-63113	134	32	,	,	PUNCT
cjfa-63113	134	33	2024b)17	2024b)17	NUM
cjfa-63113	134	34	.	.	PUNCT
cjfa-63113	135	1	we	we	PRON
cjfa-63113	135	2	calculated	calculate	VERB
cjfa-63113	135	3	the	the	DET
cjfa-63113	135	4	expected	expect	VERB
cjfa-63113	135	5	returns	return	NOUN
cjfa-63113	135	6	for	for	ADP
cjfa-63113	135	7	the	the	DET
cjfa-63113	135	8	next	next	ADJ
cjfa-63113	135	9	quarter	quarter	NOUN
cjfa-63113	135	10	as	as	ADP
cjfa-63113	135	11	geometric	geometric	ADJ
cjfa-63113	135	12	mean	mean	NOUN
cjfa-63113	135	13	of	of	ADP
cjfa-63113	135	14	the	the	DET
cjfa-63113	135	15	four	four	NUM
cjfa-63113	135	16	preceding	precede	VERB
cjfa-63113	135	17	quarters18	quarters18	NOUN
cjfa-63113	135	18	.	.	PUNCT
cjfa-63113	136	1	standard	standard	ADJ
cjfa-63113	136	2	deviation	deviation	NOUN
cjfa-63113	136	3	and	and	CCONJ
cjfa-63113	136	4	sharpe	sharpe	NOUN
cjfa-63113	136	5	ratio	ratio	NOUN
cjfa-63113	136	6	were	be	AUX
cjfa-63113	136	7	calculated	calculate	VERB
cjfa-63113	136	8	for	for	ADP
cjfa-63113	136	9	all	all	DET
cjfa-63113	136	10	stocks	stock	NOUN
cjfa-63113	136	11	per	per	ADP
cjfa-63113	136	12	quarter	quarter	NOUN
cjfa-63113	136	13	for	for	ADP
cjfa-63113	136	14	an	an	DET
cjfa-63113	136	15	assessment	assessment	NOUN
cjfa-63113	136	16	of	of	ADP
cjfa-63113	136	17	the	the	DET
cjfa-63113	136	18	risk	risk	NOUN
cjfa-63113	136	19	-	-	PUNCT
cjfa-63113	136	20	return	return	NOUN
cjfa-63113	136	21	characteristics	characteristic	NOUN
cjfa-63113	136	22	of	of	ADP
cjfa-63113	136	23	the	the	DET
cjfa-63113	136	24	securities	security	NOUN
cjfa-63113	136	25	.	.	PUNCT
cjfa-63113	137	1	the	the	DET
cjfa-63113	137	2	markowitz	markowitz	PROPN
cjfa-63113	137	3	optimization	optimization	NOUN
cjfa-63113	137	4	portfolios	portfolio	NOUN
cjfa-63113	137	5	aimed	aim	VERB
cjfa-63113	137	6	to	to	PART
cjfa-63113	137	7	maximize	maximize	VERB
cjfa-63113	137	8	return	return	NOUN
cjfa-63113	137	9	with	with	ADP
cjfa-63113	137	10	a	a	DET
cjfa-63113	137	11	target	target	NOUN
cjfa-63113	137	12	risk	risk	NOUN
cjfa-63113	137	13	of	of	ADP
cjfa-63113	137	14	10.08	10.08	NUM
cjfa-63113	137	15	%	%	NOUN
cjfa-63113	137	16	,	,	PUNCT
cjfa-63113	137	17	reflecting	reflect	VERB
cjfa-63113	137	18	the	the	DET
cjfa-63113	137	19	3	3	NUM
cjfa-63113	137	20	-	-	PUNCT
cjfa-63113	137	21	month	month	NOUN
cjfa-63113	137	22	volatility	volatility	NOUN
cjfa-63113	137	23	of	of	ADP
cjfa-63113	137	24	the	the	DET
cjfa-63113	137	25	stoxx	stoxx	PROPN
cjfa-63113	137	26	europe	europe	PROPN
cjfa-63113	137	27	50	50	NUM
cjfa-63113	137	28	at	at	ADP
cjfa-63113	137	29	the	the	DET
cjfa-63113	137	30	time	time	NOUN
cjfa-63113	137	31	of	of	ADP
cjfa-63113	137	32	data	data	NOUN
cjfa-63113	137	33	collection	collection	NOUN
cjfa-63113	137	34	.	.	PUNCT
cjfa-63113	138	1	in	in	ADP
cjfa-63113	138	2	the	the	DET
cjfa-63113	138	3	naive	naive	ADJ
cjfa-63113	138	4	diversification	diversification	NOUN
cjfa-63113	138	5	portfolios	portfolio	NOUN
cjfa-63113	138	6	,	,	PUNCT
cjfa-63113	138	7	each	each	DET
cjfa-63113	138	8	stock	stock	NOUN
cjfa-63113	138	9	was	be	AUX
cjfa-63113	138	10	equally	equally	ADV
cjfa-63113	138	11	weighted	weight	VERB
cjfa-63113	138	12	.	.	PUNCT
cjfa-63113	139	1	to	to	PART
cjfa-63113	139	2	evaluate	evaluate	VERB
cjfa-63113	139	3	risk	risk	NOUN
cjfa-63113	139	4	-	-	PUNCT
cjfa-63113	139	5	adjusted	adjust	VERB
cjfa-63113	139	6	performance	performance	NOUN
cjfa-63113	139	7	,	,	PUNCT
cjfa-63113	139	8	we	we	PRON
cjfa-63113	139	9	calculated	calculate	VERB
cjfa-63113	139	10	the	the	DET
cjfa-63113	139	11	sharpe	sharpe	PROPN
cjfa-63113	139	12	ratios	ratio	NOUN
cjfa-63113	139	13	(	(	PUNCT
cjfa-63113	139	14	sharpe	sharpe	NOUN
cjfa-63113	139	15	,	,	PUNCT
cjfa-63113	139	16	1992	1992	NUM
cjfa-63113	139	17	)	)	PUNCT
cjfa-63113	139	18	quarterly	quarterly	ADV
cjfa-63113	139	19	,	,	PUNCT
cjfa-63113	139	20	using	use	VERB
cjfa-63113	139	21	the	the	DET
cjfa-63113	139	22	3	3	NUM
cjfa-63113	139	23	-	-	PUNCT
cjfa-63113	139	24	month	month	NOUN
cjfa-63113	139	25	euribor	euribor	PROPN
cjfa-63113	139	26	rate	rate	NOUN
cjfa-63113	139	27	as	as	ADP
cjfa-63113	139	28	the	the	DET
cjfa-63113	139	29	risk	risk	NOUN
cjfa-63113	139	30	-	-	PUNCT
cjfa-63113	139	31	free	free	ADJ
cjfa-63113	139	32	rate	rate	NOUN
cjfa-63113	139	33	,	,	PUNCT
cjfa-63113	139	34	sourced	source	VERB
cjfa-63113	139	35	from	from	ADP
cjfa-63113	139	36	thomson	thomson	PROPN
cjfa-63113	139	37	reuters	reuters	PROPN
cjfa-63113	139	38	datastream	datastream	PROPN
cjfa-63113	139	39	.	.	PUNCT
cjfa-63113	140	1	results	result	NOUN
cjfa-63113	140	2	for	for	ADP
cjfa-63113	140	3	performance	performance	NOUN
cjfa-63113	140	4	of	of	ADP
cjfa-63113	140	5	portfolios	portfolio	NOUN
cjfa-63113	140	6	built	build	VERB
cjfa-63113	140	7	results	result	NOUN
cjfa-63113	140	8	for	for	ADP
cjfa-63113	140	9	performance	performance	NOUN
cjfa-63113	140	10	of	of	ADP
cjfa-63113	140	11	portfolios	portfolio	NOUN
cjfa-63113	140	12	built	build	VERB
cjfa-63113	140	13	by	by	ADP
cjfa-63113	140	14	markowitz	markowitz	PROPN
cjfa-63113	140	15	optimizationby	optimizationby	PROPN
cjfa-63113	140	16	markowitz	markowitz	PROPN
cjfa-63113	140	17	optimization	optimization	PROPN
cjfa-63113	140	18	we	we	PRON
cjfa-63113	140	19	assess	assess	VERB
cjfa-63113	140	20	portfolio	portfolio	NOUN
cjfa-63113	140	21	performance	performance	NOUN
cjfa-63113	140	22	based	base	VERB
cjfa-63113	140	23	on	on	ADP
cjfa-63113	140	24	absolute	absolute	ADJ
cjfa-63113	140	25	returns	return	NOUN
cjfa-63113	140	26	,	,	PUNCT
cjfa-63113	140	27	similar	similar	ADJ
cjfa-63113	140	28	to	to	ADP
cjfa-63113	140	29	brzeszczynski	brzeszczynski	VERB
cjfa-63113	140	30	and	and	CCONJ
cjfa-63113	140	31	mcintosh	mcintosh	PROPN
cjfa-63113	140	32	(	(	PUNCT
cjfa-63113	140	33	2014	2014	NUM
cjfa-63113	140	34	)	)	PUNCT
cjfa-63113	140	35	,	,	PUNCT
cjfa-63113	140	36	by	by	ADP
cjfa-63113	140	37	tracking	track	VERB
cjfa-63113	140	38	a	a	DET
cjfa-63113	140	39	hypothetical	hypothetical	ADJ
cjfa-63113	140	40	10,000	10,000	NUM
cjfa-63113	140	41	eur	eur	NOUN
cjfa-63113	140	42	investment	investment	NOUN
cjfa-63113	140	43	from	from	ADP
cjfa-63113	140	44	january	january	PROPN
cjfa-63113	140	45	1	1	NUM
cjfa-63113	140	46	,	,	PUNCT
cjfa-63113	140	47	2011	2011	NUM
cjfa-63113	140	48	,	,	PUNCT
cjfa-63113	140	49	reinvested	reinveste	VERB
cjfa-63113	140	50	quarterly	quarterly	ADV
cjfa-63113	140	51	through	through	ADP
cjfa-63113	140	52	december	december	PROPN
cjfa-63113	140	53	2023	2023	NUM
cjfa-63113	140	54	.	.	PUNCT
cjfa-63113	141	1	additionally	additionally	ADV
cjfa-63113	141	2	,	,	PUNCT
cjfa-63113	141	3	we	we	PRON
cjfa-63113	141	4	analyze	analyze	VERB
cjfa-63113	141	5	quarterly	quarterly	ADJ
cjfa-63113	141	6	returns	return	NOUN
cjfa-63113	141	7	and	and	CCONJ
cjfa-63113	141	8	sharpe	sharpe	NOUN
cjfa-63113	141	9	ratios	ratio	NOUN
cjfa-63113	141	10	for	for	ADP
cjfa-63113	141	11	risk	risk	NOUN
cjfa-63113	141	12	-	-	PUNCT
cjfa-63113	141	13	adjusted	adjust	VERB
cjfa-63113	141	14	performance	performance	NOUN
cjfa-63113	141	15	,	,	PUNCT
cjfa-63113	141	16	before	before	ADP
cjfa-63113	141	17	evaluating	evaluate	VERB
cjfa-63113	141	18	the	the	DET
cjfa-63113	141	19	overall	overall	ADJ
cjfa-63113	141	20	results	result	NOUN
cjfa-63113	141	21	.	.	PUNCT
cjfa-63113	142	1	16	16	NUM
cjfa-63113	142	2	 	 	SPACE
cjfa-63113	142	3	this	this	DET
cjfa-63113	142	4	rebalancing	rebalancing	NOUN
cjfa-63113	142	5	is	be	AUX
cjfa-63113	142	6	according	accord	VERB
cjfa-63113	142	7	to	to	ADP
cjfa-63113	142	8	the	the	DET
cjfa-63113	142	9	quarterly	quarterly	ADJ
cjfa-63113	142	10	rebalancing	rebalancing	NOUN
cjfa-63113	142	11	for	for	ADP
cjfa-63113	142	12	the	the	DET
cjfa-63113	142	13	stock	stock	NOUN
cjfa-63113	142	14	indices	index	NOUN
cjfa-63113	142	15	used	use	VERB
cjfa-63113	142	16	in	in	ADP
cjfa-63113	142	17	this	this	DET
cjfa-63113	142	18	study	study	NOUN
cjfa-63113	142	19	and	and	CCONJ
cjfa-63113	142	20	to	to	PART
cjfa-63113	142	21	ref	ref	VERB
cjfa-63113	142	22	lect	lect	VERB
cjfa-63113	142	23	a	a	DET
cjfa-63113	142	24	portfolio	portfolio	NOUN
cjfa-63113	142	25	approach	approach	NOUN
cjfa-63113	142	26	that	that	PRON
cjfa-63113	142	27	can	can	AUX
cjfa-63113	142	28	be	be	AUX
cjfa-63113	142	29	modelled	model	VERB
cjfa-63113	142	30	by	by	ADP
cjfa-63113	142	31	individual	individual	ADJ
cjfa-63113	142	32	investors	investor	NOUN
cjfa-63113	142	33	.	.	PUNCT
cjfa-63113	143	1	17	17	NUM
cjfa-63113	143	2	 	 	SPACE
cjfa-63113	143	3	professional	professional	ADJ
cjfa-63113	143	4	investors	investor	NOUN
cjfa-63113	143	5	often	often	ADV
cjfa-63113	143	6	rebalance	rebalance	VERB
cjfa-63113	143	7	based	base	VERB
cjfa-63113	143	8	on	on	ADP
cjfa-63113	143	9	dynamic	dynamic	ADJ
cjfa-63113	143	10	factors	factor	NOUN
cjfa-63113	143	11	,	,	PUNCT
cjfa-63113	143	12	but	but	CCONJ
cjfa-63113	143	13	this	this	PRON
cjfa-63113	143	14	is	be	AUX
cjfa-63113	143	15	impractical	impractical	ADJ
cjfa-63113	143	16	for	for	ADP
cjfa-63113	143	17	retail	retail	ADJ
cjfa-63113	143	18	investors	investor	NOUN
cjfa-63113	143	19	.	.	PUNCT
cjfa-63113	144	1	both	both	DET
cjfa-63113	144	2	practitioners	practitioner	NOUN
cjfa-63113	144	3	(	(	PUNCT
cjfa-63113	144	4	zhang	zhang	PROPN
cjfa-63113	144	5	,	,	PUNCT
cjfa-63113	144	6	ahluwalia	ahluwalia	PROPN
cjfa-63113	144	7	,	,	PUNCT
cjfa-63113	144	8	ying	ying	PROPN
cjfa-63113	144	9	,	,	PUNCT
cjfa-63113	144	10	rabinovich	rabinovich	PROPN
cjfa-63113	144	11	&	&	CCONJ
cjfa-63113	144	12	geysen	geysen	PROPN
cjfa-63113	144	13	,	,	PUNCT
cjfa-63113	144	14	2022	2022	NUM
cjfa-63113	144	15	;	;	PUNCT
cjfa-63113	144	16	zilbering	zilbering	NOUN
cjfa-63113	144	17	,	,	PUNCT
cjfa-63113	144	18	jaconetti	jaconetti	NOUN
cjfa-63113	144	19	&	&	CCONJ
cjfa-63113	144	20	kinniry	kinniry	PROPN
cjfa-63113	144	21	,	,	PUNCT
cjfa-63113	144	22	2015	2015	NUM
cjfa-63113	144	23	)	)	PUNCT
cjfa-63113	144	24	and	and	CCONJ
cjfa-63113	144	25	academic	academic	ADJ
cjfa-63113	144	26	research	research	NOUN
cjfa-63113	144	27	(	(	PUNCT
cjfa-63113	144	28	cuthbertson	cuthbertson	NOUN
cjfa-63113	144	29	,	,	PUNCT
cjfa-63113	144	30	hayley	hayley	PROPN
cjfa-63113	144	31	,	,	PUNCT
cjfa-63113	144	32	motson	motson	NOUN
cjfa-63113	144	33	&	&	CCONJ
cjfa-63113	144	34	nitzsche	nitzsche	NOUN
cjfa-63113	144	35	,	,	PUNCT
cjfa-63113	144	36	2016	2016	NUM
cjfa-63113	144	37	)	)	PUNCT
cjfa-63113	144	38	advise	advise	VERB
cjfa-63113	144	39	against	against	ADP
cjfa-63113	144	40	overly	overly	ADV
cjfa-63113	144	41	frequent	frequent	ADJ
cjfa-63113	144	42	rebalancing	rebalancing	NOUN
cjfa-63113	144	43	,	,	PUNCT
cjfa-63113	144	44	as	as	SCONJ
cjfa-63113	144	45	it	it	PRON
cjfa-63113	144	46	may	may	AUX
cjfa-63113	144	47	not	not	PART
cjfa-63113	144	48	be	be	AUX
cjfa-63113	144	49	optimal	optimal	ADJ
cjfa-63113	144	50	.	.	PUNCT
cjfa-63113	145	1	18	18	NUM
cjfa-63113	145	2	 	 	SPACE
cjfa-63113	145	3	note	note	VERB
cjfa-63113	145	4	that	that	SCONJ
cjfa-63113	145	5	in	in	ADP
cjfa-63113	145	6	the	the	DET
cjfa-63113	145	7	following	following	NOUN
cjfa-63113	145	8	,	,	PUNCT
cjfa-63113	145	9	ex	ex	ADJ
cjfa-63113	145	10	-	-	ADJ
cjfa-63113	145	11	post	post	ADJ
cjfa-63113	145	12	returns	return	NOUN
cjfa-63113	145	13	are	be	AUX
cjfa-63113	145	14	meant	mean	VERB
cjfa-63113	145	15	to	to	PART
cjfa-63113	145	16	describe	describe	VERB
cjfa-63113	145	17	historical	historical	ADJ
cjfa-63113	145	18	performance	performance	NOUN
cjfa-63113	145	19	when	when	SCONJ
cjfa-63113	145	20	referring	refer	VERB
cjfa-63113	145	21	to	to	ADP
cjfa-63113	145	22	the	the	DET
cjfa-63113	145	23	expression	expression	NOUN
cjfa-63113	145	24	return	return	NOUN
cjfa-63113	145	25	.	.	PUNCT
cjfa-63113	146	1	impact	impact	NOUN
cjfa-63113	146	2	investing	invest	VERB
cjfa-63113	146	3	from	from	ADP
cjfa-63113	146	4	a	a	DET
cjfa-63113	146	5	european	european	ADJ
cjfa-63113	146	6	perspective	perspective	NOUN
cjfa-63113	146	7	…	…	PUNCT
cjfa-63113	146	8	9595	9595	NUM
cjfa-63113	146	9	although	although	SCONJ
cjfa-63113	146	10	41	41	NUM
cjfa-63113	146	11	companies	company	NOUN
cjfa-63113	146	12	are	be	AUX
cjfa-63113	146	13	available	available	ADJ
cjfa-63113	146	14	for	for	ADP
cjfa-63113	146	15	the	the	DET
cjfa-63113	146	16	conventional	conventional	ADJ
cjfa-63113	146	17	portfolio	portfolio	NOUN
cjfa-63113	146	18	,	,	PUNCT
cjfa-63113	146	19	47	47	NUM
cjfa-63113	146	20	for	for	ADP
cjfa-63113	146	21	the	the	DET
cjfa-63113	146	22	esg	esg	PROPN
cjfa-63113	146	23	portfolio	portfolio	NOUN
cjfa-63113	146	24	,	,	PUNCT
cjfa-63113	146	25	and	and	CCONJ
cjfa-63113	146	26	20	20	NUM
cjfa-63113	146	27	for	for	ADP
cjfa-63113	146	28	the	the	DET
cjfa-63113	146	29	impact	impact	NOUN
cjfa-63113	146	30	portfolio	portfolio	NOUN
cjfa-63113	146	31	,	,	PUNCT
cjfa-63113	146	32	it	it	PRON
cjfa-63113	146	33	is	be	AUX
cjfa-63113	146	34	notable	notable	ADJ
cjfa-63113	146	35	that	that	SCONJ
cjfa-63113	146	36	in	in	ADP
cjfa-63113	146	37	most	most	ADJ
cjfa-63113	146	38	quarters	quarter	NOUN
cjfa-63113	146	39	,	,	PUNCT
cjfa-63113	146	40	only	only	ADV
cjfa-63113	146	41	two	two	NUM
cjfa-63113	146	42	to	to	PART
cjfa-63113	146	43	four	four	NUM
cjfa-63113	146	44	securities	security	NOUN
cjfa-63113	146	45	are	be	AUX
cjfa-63113	146	46	selected	select	VERB
cjfa-63113	146	47	in	in	ADP
cjfa-63113	146	48	the	the	DET
cjfa-63113	146	49	portfolios	portfolio	NOUN
cjfa-63113	146	50	constructed	construct	VERB
cjfa-63113	146	51	using	use	VERB
cjfa-63113	146	52	markowitz	markowitz	PROPN
cjfa-63113	146	53	optimization	optimization	PROPN
cjfa-63113	146	54	.	.	PUNCT
cjfa-63113	147	1	table	table	NOUN
cjfa-63113	147	2	1	1	NUM
cjfa-63113	147	3	shows	show	VERB
cjfa-63113	147	4	the	the	DET
cjfa-63113	147	5	five	five	NUM
cjfa-63113	147	6	companies	company	NOUN
cjfa-63113	147	7	with	with	ADP
cjfa-63113	147	8	the	the	DET
cjfa-63113	147	9	highest	high	ADJ
cjfa-63113	147	10	weights	weight	NOUN
cjfa-63113	147	11	in	in	ADP
cjfa-63113	147	12	each	each	DET
cjfa-63113	147	13	sustainability	sustainability	NOUN
cjfa-63113	147	14	grade	grade	NOUN
cjfa-63113	147	15	.	.	PUNCT
cjfa-63113	148	1	table	table	NOUN
cjfa-63113	148	2	1	1	NUM
cjfa-63113	148	3	.	.	PUNCT
cjfa-63113	149	1	top	top	ADJ
cjfa-63113	149	2	five	five	NUM
cjfa-63113	149	3	admitted	admit	VERB
cjfa-63113	149	4	companies	company	NOUN
cjfa-63113	149	5	under	under	ADP
cjfa-63113	149	6	markowitz	markowitz	PROPN
cjfa-63113	149	7	optimization	optimization	PROPN
cjfa-63113	149	8	conventional	conventional	PROPN
cjfa-63113	149	9	portfolio	portfolio	NOUN
cjfa-63113	149	10	esg	esg	PROPN
cjfa-63113	149	11	portfolio	portfolio	PROPN
cjfa-63113	149	12	impact	impact	PROPN
cjfa-63113	149	13	portfolio	portfolio	NOUN
cjfa-63113	149	14	highest	high	ADJ
cjfa-63113	149	15	weight	weight	NOUN
cjfa-63113	149	16	asml	asml	PROPN
cjfa-63113	149	17	holding	hold	VERB
cjfa-63113	149	18	adidas	adidas	PROPN
cjfa-63113	149	19	salmar	salmar	PROPN
cjfa-63113	149	20	novo	novo	PROPN
cjfa-63113	149	21	nordisk	nordisk	PROPN
cjfa-63113	149	22	asml	asml	PROPN
cjfa-63113	149	23	holding	hold	VERB
cjfa-63113	149	24	novo	novo	PROPN
cjfa-63113	149	25	nordisk	nordisk	PROPN
cjfa-63113	149	26	ing	ing	PROPN
cjfa-63113	149	27	group	group	NOUN
cjfa-63113	149	28	kering	kere	VERB
cjfa-63113	149	29	vestas	vestas	PROPN
cjfa-63113	149	30	wind	wind	PROPN
cjfa-63113	149	31	systems	systems	PROPN
cjfa-63113	149	32	airbus	airbus	PROPN
cjfa-63113	149	33	stellantis	stellantis	PROPN
cjfa-63113	149	34	berkeley	berkeley	PROPN
cjfa-63113	149	35	group	group	PROPN
cjfa-63113	149	36	lowest	low	ADJ
cjfa-63113	149	37	weight	weight	NOUN
cjfa-63113	149	38	unicredit	unicredit	NOUN
cjfa-63113	150	1	iberdrola	iberdrola	PROPN
cjfa-63113	150	2	ipsen	ipsen	PROPN
cjfa-63113	150	3	s	s	PART
cjfa-63113	150	4	o	o	NOUN
cjfa-63113	150	5	u	u	NOUN
cjfa-63113	150	6	r	r	NOUN
cjfa-63113	150	7	c	c	NOUN
cjfa-63113	150	8	e	e	NOUN
cjfa-63113	150	9	:	:	PUNCT
cjfa-63113	150	10	own	own	ADJ
cjfa-63113	150	11	calculation	calculation	NOUN
cjfa-63113	150	12	based	base	VERB
cjfa-63113	150	13	on	on	ADP
cjfa-63113	150	14	data	datum	NOUN
cjfa-63113	150	15	described	describe	VERB
cjfa-63113	150	16	.	.	PUNCT
cjfa-63113	151	1	the	the	DET
cjfa-63113	151	2	quarterly	quarterly	ADJ
cjfa-63113	151	3	absolute	absolute	ADJ
cjfa-63113	151	4	performance	performance	NOUN
cjfa-63113	151	5	for	for	ADP
cjfa-63113	151	6	the	the	DET
cjfa-63113	151	7	portfolios	portfolio	NOUN
cjfa-63113	151	8	constructed	construct	VERB
cjfa-63113	151	9	using	use	VERB
cjfa-63113	151	10	markowitz	markowitz	PROPN
cjfa-63113	151	11	optimization	optimization	PROPN
cjfa-63113	151	12	,	,	PUNCT
cjfa-63113	151	13	based	base	VERB
cjfa-63113	151	14	on	on	ADP
cjfa-63113	151	15	an	an	DET
cjfa-63113	151	16	initial	initial	ADJ
cjfa-63113	151	17	investment	investment	NOUN
cjfa-63113	151	18	of	of	ADP
cjfa-63113	151	19	10,000	10,000	NUM
cjfa-63113	151	20	eur	eur	NOUN
cjfa-63113	151	21	are	be	AUX
cjfa-63113	151	22	shown	show	VERB
cjfa-63113	151	23	in	in	ADP
cjfa-63113	151	24	table	table	NOUN
cjfa-63113	151	25	2	2	NUM
cjfa-63113	151	26	.	.	PUNCT
cjfa-63113	151	27	by	by	ADP
cjfa-63113	151	28	the	the	DET
cjfa-63113	151	29	end	end	NOUN
cjfa-63113	151	30	of	of	ADP
cjfa-63113	151	31	2023	2023	NUM
cjfa-63113	151	32	,	,	PUNCT
cjfa-63113	151	33	the	the	DET
cjfa-63113	151	34	impact	impact	NOUN
cjfa-63113	151	35	portfolio	portfolio	NOUN
cjfa-63113	151	36	reached	reach	VERB
cjfa-63113	151	37	approximately	approximately	ADV
cjfa-63113	151	38	11,387,000	11,387,000	NUM
cjfa-63113	151	39	eur	eur	NOUN
cjfa-63113	151	40	,	,	PUNCT
cjfa-63113	151	41	growing	grow	VERB
cjfa-63113	151	42	by	by	ADP
cjfa-63113	151	43	around	around	ADP
cjfa-63113	151	44	9,467,000	9,467,000	NUM
cjfa-63113	151	45	eur	eur	NOUN
cjfa-63113	151	46	from	from	ADP
cjfa-63113	151	47	the	the	DET
cjfa-63113	151	48	end	end	NOUN
cjfa-63113	151	49	of	of	ADP
cjfa-63113	151	50	2019	2019	NUM
cjfa-63113	151	51	despite	despite	SCONJ
cjfa-63113	151	52	crises	crisis	NOUN
cjfa-63113	151	53	such	such	ADJ
cjfa-63113	151	54	as	as	ADP
cjfa-63113	151	55	covid-19	covid-19	PROPN
cjfa-63113	151	56	and	and	CCONJ
cjfa-63113	151	57	the	the	DET
cjfa-63113	151	58	ukraine	ukraine	PROPN
cjfa-63113	151	59	war	war	PROPN
cjfa-63113	151	60	.	.	PUNCT
cjfa-63113	152	1	the	the	DET
cjfa-63113	152	2	conventional	conventional	ADJ
cjfa-63113	152	3	and	and	CCONJ
cjfa-63113	152	4	esg	esg	NOUN
cjfa-63113	152	5	portfolios	portfolio	NOUN
cjfa-63113	152	6	ended	end	VERB
cjfa-63113	152	7	at	at	ADP
cjfa-63113	152	8	approximately	approximately	ADV
cjfa-63113	152	9	2,370,000	2,370,000	NUM
cjfa-63113	152	10	eur	eur	NOUN
cjfa-63113	152	11	and	and	CCONJ
cjfa-63113	152	12	5,780,000	5,780,000	NUM
cjfa-63113	152	13	eur	eur	NOUN
cjfa-63113	152	14	,	,	PUNCT
cjfa-63113	152	15	respectively	respectively	ADV
cjfa-63113	152	16	.	.	PUNCT
cjfa-63113	153	1	although	although	SCONJ
cjfa-63113	153	2	the	the	DET
cjfa-63113	153	3	impact	impact	NOUN
cjfa-63113	153	4	portfolio	portfolio	NOUN
cjfa-63113	153	5	had	have	VERB
cjfa-63113	153	6	the	the	DET
cjfa-63113	153	7	highest	high	ADJ
cjfa-63113	153	8	final	final	ADJ
cjfa-63113	153	9	value	value	NOUN
cjfa-63113	153	10	,	,	PUNCT
cjfa-63113	153	11	the	the	DET
cjfa-63113	153	12	conventional	conventional	ADJ
cjfa-63113	153	13	and	and	CCONJ
cjfa-63113	153	14	esg	esg	NOUN
cjfa-63113	153	15	portfolios	portfolio	NOUN
cjfa-63113	153	16	showed	show	VERB
cjfa-63113	153	17	higher	high	ADJ
cjfa-63113	153	18	percentage	percentage	NOUN
cjfa-63113	153	19	increases	increase	NOUN
cjfa-63113	153	20	(	(	PUNCT
cjfa-63113	153	21	710	710	NUM
cjfa-63113	153	22	%	%	NOUN
cjfa-63113	153	23	and	and	CCONJ
cjfa-63113	153	24	664	664	NUM
cjfa-63113	153	25	%	%	NOUN
cjfa-63113	153	26	)	)	PUNCT
cjfa-63113	153	27	compared	compare	VERB
cjfa-63113	153	28	to	to	ADP
cjfa-63113	153	29	the	the	DET
cjfa-63113	153	30	impact	impact	NOUN
cjfa-63113	153	31	portfolio	portfolio	NOUN
cjfa-63113	153	32	’s	’s	PART
cjfa-63113	153	33	493	493	NUM
cjfa-63113	153	34	%	%	NOUN
cjfa-63113	153	35	growth	growth	NOUN
cjfa-63113	153	36	between	between	ADP
cjfa-63113	153	37	2020	2020	NUM
cjfa-63113	153	38	and	and	CCONJ
cjfa-63113	153	39	2023	2023	NUM
cjfa-63113	153	40	.	.	PUNCT
cjfa-63113	154	1	all	all	DET
cjfa-63113	154	2	three	three	NUM
cjfa-63113	154	3	portfolios	portfolio	NOUN
cjfa-63113	154	4	performed	perform	VERB
cjfa-63113	154	5	well	well	ADV
cjfa-63113	154	6	during	during	ADP
cjfa-63113	154	7	the	the	DET
cjfa-63113	154	8	covid-19	covid-19	PROPN
cjfa-63113	154	9	crisis	crisis	NOUN
cjfa-63113	154	10	,	,	PUNCT
cjfa-63113	154	11	but	but	CCONJ
cjfa-63113	154	12	the	the	DET
cjfa-63113	154	13	impact	impact	NOUN
cjfa-63113	154	14	portfolio	portfolio	NOUN
cjfa-63113	154	15	had	have	VERB
cjfa-63113	154	16	a	a	DET
cjfa-63113	154	17	stronger	strong	ADJ
cjfa-63113	154	18	performance	performance	NOUN
cjfa-63113	154	19	from	from	ADP
cjfa-63113	154	20	2011	2011	NUM
cjfa-63113	154	21	to	to	ADP
cjfa-63113	154	22	early	early	ADJ
cjfa-63113	154	23	2020	2020	NUM
cjfa-63113	154	24	,	,	PUNCT
cjfa-63113	154	25	showing	show	VERB
cjfa-63113	154	26	less	less	ADJ
cjfa-63113	154	27	resilience	resilience	NOUN
cjfa-63113	154	28	during	during	ADP
cjfa-63113	154	29	market	market	NOUN
cjfa-63113	154	30	downturns	downturn	NOUN
cjfa-63113	154	31	.	.	PUNCT
cjfa-63113	155	1	eva	eva	PROPN
cjfa-63113	155	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	155	3	,	,	PUNCT
cjfa-63113	155	4	tanja	tanja	NOUN
cjfa-63113	155	5	sinha9696	sinha9696	NUM
cjfa-63113	155	6	table	table	NOUN
cjfa-63113	155	7	2	2	NUM
cjfa-63113	155	8	.	.	PUNCT
cjfa-63113	155	9	absolute	absolute	ADJ
cjfa-63113	155	10	performance	performance	NOUN
cjfa-63113	155	11	of	of	ADP
cjfa-63113	155	12	portfolios	portfolio	NOUN
cjfa-63113	155	13	under	under	ADP
cjfa-63113	155	14	markowitz	markowitz	PROPN
cjfa-63113	155	15	optimization	optimization	PROPN
cjfa-63113	155	16	conventional	conventional	PROPN
cjfa-63113	155	17	portfolio	portfolio	NOUN
cjfa-63113	155	18	(	(	PUNCT
cjfa-63113	155	19	eur	eur	PROPN
cjfa-63113	155	20	)	)	PUNCT
cjfa-63113	155	21	esg	esg	NOUN
cjfa-63113	155	22	portfolio	portfolio	NOUN
cjfa-63113	155	23	(	(	PUNCT
cjfa-63113	155	24	eur	eur	PROPN
cjfa-63113	155	25	)	)	PUNCT
cjfa-63113	155	26	impact	impact	NOUN
cjfa-63113	155	27	portfolio	portfolio	NOUN
cjfa-63113	155	28	(	(	PUNCT
cjfa-63113	155	29	eur	eur	NOUN
cjfa-63113	155	30	)	)	PUNCT
cjfa-63113	155	31	2011	2011	NUM
cjfa-63113	155	32	-	-	SYM
cjfa-63113	155	33	01	01	NUM
cjfa-63113	155	34	-	-	SYM
cjfa-63113	155	35	01	01	NUM
cjfa-63113	155	36	10,000	10,000	NUM
cjfa-63113	155	37	10,000	10,000	NUM
cjfa-63113	155	38	10,000	10,000	NUM
cjfa-63113	155	39	2011	2011	NUM
cjfa-63113	155	40	-	-	SYM
cjfa-63113	155	41	12	12	NUM
cjfa-63113	155	42	-	-	SYM
cjfa-63113	155	43	30	30	NUM
cjfa-63113	155	44	14,438	14,438	NUM
cjfa-63113	155	45	15,758	15,758	NUM
cjfa-63113	155	46	17,171	17,171	NUM
cjfa-63113	155	47	2012	2012	NUM
cjfa-63113	155	48	-	-	SYM
cjfa-63113	155	49	12	12	NUM
cjfa-63113	155	50	-	-	SYM
cjfa-63113	155	51	31	31	NUM
cjfa-63113	155	52	22,763	22,763	NUM
cjfa-63113	155	53	25,663	25,663	NUM
cjfa-63113	155	54	29,278	29,278	NUM
cjfa-63113	155	55	2013	2013	NUM
cjfa-63113	155	56	-	-	SYM
cjfa-63113	155	57	12	12	NUM
cjfa-63113	155	58	-	-	SYM
cjfa-63113	155	59	31	31	NUM
cjfa-63113	155	60	34,943	34,943	NUM
cjfa-63113	155	61	41,985	41,985	NUM
cjfa-63113	155	62	67,638	67,638	NUM
cjfa-63113	155	63	2014	2014	NUM
cjfa-63113	155	64	-	-	SYM
cjfa-63113	155	65	12	12	NUM
cjfa-63113	155	66	-	-	SYM
cjfa-63113	155	67	31	31	NUM
cjfa-63113	155	68	54,209	54,209	NUM
cjfa-63113	155	69	72,454	72,454	NUM
cjfa-63113	155	70	146,625	146,625	NUM
cjfa-63113	155	71	2015	2015	NUM
cjfa-63113	155	72	-	-	SYM
cjfa-63113	155	73	12	12	NUM
cjfa-63113	155	74	-	-	SYM
cjfa-63113	155	75	31	31	NUM
cjfa-63113	155	76	77,589	77,589	NUM
cjfa-63113	155	77	109,747	109,747	NUM
cjfa-63113	155	78	246,289	246,289	NUM
cjfa-63113	155	79	2016	2016	NUM
cjfa-63113	155	80	-	-	SYM
cjfa-63113	155	81	12	12	NUM
cjfa-63113	155	82	-	-	SYM
cjfa-63113	155	83	30	30	NUM
cjfa-63113	155	84	99,522	99,522	NUM
cjfa-63113	155	85	179,012	179,012	NUM
cjfa-63113	155	86	401,813	401,813	NUM
cjfa-63113	155	87	2017	2017	NUM
cjfa-63113	155	88	-	-	SYM
cjfa-63113	155	89	12	12	NUM
cjfa-63113	155	90	-	-	SYM
cjfa-63113	155	91	29	29	NUM
cjfa-63113	155	92	146,248	146,248	NUM
cjfa-63113	155	93	335,905	335,905	NUM
cjfa-63113	155	94	735,491	735,491	NUM
cjfa-63113	155	95	2018	2018	NUM
cjfa-63113	155	96	-	-	SYM
cjfa-63113	155	97	12	12	NUM
cjfa-63113	155	98	-	-	SYM
cjfa-63113	155	99	31	31	NUM
cjfa-63113	155	100	192,178	192,178	NUM
cjfa-63113	155	101	494,771	494,771	NUM
cjfa-63113	155	102	1,310,729	1,310,729	NUM
cjfa-63113	155	103	2019	2019	NUM
cjfa-63113	155	104	-	-	SYM
cjfa-63113	155	105	12	12	NUM
cjfa-63113	155	106	-	-	SYM
cjfa-63113	155	107	31	31	NUM
cjfa-63113	155	108	292,564	292,564	NUM
cjfa-63113	155	109	756,181	756,181	NUM
cjfa-63113	155	110	1,919,518	1,919,518	NUM
cjfa-63113	155	111	2020	2020	NUM
cjfa-63113	155	112	-	-	SYM
cjfa-63113	155	113	12	12	NUM
cjfa-63113	155	114	-	-	SYM
cjfa-63113	155	115	31	31	NUM
cjfa-63113	155	116	412,185	412,185	NUM
cjfa-63113	155	117	1,029,336	1,029,336	NUM
cjfa-63113	155	118	2,875,332	2,875,332	NUM
cjfa-63113	155	119	2021	2021	NUM
cjfa-63113	155	120	-	-	SYM
cjfa-63113	155	121	12	12	NUM
cjfa-63113	155	122	-	-	SYM
cjfa-63113	155	123	31	31	NUM
cjfa-63113	155	124	859,697	859,697	NUM
cjfa-63113	155	125	2,260,080	2,260,080	NUM
cjfa-63113	155	126	5,215,246	5,215,246	NUM
cjfa-63113	155	127	2022	2022	NUM
cjfa-63113	155	128	-	-	SYM
cjfa-63113	155	129	12	12	NUM
cjfa-63113	155	130	-	-	SYM
cjfa-63113	155	131	30	30	NUM
cjfa-63113	155	132	1,243,074	1,243,074	NUM
cjfa-63113	155	133	2,941,312	2,941,312	NUM
cjfa-63113	155	134	7,657,491	7,657,491	NUM
cjfa-63113	155	135	2023	2023	NUM
cjfa-63113	155	136	-	-	SYM
cjfa-63113	155	137	12	12	NUM
cjfa-63113	155	138	-	-	SYM
cjfa-63113	155	139	29	29	NUM
cjfa-63113	155	140	2,369,545	2,369,545	NUM
cjfa-63113	155	141	5,780,025	5,780,025	NUM
cjfa-63113	155	142	11,386,977	11,386,977	NUM
cjfa-63113	155	143	s	s	NOUN
cjfa-63113	155	144	o	o	NOUN
cjfa-63113	155	145	u	u	NOUN
cjfa-63113	155	146	r	r	NOUN
cjfa-63113	155	147	c	c	NOUN
cjfa-63113	155	148	e	e	NOUN
cjfa-63113	155	149	:	:	PUNCT
cjfa-63113	155	150	own	own	ADJ
cjfa-63113	155	151	calculation	calculation	NOUN
cjfa-63113	155	152	based	base	VERB
cjfa-63113	155	153	on	on	ADP
cjfa-63113	155	154	data	datum	NOUN
cjfa-63113	155	155	described	describe	VERB
cjfa-63113	155	156	.	.	PUNCT
cjfa-63113	156	1	descriptive	descriptive	ADJ
cjfa-63113	156	2	statistics	statistic	NOUN
cjfa-63113	156	3	of	of	ADP
cjfa-63113	156	4	quarterly	quarterly	ADJ
cjfa-63113	156	5	returns	return	NOUN
cjfa-63113	156	6	and	and	CCONJ
cjfa-63113	156	7	sharpe	sharpe	NOUN
cjfa-63113	156	8	ratios	ratio	NOUN
cjfa-63113	156	9	are	be	AUX
cjfa-63113	156	10	provided	provide	VERB
cjfa-63113	156	11	in	in	ADP
cjfa-63113	156	12	table	table	NOUN
cjfa-63113	156	13	3	3	NUM
cjfa-63113	156	14	.	.	PUNCT
cjfa-63113	157	1	the	the	DET
cjfa-63113	157	2	results	result	NOUN
cjfa-63113	157	3	reveal	reveal	VERB
cjfa-63113	157	4	that	that	SCONJ
cjfa-63113	157	5	the	the	DET
cjfa-63113	157	6	impact	impact	NOUN
cjfa-63113	157	7	portfolio	portfolio	NOUN
cjfa-63113	157	8	has	have	VERB
cjfa-63113	157	9	the	the	DET
cjfa-63113	157	10	highest	high	ADJ
cjfa-63113	157	11	average	average	ADJ
cjfa-63113	157	12	quarterly	quarterly	ADJ
cjfa-63113	157	13	return	return	NOUN
cjfa-63113	157	14	of	of	ADP
cjfa-63113	157	15	14.61	14.61	NUM
cjfa-63113	157	16	%	%	NOUN
cjfa-63113	157	17	.	.	PUNCT
cjfa-63113	158	1	the	the	DET
cjfa-63113	158	2	conventional	conventional	ADJ
cjfa-63113	158	3	and	and	CCONJ
cjfa-63113	158	4	the	the	DET
cjfa-63113	158	5	esg	esg	PROPN
cjfa-63113	158	6	portfolio	portfolio	NOUN
cjfa-63113	158	7	show	show	VERB
cjfa-63113	158	8	lower	low	ADJ
cjfa-63113	158	9	numbers	number	NOUN
cjfa-63113	158	10	(	(	PUNCT
cjfa-63113	158	11	11.18	11.18	NUM
cjfa-63113	158	12	%	%	NOUN
cjfa-63113	158	13	and	and	CCONJ
cjfa-63113	158	14	13.12	13.12	NUM
cjfa-63113	158	15	%	%	NOUN
cjfa-63113	158	16	)	)	PUNCT
cjfa-63113	158	17	.	.	PUNCT
cjfa-63113	159	1	the	the	DET
cjfa-63113	159	2	range	range	NOUN
cjfa-63113	159	3	of	of	ADP
cjfa-63113	159	4	returns	return	NOUN
cjfa-63113	159	5	of	of	ADP
cjfa-63113	159	6	the	the	DET
cjfa-63113	159	7	conventional	conventional	ADJ
cjfa-63113	159	8	portfolio	portfolio	NOUN
cjfa-63113	159	9	is	be	AUX
cjfa-63113	159	10	also	also	ADV
cjfa-63113	159	11	lower	low	ADJ
cjfa-63113	159	12	than	than	ADP
cjfa-63113	159	13	those	those	PRON
cjfa-63113	159	14	of	of	ADP
cjfa-63113	159	15	the	the	DET
cjfa-63113	159	16	esg	esg	NOUN
cjfa-63113	159	17	and	and	CCONJ
cjfa-63113	159	18	the	the	DET
cjfa-63113	159	19	impact	impact	NOUN
cjfa-63113	159	20	portfolio	portfolio	NOUN
cjfa-63113	159	21	.	.	PUNCT
cjfa-63113	160	1	in	in	ADP
cjfa-63113	160	2	terms	term	NOUN
cjfa-63113	160	3	of	of	ADP
cjfa-63113	160	4	the	the	DET
cjfa-63113	160	5	sharpe	sharpe	PROPN
cjfa-63113	160	6	ratio	ratio	NOUN
cjfa-63113	160	7	,	,	PUNCT
cjfa-63113	160	8	the	the	DET
cjfa-63113	160	9	impact	impact	NOUN
cjfa-63113	160	10	portfolio	portfolio	NOUN
cjfa-63113	160	11	has	have	VERB
cjfa-63113	160	12	the	the	DET
cjfa-63113	160	13	highest	high	ADJ
cjfa-63113	160	14	average	average	ADJ
cjfa-63113	160	15	value	value	NOUN
cjfa-63113	160	16	,	,	PUNCT
cjfa-63113	160	17	which	which	PRON
cjfa-63113	160	18	is	be	AUX
cjfa-63113	160	19	due	due	ADJ
cjfa-63113	160	20	to	to	ADP
cjfa-63113	160	21	the	the	DET
cjfa-63113	160	22	fact	fact	NOUN
cjfa-63113	160	23	that	that	SCONJ
cjfa-63113	160	24	a	a	DET
cjfa-63113	160	25	uniform	uniform	ADJ
cjfa-63113	160	26	target	target	NOUN
cjfa-63113	160	27	risk	risk	NOUN
cjfa-63113	160	28	of	of	ADP
cjfa-63113	160	29	10.08	10.08	NUM
cjfa-63113	160	30	%	%	NOUN
cjfa-63113	160	31	was	be	AUX
cjfa-63113	160	32	assumed	assume	VERB
cjfa-63113	160	33	for	for	ADP
cjfa-63113	160	34	all	all	DET
cjfa-63113	160	35	portfolios	portfolio	NOUN
cjfa-63113	160	36	and	and	CCONJ
cjfa-63113	160	37	the	the	DET
cjfa-63113	160	38	impact	impact	NOUN
cjfa-63113	160	39	portfolio	portfolio	NOUN
cjfa-63113	160	40	has	have	VERB
cjfa-63113	160	41	the	the	DET
cjfa-63113	160	42	highest	high	ADJ
cjfa-63113	160	43	average	average	ADJ
cjfa-63113	160	44	return	return	NOUN
cjfa-63113	160	45	.	.	PUNCT
cjfa-63113	161	1	impact	impact	NOUN
cjfa-63113	161	2	investing	invest	VERB
cjfa-63113	161	3	from	from	ADP
cjfa-63113	161	4	a	a	DET
cjfa-63113	161	5	european	european	PROPN
cjfa-63113	161	6	perspective	perspective	NOUN
cjfa-63113	161	7	…	…	PUNCT
cjfa-63113	161	8	9797	9797	NUM
cjfa-63113	161	9	table	table	NOUN
cjfa-63113	161	10	3	3	NUM
cjfa-63113	161	11	.	.	PUNCT
cjfa-63113	161	12	descriptive	descriptive	ADJ
cjfa-63113	161	13	statistics	statistic	NOUN
cjfa-63113	161	14	for	for	ADP
cjfa-63113	161	15	markowitz	markowitz	PROPN
cjfa-63113	161	16	optimization	optimization	PROPN
cjfa-63113	161	17	conventional	conventional	PROPN
cjfa-63113	161	18	portfolio	portfolio	NOUN
cjfa-63113	161	19	esg	esg	PROPN
cjfa-63113	161	20	portfolio	portfolio	PROPN
cjfa-63113	161	21	impact	impact	PROPN
cjfa-63113	161	22	portfolio	portfolio	NOUN
cjfa-63113	161	23	quarterly	quarterly	ADJ
cjfa-63113	161	24	return	return	NOUN
cjfa-63113	161	25	max	max	PROPN
cjfa-63113	161	26	%	%	NOUN
cjfa-63113	161	27	25.37	25.37	NUM
cjfa-63113	161	28	29.30	29.30	NUM
cjfa-63113	161	29	31.91	31.91	NUM
cjfa-63113	161	30	min	min	NOUN
cjfa-63113	161	31	%	%	NOUN
cjfa-63113	161	32	3.40	3.40	NUM
cjfa-63113	161	33	4.09	4.09	NUM
cjfa-63113	161	34	5.40	5.40	NUM
cjfa-63113	161	35	mean	mean	NOUN
cjfa-63113	161	36	%	%	NOUN
cjfa-63113	161	37	11.18	11.18	NUM
cjfa-63113	161	38	13.12	13.12	NUM
cjfa-63113	161	39	14.61	14.61	NUM
cjfa-63113	161	40	quarterly	quarterly	PROPN
cjfa-63113	161	41	sharpe	sharpe	PROPN
cjfa-63113	161	42	ratio	ratio	PROPN
cjfa-63113	161	43	max	max	PROPN
cjfa-63113	161	44	2.57	2.57	NUM
cjfa-63113	161	45	2.96	2.96	NUM
cjfa-63113	161	46	3.14	3.14	NUM
cjfa-63113	161	47	min	min	NOUN
cjfa-63113	161	48	0.33	0.33	NUM
cjfa-63113	161	49	0.33	0.33	NUM
cjfa-63113	161	50	0.42	0.42	NUM
cjfa-63113	161	51	mean	mean	NOUN
cjfa-63113	161	52	1.08	1.08	NUM
cjfa-63113	161	53	1.27	1.27	NUM
cjfa-63113	161	54	1.42	1.42	NUM
cjfa-63113	161	55	s	s	NOUN
cjfa-63113	161	56	o	o	NOUN
cjfa-63113	161	57	u	u	NOUN
cjfa-63113	161	58	r	r	NOUN
cjfa-63113	161	59	c	c	NOUN
cjfa-63113	161	60	e	e	NOUN
cjfa-63113	161	61	:	:	PUNCT
cjfa-63113	161	62	own	own	ADJ
cjfa-63113	161	63	calculation	calculation	NOUN
cjfa-63113	161	64	based	base	VERB
cjfa-63113	161	65	on	on	ADP
cjfa-63113	161	66	data	datum	NOUN
cjfa-63113	161	67	described	describe	VERB
cjfa-63113	161	68	.	.	PUNCT
cjfa-63113	162	1	graph	graph	NOUN
cjfa-63113	162	2	1	1	NUM
cjfa-63113	162	3	shows	show	VERB
cjfa-63113	162	4	the	the	DET
cjfa-63113	162	5	quarterly	quarterly	ADJ
cjfa-63113	162	6	returns	return	NOUN
cjfa-63113	162	7	of	of	ADP
cjfa-63113	162	8	all	all	DET
cjfa-63113	162	9	portfolios	portfolio	NOUN
cjfa-63113	162	10	.	.	PUNCT
cjfa-63113	163	1	the	the	DET
cjfa-63113	163	2	conventional	conventional	ADJ
cjfa-63113	163	3	and	and	CCONJ
cjfa-63113	163	4	esg	esg	NOUN
cjfa-63113	163	5	portfolios	portfolio	NOUN
cjfa-63113	163	6	generally	generally	ADV
cjfa-63113	163	7	show	show	VERB
cjfa-63113	163	8	similar	similar	ADJ
cjfa-63113	163	9	returns	return	NOUN
cjfa-63113	163	10	due	due	ADJ
cjfa-63113	163	11	to	to	ADP
cjfa-63113	163	12	overlapping	overlap	VERB
cjfa-63113	163	13	companies	company	NOUN
cjfa-63113	163	14	,	,	PUNCT
cjfa-63113	163	15	with	with	ADP
cjfa-63113	163	16	occasional	occasional	ADJ
cjfa-63113	163	17	periods	period	NOUN
cjfa-63113	163	18	where	where	SCONJ
cjfa-63113	163	19	one	one	PRON
cjfa-63113	163	20	outperforms	outperform	VERB
cjfa-63113	163	21	the	the	DET
cjfa-63113	163	22	other	other	ADJ
cjfa-63113	163	23	.	.	PUNCT
cjfa-63113	164	1	notably	notably	ADV
cjfa-63113	164	2	,	,	PUNCT
cjfa-63113	164	3	the	the	DET
cjfa-63113	164	4	esg	esg	PROPN
cjfa-63113	164	5	portfolio	portfolio	NOUN
cjfa-63113	164	6	outperforms	outperform	NOUN
cjfa-63113	164	7	in	in	ADP
cjfa-63113	164	8	first	first	ADJ
cjfa-63113	164	9	three	three	NUM
cjfa-63113	164	10	quarters	quarter	NOUN
cjfa-63113	164	11	of	of	ADP
cjfa-63113	164	12	2016	2016	NUM
cjfa-63113	164	13	and	and	CCONJ
cjfa-63113	164	14	from	from	ADP
cjfa-63113	164	15	q2	q2	NOUN
cjfa-63113	164	16	2017	2017	NUM
cjfa-63113	164	17	to	to	ADP
cjfa-63113	164	18	q2	q2	PROPN
cjfa-63113	164	19	2018	2018	NUM
cjfa-63113	164	20	,	,	PUNCT
cjfa-63113	164	21	driven	drive	VERB
cjfa-63113	164	22	by	by	ADP
cjfa-63113	164	23	stocks	stock	NOUN
cjfa-63113	164	24	like	like	ADP
cjfa-63113	164	25	adidas	adidas	PROPN
cjfa-63113	164	26	,	,	PUNCT
cjfa-63113	164	27	kering	kering	NOUN
cjfa-63113	164	28	,	,	PUNCT
cjfa-63113	164	29	and	and	CCONJ
cjfa-63113	164	30	stellantis	stellantis	PROPN
cjfa-63113	164	31	.	.	PUNCT
cjfa-63113	165	1	the	the	DET
cjfa-63113	165	2	impact	impact	NOUN
cjfa-63113	165	3	portfolio	portfolio	NOUN
cjfa-63113	165	4	,	,	PUNCT
cjfa-63113	165	5	initially	initially	ADV
cjfa-63113	165	6	outperforming	outperform	VERB
cjfa-63113	165	7	the	the	DET
cjfa-63113	165	8	other	other	ADJ
cjfa-63113	165	9	two	two	NUM
cjfa-63113	165	10	,	,	PUNCT
cjfa-63113	165	11	sees	see	VERB
cjfa-63113	165	12	its	its	PRON
cjfa-63113	165	13	best	good	ADJ
cjfa-63113	165	14	performance	performance	NOUN
cjfa-63113	165	15	from	from	ADP
cjfa-63113	165	16	2012	2012	NUM
cjfa-63113	165	17	to	to	ADP
cjfa-63113	165	18	2014	2014	NUM
cjfa-63113	165	19	,	,	PUNCT
cjfa-63113	165	20	mainly	mainly	ADV
cjfa-63113	165	21	due	due	ADP
cjfa-63113	165	22	to	to	ADP
cjfa-63113	165	23	high	high	ADJ
cjfa-63113	165	24	returns	return	NOUN
cjfa-63113	165	25	from	from	ADP
cjfa-63113	165	26	companies	company	NOUN
cjfa-63113	165	27	like	like	ADP
cjfa-63113	165	28	jazz	jazz	NOUN
cjfa-63113	165	29	pharmaceuticals	pharmaceutical	NOUN
cjfa-63113	165	30	,	,	PUNCT
cjfa-63113	165	31	mowi	mowi	PROPN
cjfa-63113	165	32	asa	asa	PROPN
cjfa-63113	165	33	,	,	PUNCT
cjfa-63113	165	34	and	and	CCONJ
cjfa-63113	165	35	vestas	vestas	PROPN
cjfa-63113	165	36	wind	wind	NOUN
cjfa-63113	165	37	systems	system	NOUN
cjfa-63113	165	38	.	.	PUNCT
cjfa-63113	166	1	however	however	ADV
cjfa-63113	166	2	,	,	PUNCT
cjfa-63113	166	3	in	in	ADP
cjfa-63113	166	4	2021	2021	NUM
cjfa-63113	166	5	and	and	CCONJ
cjfa-63113	166	6	from	from	ADP
cjfa-63113	166	7	q4	q4	PROPN
cjfa-63113	166	8	2022	2022	NUM
cjfa-63113	166	9	to	to	ADP
cjfa-63113	166	10	the	the	DET
cjfa-63113	166	11	end	end	NOUN
cjfa-63113	166	12	of	of	ADP
cjfa-63113	166	13	2023	2023	NUM
cjfa-63113	166	14	,	,	PUNCT
cjfa-63113	166	15	it	it	PRON
cjfa-63113	166	16	shows	show	VERB
cjfa-63113	166	17	lower	low	ADJ
cjfa-63113	166	18	returns	return	NOUN
cjfa-63113	166	19	than	than	ADP
cjfa-63113	166	20	both	both	CCONJ
cjfa-63113	166	21	the	the	DET
cjfa-63113	166	22	conventional	conventional	ADJ
cjfa-63113	166	23	and	and	CCONJ
cjfa-63113	166	24	esg	esg	NOUN
cjfa-63113	166	25	portfolios	portfolio	NOUN
cjfa-63113	166	26	,	,	PUNCT
cjfa-63113	166	27	particularly	particularly	ADV
cjfa-63113	166	28	due	due	ADJ
cjfa-63113	166	29	to	to	ADP
cjfa-63113	166	30	missing	miss	VERB
cjfa-63113	166	31	out	out	ADP
cjfa-63113	166	32	on	on	ADP
cjfa-63113	166	33	mercedes	mercede	NOUN
cjfa-63113	166	34	and	and	CCONJ
cjfa-63113	166	35	infineon	infineon	PROPN
cjfa-63113	166	36	,	,	PUNCT
cjfa-63113	166	37	which	which	PRON
cjfa-63113	166	38	boosted	boost	VERB
cjfa-63113	166	39	the	the	DET
cjfa-63113	166	40	other	other	ADJ
cjfa-63113	166	41	portfolios	portfolio	NOUN
cjfa-63113	166	42	.	.	PUNCT
cjfa-63113	167	1	despite	despite	SCONJ
cjfa-63113	167	2	the	the	DET
cjfa-63113	167	3	reduced	reduce	VERB
cjfa-63113	167	4	diversification	diversification	NOUN
cjfa-63113	167	5	in	in	ADP
cjfa-63113	167	6	the	the	DET
cjfa-63113	167	7	impact	impact	NOUN
cjfa-63113	167	8	portfolio	portfolio	NOUN
cjfa-63113	167	9	,	,	PUNCT
cjfa-63113	167	10	it	it	PRON
cjfa-63113	167	11	achieves	achieve	VERB
cjfa-63113	167	12	higher	high	ADJ
cjfa-63113	167	13	absolute	absolute	ADJ
cjfa-63113	167	14	performance	performance	NOUN
cjfa-63113	167	15	,	,	PUNCT
cjfa-63113	167	16	driven	drive	VERB
cjfa-63113	167	17	by	by	ADP
cjfa-63113	167	18	a	a	DET
cjfa-63113	167	19	few	few	ADJ
cjfa-63113	167	20	standout	standout	NOUN
cjfa-63113	167	21	stocks	stock	NOUN
cjfa-63113	167	22	.	.	PUNCT
cjfa-63113	168	1	without	without	ADP
cjfa-63113	168	2	these	these	PRON
cjfa-63113	168	3	,	,	PUNCT
cjfa-63113	168	4	the	the	DET
cjfa-63113	168	5	performance	performance	NOUN
cjfa-63113	168	6	would	would	AUX
cjfa-63113	168	7	align	align	VERB
cjfa-63113	168	8	more	more	ADV
cjfa-63113	168	9	closely	closely	ADV
cjfa-63113	168	10	with	with	ADP
cjfa-63113	168	11	the	the	DET
cjfa-63113	168	12	conventional	conventional	ADJ
cjfa-63113	168	13	and	and	CCONJ
cjfa-63113	168	14	esg	esg	NOUN
cjfa-63113	168	15	portfolios	portfolio	NOUN
cjfa-63113	168	16	.	.	PUNCT
cjfa-63113	169	1	eva	eva	PROPN
cjfa-63113	169	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	169	3	,	,	PUNCT
cjfa-63113	169	4	tanja	tanja	NOUN
cjfa-63113	169	5	sinha9898	sinha9898	PROPN
cjfa-63113	169	6	graph	graph	NOUN
cjfa-63113	169	7	1	1	NUM
cjfa-63113	169	8	.	.	PUNCT
cjfa-63113	169	9	quarterly	quarterly	ADJ
cjfa-63113	169	10	returns	return	NOUN
cjfa-63113	169	11	of	of	ADP
cjfa-63113	169	12	portfolios	portfolio	NOUN
cjfa-63113	169	13	structured	structure	VERB
cjfa-63113	169	14	by	by	ADP
cjfa-63113	169	15	markowitz	markowitz	PROPN
cjfa-63113	169	16	optimization	optimization	PROPN
cjfa-63113	169	17	source	source	NOUN
cjfa-63113	169	18	:	:	PUNCT
cjfa-63113	169	19	own	own	ADJ
cjfa-63113	169	20	calculation	calculation	NOUN
cjfa-63113	169	21	based	base	VERB
cjfa-63113	169	22	on	on	ADP
cjfa-63113	169	23	data	datum	NOUN
cjfa-63113	169	24	described	describe	VERB
cjfa-63113	169	25	.	.	PUNCT
cjfa-63113	170	1	results	result	NOUN
cjfa-63113	170	2	for	for	ADP
cjfa-63113	170	3	performance	performance	NOUN
cjfa-63113	170	4	of	of	ADP
cjfa-63113	170	5	portfolios	portfolio	NOUN
cjfa-63113	170	6	structured	structure	VERB
cjfa-63113	170	7	by	by	ADP
cjfa-63113	170	8	naive	naive	ADJ
cjfa-63113	170	9	diversification	diversification	NOUN
cjfa-63113	170	10	as	as	ADP
cjfa-63113	170	11	an	an	DET
cjfa-63113	170	12	alternative	alternative	ADJ
cjfa-63113	170	13	approach	approach	NOUN
cjfa-63113	170	14	to	to	ADP
cjfa-63113	170	15	structuring	structure	VERB
cjfa-63113	170	16	the	the	DET
cjfa-63113	170	17	portfolios	portfolio	NOUN
cjfa-63113	170	18	,	,	PUNCT
cjfa-63113	170	19	we	we	PRON
cjfa-63113	170	20	use	use	VERB
cjfa-63113	170	21	naive	naive	ADJ
cjfa-63113	170	22	diversification	diversification	NOUN
cjfa-63113	170	23	.	.	PUNCT
cjfa-63113	171	1	although	although	SCONJ
cjfa-63113	171	2	this	this	PRON
cjfa-63113	171	3	may	may	AUX
cjfa-63113	171	4	result	result	VERB
cjfa-63113	171	5	in	in	ADP
cjfa-63113	171	6	suboptimal	suboptimal	ADJ
cjfa-63113	171	7	portfolios	portfolio	NOUN
cjfa-63113	171	8	from	from	ADP
cjfa-63113	171	9	a	a	DET
cjfa-63113	171	10	theoretical	theoretical	ADJ
cjfa-63113	171	11	perspective	perspective	NOUN
cjfa-63113	171	12	,	,	PUNCT
cjfa-63113	171	13	it	it	PRON
cjfa-63113	171	14	is	be	AUX
cjfa-63113	171	15	easier	easy	ADJ
cjfa-63113	171	16	to	to	PART
cjfa-63113	171	17	implement	implement	VERB
cjfa-63113	171	18	,	,	PUNCT
cjfa-63113	171	19	making	make	VERB
cjfa-63113	171	20	it	it	PRON
cjfa-63113	171	21	a	a	DET
cjfa-63113	171	22	practical	practical	ADJ
cjfa-63113	171	23	choice	choice	NOUN
cjfa-63113	171	24	for	for	ADP
cjfa-63113	171	25	individual	individual	ADJ
cjfa-63113	171	26	investors	investor	NOUN
cjfa-63113	171	27	.	.	PUNCT
cjfa-63113	172	1	we	we	PRON
cjfa-63113	172	2	will	will	AUX
cjfa-63113	172	3	analyze	analyze	VERB
cjfa-63113	172	4	performance	performance	NOUN
cjfa-63113	172	5	,	,	PUNCT
cjfa-63113	172	6	focusing	focus	VERB
cjfa-63113	172	7	on	on	ADP
cjfa-63113	172	8	return	return	NOUN
cjfa-63113	172	9	,	,	PUNCT
cjfa-63113	172	10	volatility	volatility	NOUN
cjfa-63113	172	11	,	,	PUNCT
cjfa-63113	172	12	and	and	CCONJ
cjfa-63113	172	13	sharpe	sharpe	PROPN
cjfa-63113	172	14	ratio	ratio	NOUN
cjfa-63113	172	15	.	.	PUNCT
cjfa-63113	173	1	since	since	SCONJ
cjfa-63113	173	2	all	all	DET
cjfa-63113	173	3	available	available	ADJ
cjfa-63113	173	4	companies	company	NOUN
cjfa-63113	173	5	are	be	AUX
cjfa-63113	173	6	included	include	VERB
cjfa-63113	173	7	in	in	ADP
cjfa-63113	173	8	the	the	DET
cjfa-63113	173	9	portfolios	portfolio	NOUN
cjfa-63113	173	10	with	with	ADP
cjfa-63113	173	11	equal	equal	ADJ
cjfa-63113	173	12	weighting	weighting	NOUN
cjfa-63113	173	13	in	in	ADP
cjfa-63113	173	14	naive	naive	ADJ
cjfa-63113	173	15	diversification	diversification	NOUN
cjfa-63113	173	16	,	,	PUNCT
cjfa-63113	173	17	there	there	PRON
cjfa-63113	173	18	is	be	VERB
cjfa-63113	173	19	no	no	DET
cjfa-63113	173	20	need	need	NOUN
cjfa-63113	173	21	to	to	PART
cjfa-63113	173	22	discuss	discuss	VERB
cjfa-63113	173	23	portfolio	portfolio	NOUN
cjfa-63113	173	24	constituents	constituent	NOUN
cjfa-63113	173	25	.	.	PUNCT
cjfa-63113	174	1	instead	instead	ADV
cjfa-63113	174	2	,	,	PUNCT
cjfa-63113	174	3	we	we	PRON
cjfa-63113	174	4	will	will	AUX
cjfa-63113	174	5	focus	focus	VERB
cjfa-63113	174	6	on	on	ADP
cjfa-63113	174	7	evaluating	evaluate	VERB
cjfa-63113	174	8	the	the	DET
cjfa-63113	174	9	sharpe	sharpe	NOUN
cjfa-63113	174	10	ratio	ratio	NOUN
cjfa-63113	174	11	,	,	PUNCT
cjfa-63113	174	12	as	as	SCONJ
cjfa-63113	174	13	there	there	PRON
cjfa-63113	174	14	is	be	VERB
cjfa-63113	174	15	no	no	DET
cjfa-63113	174	16	predetermined	predetermined	ADJ
cjfa-63113	174	17	risk	risk	NOUN
cjfa-63113	174	18	level	level	NOUN
cjfa-63113	174	19	in	in	ADP
cjfa-63113	174	20	this	this	DET
cjfa-63113	174	21	method	method	NOUN
cjfa-63113	174	22	.	.	PUNCT
cjfa-63113	175	1	table	table	NOUN
cjfa-63113	175	2	4	4	NUM
cjfa-63113	175	3	presents	present	VERB
cjfa-63113	175	4	the	the	DET
cjfa-63113	175	5	absolute	absolute	ADJ
cjfa-63113	175	6	financial	financial	ADJ
cjfa-63113	175	7	performance	performance	NOUN
cjfa-63113	175	8	on	on	ADP
cjfa-63113	175	9	a	a	DET
cjfa-63113	175	10	quarterly	quarterly	ADJ
cjfa-63113	175	11	basis	basis	NOUN
cjfa-63113	175	12	.	.	PUNCT
cjfa-63113	176	1	by	by	ADP
cjfa-63113	176	2	the	the	DET
cjfa-63113	176	3	end	end	NOUN
cjfa-63113	176	4	of	of	ADP
cjfa-63113	176	5	2023	2023	NUM
cjfa-63113	176	6	,	,	PUNCT
cjfa-63113	176	7	the	the	DET
cjfa-63113	176	8	impact	impact	NOUN
cjfa-63113	176	9	portfolio	portfolio	NOUN
cjfa-63113	176	10	’s	’s	PART
cjfa-63113	176	11	asset	asset	NOUN
cjfa-63113	176	12	value	value	NOUN
cjfa-63113	176	13	reaches	reach	VERB
cjfa-63113	176	14	approximately	approximately	ADV
cjfa-63113	176	15	44,940	44,940	NUM
cjfa-63113	176	16	eur	eur	NOUN
cjfa-63113	176	17	,	,	PUNCT
cjfa-63113	176	18	with	with	ADP
cjfa-63113	176	19	an	an	DET
cjfa-63113	176	20	increase	increase	NOUN
cjfa-63113	176	21	of	of	ADP
cjfa-63113	176	22	8,314	8,314	NUM
cjfa-63113	176	23	eur	eur	NOUN
cjfa-63113	176	24	(	(	PUNCT
cjfa-63113	176	25	22.70	22.70	NUM
cjfa-63113	176	26	%	%	NOUN
cjfa-63113	176	27	)	)	PUNCT
cjfa-63113	176	28	from	from	ADP
cjfa-63113	176	29	2020	2020	NUM
cjfa-63113	176	30	to	to	ADP
cjfa-63113	176	31	2023	2023	NUM
cjfa-63113	176	32	.	.	PUNCT
cjfa-63113	177	1	the	the	DET
cjfa-63113	177	2	conventional	conventional	ADJ
cjfa-63113	177	3	and	and	CCONJ
cjfa-63113	177	4	esg	esg	NOUN
cjfa-63113	177	5	portfolios	portfolio	NOUN
cjfa-63113	177	6	have	have	VERB
cjfa-63113	177	7	lower	low	ADJ
cjfa-63113	177	8	asset	asset	NOUN
cjfa-63113	177	9	values	value	NOUN
cjfa-63113	177	10	at	at	ADP
cjfa-63113	177	11	41,450	41,450	NUM
cjfa-63113	177	12	eur	eur	NOUN
cjfa-63113	177	13	and	and	CCONJ
cjfa-63113	177	14	40,097	40,097	NUM
cjfa-63113	177	15	eur	eur	NOUN
cjfa-63113	177	16	,	,	PUNCT
cjfa-63113	177	17	respectively	respectively	ADV
cjfa-63113	177	18	.	.	PUNCT
cjfa-63113	178	1	despite	despite	SCONJ
cjfa-63113	178	2	the	the	DET
cjfa-63113	178	3	challenges	challenge	NOUN
cjfa-63113	178	4	of	of	ADP
cjfa-63113	178	5	the	the	DET
cjfa-63113	178	6	covid-19	covid-19	PROPN
cjfa-63113	178	7	crisis	crisis	NOUN
cjfa-63113	178	8	and	and	CCONJ
cjfa-63113	178	9	the	the	DET
cjfa-63113	178	10	ukraine	ukraine	PROPN
cjfa-63113	178	11	war	war	PROPN
cjfa-63113	178	12	,	,	PUNCT
cjfa-63113	178	13	the	the	DET
cjfa-63113	178	14	impact	impact	NOUN
cjfa-63113	178	15	portfolio	portfolio	NOUN
cjfa-63113	178	16	ends	end	VERB
cjfa-63113	178	17	with	with	ADP
cjfa-63113	178	18	the	the	DET
cjfa-63113	178	19	highest	high	ADJ
cjfa-63113	178	20	absolute	absolute	ADJ
cjfa-63113	178	21	value	value	NOUN
cjfa-63113	178	22	.	.	PUNCT
cjfa-63113	179	1	however	however	ADV
cjfa-63113	179	2	,	,	PUNCT
cjfa-63113	179	3	the	the	DET
cjfa-63113	179	4	conventional	conventional	ADJ
cjfa-63113	179	5	and	and	CCONJ
cjfa-63113	179	6	esg	esg	NOUN
cjfa-63113	179	7	portfolios	portfolio	NOUN
cjfa-63113	179	8	show	show	VERB
cjfa-63113	179	9	higher	high	ADJ
cjfa-63113	179	10	percentage	percentage	NOUN
cjfa-63113	179	11	increases	increase	NOUN
cjfa-63113	179	12	during	during	ADP
cjfa-63113	179	13	the	the	DET
cjfa-63113	179	14	2020–2023	2020–2023	NUM
cjfa-63113	179	15	period	period	NOUN
cjfa-63113	179	16	,	,	PUNCT
cjfa-63113	179	17	at	at	ADP
cjfa-63113	179	18	53	53	NUM
cjfa-63113	179	19	%	%	NOUN
cjfa-63113	179	20	and	and	CCONJ
cjfa-63113	179	21	52	52	NUM
cjfa-63113	179	22	%	%	NOUN
cjfa-63113	179	23	,	,	PUNCT
cjfa-63113	179	24	compared	compare	VERB
cjfa-63113	179	25	to	to	ADP
cjfa-63113	179	26	the	the	DET
cjfa-63113	179	27	impact	impact	NOUN
cjfa-63113	179	28	portfolio	portfolio	NOUN
cjfa-63113	179	29	’s	’s	PART
cjfa-63113	179	30	22.70	22.70	NUM
cjfa-63113	179	31	%	%	NOUN
cjfa-63113	179	32	.	.	PUNCT
cjfa-63113	180	1	in	in	ADP
cjfa-63113	180	2	earlier	early	ADJ
cjfa-63113	180	3	years	year	NOUN
cjfa-63113	180	4	,	,	PUNCT
cjfa-63113	180	5	the	the	DET
cjfa-63113	180	6	impact	impact	NOUN
cjfa-63113	180	7	portfolio	portfolio	NOUN
cjfa-63113	180	8	outperforms	outperform	NOUN
cjfa-63113	180	9	in	in	ADP
cjfa-63113	180	10	percentage	percentage	NOUN
cjfa-63113	180	11	value	value	NOUN
cjfa-63113	180	12	growth	growth	NOUN
cjfa-63113	180	13	.	.	PUNCT
cjfa-63113	181	1	table	table	NOUN
cjfa-63113	181	2	4	4	NUM
cjfa-63113	181	3	.	.	PUNCT
cjfa-63113	182	1	absolute	absolute	ADJ
cjfa-63113	182	2	performance	performance	NOUN
cjfa-63113	182	3	of	of	ADP
cjfa-63113	182	4	portfolios	portfolio	NOUN
cjfa-63113	182	5	structured	structure	VERB
cjfa-63113	182	6	by	by	ADP
cjfa-63113	182	7	naive	naive	ADJ
cjfa-63113	182	8	diversification	diversification	NOUN
cjfa-63113	182	9	conventional	conventional	ADJ
cjfa-63113	182	10	portfolio	portfolio	NOUN
cjfa-63113	182	11	(	(	PUNCT
cjfa-63113	182	12	eur	eur	PROPN
cjfa-63113	182	13	)	)	PUNCT
cjfa-63113	182	14	esg	esg	NOUN
cjfa-63113	182	15	portfolio	portfolio	NOUN
cjfa-63113	182	16	(	(	PUNCT
cjfa-63113	182	17	eur	eur	PROPN
cjfa-63113	182	18	)	)	PUNCT
cjfa-63113	182	19	impact	impact	NOUN
cjfa-63113	182	20	portfolio	portfolio	NOUN
cjfa-63113	182	21	(	(	PUNCT
cjfa-63113	182	22	eur	eur	PROPN
cjfa-63113	182	23	)	)	PUNCT
cjfa-63113	182	24	s	s	PART
cjfa-63113	182	25	o	o	NOUN
cjfa-63113	182	26	u	u	NOUN
cjfa-63113	182	27	r	r	NOUN
cjfa-63113	182	28	c	c	NOUN
cjfa-63113	182	29	e	e	NOUN
cjfa-63113	182	30	:	:	PUNCT
cjfa-63113	182	31	own	own	ADJ
cjfa-63113	182	32	calculation	calculation	NOUN
cjfa-63113	182	33	based	base	VERB
cjfa-63113	182	34	on	on	ADP
cjfa-63113	182	35	data	datum	NOUN
cjfa-63113	182	36	described	describe	VERB
cjfa-63113	182	37	.	.	PUNCT
cjfa-63113	183	1	results	result	NOUN
cjfa-63113	183	2	for	for	ADP
cjfa-63113	183	3	performance	performance	NOUN
cjfa-63113	183	4	of	of	ADP
cjfa-63113	183	5	portfolios	portfolio	NOUN
cjfa-63113	183	6	structured	structure	VERB
cjfa-63113	183	7	results	result	NOUN
cjfa-63113	183	8	for	for	ADP
cjfa-63113	183	9	performance	performance	NOUN
cjfa-63113	183	10	of	of	ADP
cjfa-63113	183	11	portfolios	portfolio	NOUN
cjfa-63113	183	12	structured	structure	VERB
cjfa-63113	183	13	by	by	ADP
cjfa-63113	183	14	naive	naive	ADJ
cjfa-63113	183	15	diversificationby	diversificationby	NOUN
cjfa-63113	183	16	naive	naive	ADJ
cjfa-63113	183	17	diversification	diversification	NOUN
cjfa-63113	183	18	as	as	ADP
cjfa-63113	183	19	an	an	DET
cjfa-63113	183	20	alternative	alternative	ADJ
cjfa-63113	183	21	approach	approach	NOUN
cjfa-63113	183	22	to	to	ADP
cjfa-63113	183	23	structuring	structure	VERB
cjfa-63113	183	24	the	the	DET
cjfa-63113	183	25	portfolios	portfolio	NOUN
cjfa-63113	183	26	,	,	PUNCT
cjfa-63113	183	27	we	we	PRON
cjfa-63113	183	28	use	use	VERB
cjfa-63113	183	29	naive	naive	ADJ
cjfa-63113	183	30	diversification	diversification	NOUN
cjfa-63113	183	31	.	.	PUNCT
cjfa-63113	184	1	although	although	SCONJ
cjfa-63113	184	2	this	this	PRON
cjfa-63113	184	3	may	may	AUX
cjfa-63113	184	4	result	result	VERB
cjfa-63113	184	5	in	in	ADP
cjfa-63113	184	6	suboptimal	suboptimal	ADJ
cjfa-63113	184	7	portfolios	portfolio	NOUN
cjfa-63113	184	8	from	from	ADP
cjfa-63113	184	9	a	a	DET
cjfa-63113	184	10	theoretical	theoretical	ADJ
cjfa-63113	184	11	perspective	perspective	NOUN
cjfa-63113	184	12	,	,	PUNCT
cjfa-63113	184	13	it	it	PRON
cjfa-63113	184	14	is	be	AUX
cjfa-63113	184	15	easier	easy	ADJ
cjfa-63113	184	16	to	to	PART
cjfa-63113	184	17	implement	implement	VERB
cjfa-63113	184	18	,	,	PUNCT
cjfa-63113	184	19	making	make	VERB
cjfa-63113	184	20	it	it	PRON
cjfa-63113	184	21	a	a	DET
cjfa-63113	184	22	practical	practical	ADJ
cjfa-63113	184	23	choice	choice	NOUN
cjfa-63113	184	24	for	for	ADP
cjfa-63113	184	25	individual	individual	ADJ
cjfa-63113	184	26	investors	investor	NOUN
cjfa-63113	184	27	.	.	PUNCT
cjfa-63113	185	1	we	we	PRON
cjfa-63113	185	2	will	will	AUX
cjfa-63113	185	3	analyze	analyze	VERB
cjfa-63113	185	4	performance	performance	NOUN
cjfa-63113	185	5	,	,	PUNCT
cjfa-63113	185	6	focusing	focus	VERB
cjfa-63113	185	7	on	on	ADP
cjfa-63113	185	8	return	return	NOUN
cjfa-63113	185	9	,	,	PUNCT
cjfa-63113	185	10	volatility	volatility	NOUN
cjfa-63113	185	11	,	,	PUNCT
cjfa-63113	185	12	and	and	CCONJ
cjfa-63113	185	13	sharpe	sharpe	PROPN
cjfa-63113	185	14	ratio	ratio	NOUN
cjfa-63113	185	15	.	.	PUNCT
cjfa-63113	186	1	since	since	SCONJ
cjfa-63113	186	2	all	all	DET
cjfa-63113	186	3	available	available	ADJ
cjfa-63113	186	4	companies	company	NOUN
cjfa-63113	186	5	are	be	AUX
cjfa-63113	186	6	included	include	VERB
cjfa-63113	186	7	in	in	ADP
cjfa-63113	186	8	the	the	DET
cjfa-63113	186	9	portfolios	portfolio	NOUN
cjfa-63113	186	10	with	with	ADP
cjfa-63113	186	11	equal	equal	ADJ
cjfa-63113	186	12	weighting	weighting	NOUN
cjfa-63113	186	13	in	in	ADP
cjfa-63113	186	14	naive	naive	ADJ
cjfa-63113	186	15	diversification	diversification	NOUN
cjfa-63113	186	16	,	,	PUNCT
cjfa-63113	186	17	there	there	PRON
cjfa-63113	186	18	is	be	VERB
cjfa-63113	186	19	no	no	DET
cjfa-63113	186	20	need	need	NOUN
cjfa-63113	186	21	to	to	PART
cjfa-63113	186	22	discuss	discuss	VERB
cjfa-63113	186	23	portfolio	portfolio	NOUN
cjfa-63113	186	24	constituents	constituent	NOUN
cjfa-63113	186	25	.	.	PUNCT
cjfa-63113	187	1	instead	instead	ADV
cjfa-63113	187	2	,	,	PUNCT
cjfa-63113	187	3	we	we	PRON
cjfa-63113	187	4	will	will	AUX
cjfa-63113	187	5	focus	focus	VERB
cjfa-63113	187	6	on	on	ADP
cjfa-63113	187	7	evaluating	evaluate	VERB
cjfa-63113	187	8	the	the	DET
cjfa-63113	187	9	sharpe	sharpe	NOUN
cjfa-63113	187	10	ratio	ratio	NOUN
cjfa-63113	187	11	,	,	PUNCT
cjfa-63113	187	12	as	as	SCONJ
cjfa-63113	187	13	there	there	PRON
cjfa-63113	187	14	is	be	VERB
cjfa-63113	187	15	no	no	DET
cjfa-63113	187	16	predetermined	predetermined	ADJ
cjfa-63113	187	17	risk	risk	NOUN
cjfa-63113	187	18	level	level	NOUN
cjfa-63113	187	19	in	in	ADP
cjfa-63113	187	20	this	this	DET
cjfa-63113	187	21	method	method	NOUN
cjfa-63113	187	22	.	.	PUNCT
cjfa-63113	188	1	table	table	NOUN
cjfa-63113	188	2	4	4	NUM
cjfa-63113	188	3	presents	present	VERB
cjfa-63113	188	4	the	the	DET
cjfa-63113	188	5	absolute	absolute	ADJ
cjfa-63113	188	6	financial	financial	ADJ
cjfa-63113	188	7	performance	performance	NOUN
cjfa-63113	188	8	on	on	ADP
cjfa-63113	188	9	a	a	DET
cjfa-63113	188	10	quarterly	quarterly	ADJ
cjfa-63113	188	11	basis	basis	NOUN
cjfa-63113	188	12	.	.	PUNCT
cjfa-63113	189	1	by	by	ADP
cjfa-63113	189	2	the	the	DET
cjfa-63113	189	3	end	end	NOUN
cjfa-63113	189	4	of	of	ADP
cjfa-63113	189	5	2023	2023	NUM
cjfa-63113	189	6	,	,	PUNCT
cjfa-63113	189	7	the	the	DET
cjfa-63113	189	8	impact	impact	NOUN
cjfa-63113	189	9	portfolio	portfolio	NOUN
cjfa-63113	189	10	’s	’s	PART
cjfa-63113	189	11	asset	asset	NOUN
cjfa-63113	189	12	value	value	NOUN
cjfa-63113	189	13	reaches	reach	VERB
cjfa-63113	189	14	approximately	approximately	ADV
cjfa-63113	189	15	44,940	44,940	NUM
cjfa-63113	189	16	eur	eur	NOUN
cjfa-63113	189	17	,	,	PUNCT
cjfa-63113	189	18	with	with	ADP
cjfa-63113	189	19	an	an	DET
cjfa-63113	189	20	increase	increase	NOUN
cjfa-63113	189	21	of	of	ADP
cjfa-63113	189	22	8,314	8,314	NUM
cjfa-63113	189	23	eur	eur	NOUN
cjfa-63113	189	24	(	(	PUNCT
cjfa-63113	189	25	22.70	22.70	NUM
cjfa-63113	189	26	%	%	NOUN
cjfa-63113	189	27	)	)	PUNCT
cjfa-63113	189	28	from	from	ADP
cjfa-63113	189	29	2020	2020	NUM
cjfa-63113	189	30	to	to	ADP
cjfa-63113	189	31	2023	2023	NUM
cjfa-63113	189	32	.	.	PUNCT
cjfa-63113	190	1	the	the	DET
cjfa-63113	190	2	conventional	conventional	ADJ
cjfa-63113	190	3	and	and	CCONJ
cjfa-63113	190	4	esg	esg	NOUN
cjfa-63113	190	5	portfolios	portfolio	NOUN
cjfa-63113	190	6	have	have	VERB
cjfa-63113	190	7	lower	low	ADJ
cjfa-63113	190	8	asset	asset	NOUN
cjfa-63113	190	9	values	value	NOUN
cjfa-63113	190	10	at	at	ADP
cjfa-63113	190	11	41,450	41,450	NUM
cjfa-63113	190	12	eur	eur	NOUN
cjfa-63113	190	13	and	and	CCONJ
cjfa-63113	190	14	40,097	40,097	NUM
cjfa-63113	190	15	eur	eur	NOUN
cjfa-63113	190	16	,	,	PUNCT
cjfa-63113	190	17	respectively	respectively	ADV
cjfa-63113	190	18	.	.	PUNCT
cjfa-63113	191	1	despite	despite	SCONJ
cjfa-63113	191	2	the	the	DET
cjfa-63113	191	3	challenges	challenge	NOUN
cjfa-63113	191	4	of	of	ADP
cjfa-63113	191	5	the	the	DET
cjfa-63113	191	6	covid-19	covid-19	PROPN
cjfa-63113	191	7	crisis	crisis	NOUN
cjfa-63113	191	8	and	and	CCONJ
cjfa-63113	191	9	the	the	DET
cjfa-63113	191	10	ukraine	ukraine	PROPN
cjfa-63113	191	11	war	war	PROPN
cjfa-63113	191	12	,	,	PUNCT
cjfa-63113	191	13	the	the	DET
cjfa-63113	191	14	impact	impact	NOUN
cjfa-63113	191	15	portfolio	portfolio	NOUN
cjfa-63113	191	16	ends	end	VERB
cjfa-63113	191	17	with	with	ADP
cjfa-63113	191	18	the	the	DET
cjfa-63113	191	19	highest	high	ADJ
cjfa-63113	191	20	absolute	absolute	ADJ
cjfa-63113	191	21	value	value	NOUN
cjfa-63113	191	22	.	.	PUNCT
cjfa-63113	192	1	however	however	ADV
cjfa-63113	192	2	,	,	PUNCT
cjfa-63113	192	3	the	the	DET
cjfa-63113	192	4	conventional	conventional	ADJ
cjfa-63113	192	5	and	and	CCONJ
cjfa-63113	192	6	esg	esg	NOUN
cjfa-63113	192	7	portfolios	portfolio	NOUN
cjfa-63113	192	8	show	show	VERB
cjfa-63113	192	9	higher	high	ADJ
cjfa-63113	192	10	percentage	percentage	NOUN
cjfa-63113	192	11	in	in	ADP
cjfa-63113	192	12	impact	impact	NOUN
cjfa-63113	192	13	investing	invest	VERB
cjfa-63113	192	14	from	from	ADP
cjfa-63113	192	15	a	a	DET
cjfa-63113	192	16	european	european	ADJ
cjfa-63113	192	17	perspective	perspective	NOUN
cjfa-63113	192	18	…	…	PUNCT
cjfa-63113	192	19	9999	9999	NUM
cjfa-63113	192	20	creases	crease	NOUN
cjfa-63113	192	21	during	during	ADP
cjfa-63113	192	22	the	the	DET
cjfa-63113	192	23	2020–2023	2020–2023	NUM
cjfa-63113	192	24	period	period	NOUN
cjfa-63113	192	25	,	,	PUNCT
cjfa-63113	192	26	at	at	ADP
cjfa-63113	192	27	53	53	NUM
cjfa-63113	192	28	%	%	NOUN
cjfa-63113	192	29	and	and	CCONJ
cjfa-63113	192	30	52	52	NUM
cjfa-63113	192	31	%	%	NOUN
cjfa-63113	192	32	,	,	PUNCT
cjfa-63113	192	33	compared	compare	VERB
cjfa-63113	192	34	to	to	ADP
cjfa-63113	192	35	the	the	DET
cjfa-63113	192	36	impact	impact	NOUN
cjfa-63113	192	37	portfolio	portfolio	NOUN
cjfa-63113	192	38	’s	’s	PART
cjfa-63113	192	39	22.70	22.70	NUM
cjfa-63113	192	40	%	%	NOUN
cjfa-63113	192	41	.	.	PUNCT
cjfa-63113	193	1	in	in	ADP
cjfa-63113	193	2	earlier	early	ADJ
cjfa-63113	193	3	years	year	NOUN
cjfa-63113	193	4	,	,	PUNCT
cjfa-63113	193	5	the	the	DET
cjfa-63113	193	6	impact	impact	NOUN
cjfa-63113	193	7	portfolio	portfolio	NOUN
cjfa-63113	193	8	outperforms	outperform	NOUN
cjfa-63113	193	9	in	in	ADP
cjfa-63113	193	10	percentage	percentage	NOUN
cjfa-63113	193	11	value	value	NOUN
cjfa-63113	193	12	growth	growth	NOUN
cjfa-63113	193	13	.	.	PUNCT
cjfa-63113	194	1	table	table	NOUN
cjfa-63113	194	2	4	4	NUM
cjfa-63113	194	3	.	.	PUNCT
cjfa-63113	195	1	absolute	absolute	ADJ
cjfa-63113	195	2	performance	performance	NOUN
cjfa-63113	195	3	of	of	ADP
cjfa-63113	195	4	portfolios	portfolio	NOUN
cjfa-63113	195	5	structured	structure	VERB
cjfa-63113	195	6	by	by	ADP
cjfa-63113	195	7	naive	naive	ADJ
cjfa-63113	195	8	diversification	diversification	NOUN
cjfa-63113	195	9	conventional	conventional	ADJ
cjfa-63113	195	10	portfolio	portfolio	NOUN
cjfa-63113	195	11	(	(	PUNCT
cjfa-63113	195	12	eur	eur	PROPN
cjfa-63113	195	13	)	)	PUNCT
cjfa-63113	195	14	esg	esg	NOUN
cjfa-63113	195	15	portfolio	portfolio	NOUN
cjfa-63113	195	16	(	(	PUNCT
cjfa-63113	195	17	eur	eur	PROPN
cjfa-63113	195	18	)	)	PUNCT
cjfa-63113	195	19	impact	impact	NOUN
cjfa-63113	195	20	portfolio	portfolio	NOUN
cjfa-63113	195	21	(	(	PUNCT
cjfa-63113	195	22	eur	eur	NOUN
cjfa-63113	195	23	)	)	PUNCT
cjfa-63113	195	24	2011	2011	NUM
cjfa-63113	195	25	-	-	SYM
cjfa-63113	195	26	01	01	NUM
cjfa-63113	195	27	-	-	SYM
cjfa-63113	195	28	01	01	NUM
cjfa-63113	195	29	10,000	10,000	NUM
cjfa-63113	195	30	10,000	10,000	NUM
cjfa-63113	195	31	10,000	10,000	NUM
cjfa-63113	195	32	2011	2011	NUM
cjfa-63113	195	33	-	-	SYM
cjfa-63113	195	34	12	12	NUM
cjfa-63113	195	35	-	-	SYM
cjfa-63113	195	36	30	30	NUM
cjfa-63113	195	37	10,548	10,548	NUM
cjfa-63113	195	38	10,258	10,258	NUM
cjfa-63113	195	39	10,396	10,396	NUM
cjfa-63113	195	40	2012	2012	NUM
cjfa-63113	195	41	-	-	SYM
cjfa-63113	195	42	12	12	NUM
cjfa-63113	195	43	-	-	SYM
cjfa-63113	195	44	31	31	NUM
cjfa-63113	195	45	11,857	11,857	NUM
cjfa-63113	195	46	11,085	11,085	NUM
cjfa-63113	195	47	11,177	11,177	NUM
cjfa-63113	195	48	2013	2013	NUM
cjfa-63113	195	49	-	-	SYM
cjfa-63113	195	50	12	12	NUM
cjfa-63113	195	51	-	-	SYM
cjfa-63113	195	52	31	31	NUM
cjfa-63113	195	53	14,445	14,445	NUM
cjfa-63113	195	54	13,944	13,944	NUM
cjfa-63113	195	55	14,732	14,732	NUM
cjfa-63113	195	56	2014	2014	NUM
cjfa-63113	195	57	-	-	SYM
cjfa-63113	195	58	12	12	NUM
cjfa-63113	195	59	-	-	SYM
cjfa-63113	195	60	31	31	NUM
cjfa-63113	195	61	17,232	17,232	NUM
cjfa-63113	195	62	16,546	16,546	NUM
cjfa-63113	195	63	19,337	19,337	NUM
cjfa-63113	195	64	2015	2015	NUM
cjfa-63113	195	65	-	-	SYM
cjfa-63113	195	66	12	12	NUM
cjfa-63113	195	67	-	-	SYM
cjfa-63113	195	68	31	31	NUM
cjfa-63113	195	69	19,713	19,713	NUM
cjfa-63113	195	70	19,269	19,269	NUM
cjfa-63113	195	71	23,986	23,986	NUM
cjfa-63113	195	72	2016	2016	NUM
cjfa-63113	195	73	-	-	SYM
cjfa-63113	195	74	12	12	NUM
cjfa-63113	195	75	-	-	SYM
cjfa-63113	195	76	30	30	NUM
cjfa-63113	195	77	19,525	19,525	NUM
cjfa-63113	195	78	18,990	18,990	NUM
cjfa-63113	195	79	25,823	25,823	NUM
cjfa-63113	195	80	2017	2017	NUM
cjfa-63113	195	81	-	-	SYM
cjfa-63113	195	82	12	12	NUM
cjfa-63113	195	83	-	-	SYM
cjfa-63113	195	84	29	29	NUM
cjfa-63113	195	85	23,477	23,477	NUM
cjfa-63113	195	86	23,601	23,601	NUM
cjfa-63113	195	87	29,291	29,291	NUM
cjfa-63113	195	88	2018	2018	NUM
cjfa-63113	195	89	-	-	SYM
cjfa-63113	195	90	12	12	NUM
cjfa-63113	195	91	-	-	SYM
cjfa-63113	195	92	31	31	NUM
cjfa-63113	195	93	23,568	23,568	NUM
cjfa-63113	195	94	23,696	23,696	NUM
cjfa-63113	195	95	34,457	34,457	NUM
cjfa-63113	195	96	2019	2019	NUM
cjfa-63113	195	97	-	-	SYM
cjfa-63113	195	98	12	12	NUM
cjfa-63113	195	99	-	-	SYM
cjfa-63113	195	100	31	31	NUM
cjfa-63113	195	101	27,112	27,112	NUM
cjfa-63113	195	102	26,372	26,372	NUM
cjfa-63113	195	103	36,626	36,626	NUM
cjfa-63113	195	104	2020	2020	NUM
cjfa-63113	195	105	-	-	SYM
cjfa-63113	195	106	12	12	NUM
cjfa-63113	195	107	-	-	SYM
cjfa-63113	195	108	31	31	NUM
cjfa-63113	195	109	24,715	24,715	NUM
cjfa-63113	195	110	24,726	24,726	NUM
cjfa-63113	195	111	34,873	34,873	NUM
cjfa-63113	195	112	2021	2021	NUM
cjfa-63113	195	113	-	-	SYM
cjfa-63113	195	114	12	12	NUM
cjfa-63113	195	115	-	-	SYM
cjfa-63113	195	116	31	31	NUM
cjfa-63113	195	117	32,938	32,938	NUM
cjfa-63113	195	118	34,518	34,518	NUM
cjfa-63113	195	119	45,987	45,987	NUM
cjfa-63113	195	120	2022	2022	NUM
cjfa-63113	195	121	-	-	SYM
cjfa-63113	195	122	12	12	NUM
cjfa-63113	195	123	-	-	SYM
cjfa-63113	195	124	30	30	NUM
cjfa-63113	195	125	33,540	33,540	NUM
cjfa-63113	195	126	32,053	32,053	NUM
cjfa-63113	195	127	44,452	44,452	NUM
cjfa-63113	195	128	2023	2023	NUM
cjfa-63113	195	129	-	-	SYM
cjfa-63113	195	130	12	12	NUM
cjfa-63113	195	131	-	-	SYM
cjfa-63113	195	132	29	29	NUM
cjfa-63113	195	133	41,450	41,450	NUM
cjfa-63113	195	134	40,097	40,097	NUM
cjfa-63113	195	135	44,940	44,940	NUM
cjfa-63113	195	136	s	s	NOUN
cjfa-63113	195	137	o	o	NOUN
cjfa-63113	195	138	u	u	NOUN
cjfa-63113	195	139	r	r	NOUN
cjfa-63113	195	140	c	c	NOUN
cjfa-63113	195	141	e	e	NOUN
cjfa-63113	195	142	:	:	PUNCT
cjfa-63113	195	143	own	own	ADJ
cjfa-63113	195	144	calculation	calculation	NOUN
cjfa-63113	195	145	based	base	VERB
cjfa-63113	195	146	on	on	ADP
cjfa-63113	195	147	data	datum	NOUN
cjfa-63113	195	148	described	describe	VERB
cjfa-63113	195	149	.	.	PUNCT
cjfa-63113	196	1	table	table	NOUN
cjfa-63113	196	2	5	5	NUM
cjfa-63113	196	3	presents	present	VERB
cjfa-63113	196	4	the	the	DET
cjfa-63113	196	5	descriptive	descriptive	ADJ
cjfa-63113	196	6	statistics	statistic	NOUN
cjfa-63113	196	7	of	of	ADP
cjfa-63113	196	8	quarterly	quarterly	ADJ
cjfa-63113	196	9	returns	return	NOUN
cjfa-63113	196	10	,	,	PUNCT
cjfa-63113	196	11	standard	standard	ADJ
cjfa-63113	196	12	deviations	deviation	NOUN
cjfa-63113	196	13	,	,	PUNCT
cjfa-63113	196	14	and	and	CCONJ
cjfa-63113	196	15	sharpe	sharpe	NOUN
cjfa-63113	196	16	ratios	ratio	NOUN
cjfa-63113	196	17	for	for	ADP
cjfa-63113	196	18	the	the	DET
cjfa-63113	196	19	portfolios	portfolio	NOUN
cjfa-63113	196	20	.	.	PUNCT
cjfa-63113	197	1	the	the	DET
cjfa-63113	197	2	impact	impact	NOUN
cjfa-63113	197	3	portfolio	portfolio	NOUN
cjfa-63113	197	4	has	have	VERB
cjfa-63113	197	5	the	the	DET
cjfa-63113	197	6	highest	high	ADJ
cjfa-63113	197	7	average	average	ADJ
cjfa-63113	197	8	quarterly	quarterly	ADJ
cjfa-63113	197	9	return	return	NOUN
cjfa-63113	197	10	at	at	ADP
cjfa-63113	197	11	3.00	3.00	NUM
cjfa-63113	197	12	%	%	NOUN
cjfa-63113	197	13	,	,	PUNCT
cjfa-63113	197	14	followed	follow	VERB
cjfa-63113	197	15	by	by	ADP
cjfa-63113	197	16	the	the	DET
cjfa-63113	197	17	conventional	conventional	ADJ
cjfa-63113	197	18	(	(	PUNCT
cjfa-63113	197	19	2.82	2.82	NUM
cjfa-63113	197	20	%	%	NOUN
cjfa-63113	197	21	)	)	PUNCT
cjfa-63113	197	22	and	and	CCONJ
cjfa-63113	197	23	esg	esg	PROPN
cjfa-63113	197	24	(	(	PUNCT
cjfa-63113	197	25	2.78	2.78	NUM
cjfa-63113	197	26	%	%	NOUN
cjfa-63113	197	27	)	)	PUNCT
cjfa-63113	197	28	portfolios	portfolio	NOUN
cjfa-63113	197	29	.	.	PUNCT
cjfa-63113	198	1	the	the	DET
cjfa-63113	198	2	impact	impact	NOUN
cjfa-63113	198	3	portfolio	portfolio	NOUN
cjfa-63113	198	4	also	also	ADV
cjfa-63113	198	5	has	have	VERB
cjfa-63113	198	6	the	the	DET
cjfa-63113	198	7	widest	wide	ADJ
cjfa-63113	198	8	range	range	NOUN
cjfa-63113	198	9	of	of	ADP
cjfa-63113	198	10	quarterly	quarterly	ADJ
cjfa-63113	198	11	returns	return	NOUN
cjfa-63113	198	12	,	,	PUNCT
cjfa-63113	198	13	with	with	ADP
cjfa-63113	198	14	the	the	DET
cjfa-63113	198	15	worst	bad	ADJ
cjfa-63113	198	16	return	return	NOUN
cjfa-63113	198	17	nearing	near	VERB
cjfa-63113	198	18	-5.50	-5.50	NUM
cjfa-63113	198	19	%	%	NOUN
cjfa-63113	198	20	.	.	PUNCT
cjfa-63113	199	1	the	the	DET
cjfa-63113	199	2	conventional	conventional	ADJ
cjfa-63113	199	3	portfolio	portfolio	NOUN
cjfa-63113	199	4	exhibits	exhibit	VERB
cjfa-63113	199	5	the	the	DET
cjfa-63113	199	6	lowest	low	ADJ
cjfa-63113	199	7	average	average	ADJ
cjfa-63113	199	8	risk	risk	NOUN
cjfa-63113	199	9	,	,	PUNCT
cjfa-63113	199	10	with	with	ADP
cjfa-63113	199	11	a	a	DET
cjfa-63113	199	12	quarterly	quarterly	ADJ
cjfa-63113	199	13	standard	standard	ADJ
cjfa-63113	199	14	deviation	deviation	NOUN
cjfa-63113	199	15	of	of	ADP
cjfa-63113	199	16	7.07	7.07	NUM
cjfa-63113	199	17	%	%	NOUN
cjfa-63113	199	18	.	.	PUNCT
cjfa-63113	200	1	in	in	ADP
cjfa-63113	200	2	terms	term	NOUN
cjfa-63113	200	3	of	of	ADP
cjfa-63113	200	4	risk	risk	NOUN
cjfa-63113	200	5	-	-	PUNCT
cjfa-63113	200	6	adjusted	adjust	VERB
cjfa-63113	200	7	performance	performance	NOUN
cjfa-63113	200	8	,	,	PUNCT
cjfa-63113	200	9	the	the	DET
cjfa-63113	200	10	impact	impact	NOUN
cjfa-63113	200	11	portfolio	portfolio	NOUN
cjfa-63113	200	12	leads	lead	VERB
cjfa-63113	200	13	with	with	ADP
cjfa-63113	200	14	the	the	DET
cjfa-63113	200	15	highest	high	ADJ
cjfa-63113	200	16	sharpe	sharpe	NOUN
cjfa-63113	200	17	ratio	ratio	NOUN
cjfa-63113	200	18	,	,	PUNCT
cjfa-63113	200	19	despite	despite	SCONJ
cjfa-63113	200	20	its	its	PRON
cjfa-63113	200	21	greater	great	ADJ
cjfa-63113	200	22	fluctuations	fluctuation	NOUN
cjfa-63113	200	23	.	.	PUNCT
cjfa-63113	201	1	eva	eva	PROPN
cjfa-63113	201	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	201	3	,	,	PUNCT
cjfa-63113	201	4	tanja	tanja	NOUN
cjfa-63113	201	5	sinha100100	sinha100100	PROPN
cjfa-63113	201	6	table	table	NOUN
cjfa-63113	201	7	5	5	NUM
cjfa-63113	201	8	.	.	PUNCT
cjfa-63113	201	9	descriptive	descriptive	ADJ
cjfa-63113	201	10	statistics	statistic	NOUN
cjfa-63113	201	11	for	for	ADP
cjfa-63113	201	12	naive	naive	ADJ
cjfa-63113	201	13	diversification	diversification	NOUN
cjfa-63113	201	14	conventional	conventional	ADJ
cjfa-63113	201	15	portfolio	portfolio	NOUN
cjfa-63113	201	16	esg	esg	PROPN
cjfa-63113	201	17	portfolio	portfolio	PROPN
cjfa-63113	201	18	impact	impact	PROPN
cjfa-63113	201	19	portfolio	portfolio	NOUN
cjfa-63113	201	20	quarterly	quarterly	ADJ
cjfa-63113	201	21	return	return	NOUN
cjfa-63113	201	22	max	max	PROPN
cjfa-63113	201	23	%	%	NOUN
cjfa-63113	201	24	8.88	8.88	NUM
cjfa-63113	201	25	11.19	11.19	NUM
cjfa-63113	201	26	10.79	10.79	NUM
cjfa-63113	201	27	min	min	NOUN
cjfa-63113	201	28	%	%	NOUN
cjfa-63113	201	29	-3.70	-3.70	NUM
cjfa-63113	201	30	-4.04	-4.04	NOUN
cjfa-63113	201	31	-5.49	-5.49	PUNCT
cjfa-63113	201	32	mean	mean	VERB
cjfa-63113	201	33	%	%	NOUN
cjfa-63113	201	34	2.82	2.82	NUM
cjfa-63113	201	35	2.78	2.78	NUM
cjfa-63113	201	36	3.00	3.00	NUM
cjfa-63113	201	37	quarterly	quarterly	ADJ
cjfa-63113	201	38	standard	standard	ADJ
cjfa-63113	201	39	deviation	deviation	NOUN
cjfa-63113	201	40	max	max	PROPN
cjfa-63113	201	41	%	%	NOUN
cjfa-63113	201	42	18.92	18.92	NUM
cjfa-63113	201	43	20.49	20.49	NUM
cjfa-63113	201	44	22.22	22.22	NUM
cjfa-63113	201	45	min	min	NOUN
cjfa-63113	201	46	%	%	NOUN
cjfa-63113	201	47	1.92	1.92	NUM
cjfa-63113	201	48	1.82	1.82	NUM
cjfa-63113	201	49	1.78	1.78	NUM
cjfa-63113	201	50	mean	mean	NOUN
cjfa-63113	202	1	%	%	NOUN
cjfa-63113	203	1	7.07	7.07	NUM
cjfa-63113	203	2	8.03	8.03	NUM
cjfa-63113	203	3	7.87	7.87	NUM
cjfa-63113	203	4	quarterly	quarterly	ADJ
cjfa-63113	203	5	sharpe	sharpe	PROPN
cjfa-63113	203	6	ratio	ratio	PROPN
cjfa-63113	203	7	max	max	PROPN
cjfa-63113	203	8	2.18	2.18	NUM
cjfa-63113	203	9	2.45	2.45	NUM
cjfa-63113	203	10	3.28	3.28	NUM
cjfa-63113	203	11	min	min	NOUN
cjfa-63113	203	12	-0.38	-0.38	PUNCT
cjfa-63113	203	13	-0.68	-0.68	PROPN
cjfa-63113	204	1	-0.55	-0.55	NOUN
cjfa-63113	204	2	mean	mean	VERB
cjfa-63113	204	3	0.64	0.64	NUM
cjfa-63113	204	4	0.57	0.57	NUM
cjfa-63113	204	5	0.72	0.72	NUM
cjfa-63113	204	6	s	s	NOUN
cjfa-63113	204	7	o	o	NOUN
cjfa-63113	204	8	u	u	NOUN
cjfa-63113	204	9	r	r	NOUN
cjfa-63113	204	10	c	c	NOUN
cjfa-63113	204	11	e	e	NOUN
cjfa-63113	204	12	:	:	PUNCT
cjfa-63113	204	13	own	own	ADJ
cjfa-63113	204	14	calculation	calculation	NOUN
cjfa-63113	204	15	based	base	VERB
cjfa-63113	204	16	on	on	ADP
cjfa-63113	204	17	data	datum	NOUN
cjfa-63113	204	18	described	describe	VERB
cjfa-63113	204	19	.	.	PUNCT
cjfa-63113	205	1	graph	graph	NOUN
cjfa-63113	205	2	2	2	NUM
cjfa-63113	205	3	compares	compare	VERB
cjfa-63113	205	4	the	the	DET
cjfa-63113	205	5	portfolios	portfolio	NOUN
cjfa-63113	205	6	built	build	VERB
cjfa-63113	205	7	using	use	VERB
cjfa-63113	205	8	naive	naive	ADJ
cjfa-63113	205	9	diversification	diversification	NOUN
cjfa-63113	205	10	.	.	PUNCT
cjfa-63113	206	1	the	the	DET
cjfa-63113	206	2	performance	performance	NOUN
cjfa-63113	206	3	of	of	ADP
cjfa-63113	206	4	the	the	DET
cjfa-63113	206	5	conventional	conventional	ADJ
cjfa-63113	206	6	and	and	CCONJ
cjfa-63113	206	7	esg	esg	NOUN
cjfa-63113	206	8	portfolios	portfolio	NOUN
cjfa-63113	206	9	,	,	PUNCT
cjfa-63113	206	10	which	which	PRON
cjfa-63113	206	11	largely	largely	ADV
cjfa-63113	206	12	mirror	mirror	VERB
cjfa-63113	206	13	each	each	DET
cjfa-63113	206	14	other	other	ADJ
cjfa-63113	206	15	due	due	ADP
cjfa-63113	206	16	to	to	ADP
cjfa-63113	206	17	overlapping	overlap	VERB
cjfa-63113	206	18	holdings	holding	NOUN
cjfa-63113	206	19	,	,	PUNCT
cjfa-63113	206	20	is	be	AUX
cjfa-63113	206	21	very	very	ADV
cjfa-63113	206	22	similar	similar	ADJ
cjfa-63113	206	23	.	.	PUNCT
cjfa-63113	207	1	however	however	ADV
cjfa-63113	207	2	,	,	PUNCT
cjfa-63113	207	3	the	the	DET
cjfa-63113	207	4	esg	esg	PROPN
cjfa-63113	207	5	portfolio	portfolio	NOUN
cjfa-63113	207	6	outperforms	outperform	VERB
cjfa-63113	207	7	the	the	DET
cjfa-63113	207	8	conventional	conventional	ADJ
cjfa-63113	207	9	portfolio	portfolio	NOUN
cjfa-63113	207	10	during	during	ADP
cjfa-63113	207	11	specific	specific	ADJ
cjfa-63113	207	12	periods	period	NOUN
cjfa-63113	207	13	,	,	PUNCT
cjfa-63113	207	14	such	such	ADJ
cjfa-63113	207	15	as	as	ADP
cjfa-63113	207	16	q2	q2	PROPN
cjfa-63113	207	17	2013	2013	NUM
cjfa-63113	207	18	to	to	PART
cjfa-63113	207	19	q1	q1	PROPN
cjfa-63113	207	20	2014	2014	NUM
cjfa-63113	207	21	,	,	PUNCT
cjfa-63113	207	22	q2	q2	NOUN
cjfa-63113	207	23	–	–	PUNCT
cjfa-63113	207	24	q3	q3	NOUN
cjfa-63113	207	25	2017	2017	NUM
cjfa-63113	207	26	,	,	PUNCT
cjfa-63113	207	27	and	and	CCONJ
cjfa-63113	207	28	2021	2021	NUM
cjfa-63113	207	29	,	,	PUNCT
cjfa-63113	207	30	when	when	SCONJ
cjfa-63113	207	31	exclusive	exclusive	ADJ
cjfa-63113	207	32	esg	esg	NOUN
cjfa-63113	207	33	companies	company	NOUN
cjfa-63113	207	34	like	like	ADP
cjfa-63113	207	35	stellantis	stellantis	PROPN
cjfa-63113	207	36	and	and	CCONJ
cjfa-63113	207	37	infineon	infineon	PROPN
cjfa-63113	207	38	generated	generate	VERB
cjfa-63113	207	39	high	high	ADJ
cjfa-63113	207	40	returns	return	NOUN
cjfa-63113	207	41	.	.	PUNCT
cjfa-63113	208	1	conversely	conversely	ADV
cjfa-63113	208	2	,	,	PUNCT
cjfa-63113	208	3	from	from	ADP
cjfa-63113	208	4	q3	q3	NOUN
cjfa-63113	208	5	2011	2011	NUM
cjfa-63113	208	6	to	to	ADP
cjfa-63113	208	7	q2	q2	PROPN
cjfa-63113	208	8	2012	2012	NUM
cjfa-63113	208	9	,	,	PUNCT
cjfa-63113	208	10	the	the	DET
cjfa-63113	208	11	esg	esg	PROPN
cjfa-63113	208	12	portfolio	portfolio	NOUN
cjfa-63113	208	13	underperforms	underperform	NOUN
cjfa-63113	208	14	due	due	ADP
cjfa-63113	208	15	to	to	ADP
cjfa-63113	208	16	losses	loss	NOUN
cjfa-63113	208	17	from	from	ADP
cjfa-63113	208	18	certain	certain	ADJ
cjfa-63113	208	19	exclusive	exclusive	ADJ
cjfa-63113	208	20	companies	company	NOUN
cjfa-63113	208	21	like	like	ADP
cjfa-63113	208	22	intesa	intesa	PROPN
cjfa-63113	208	23	sanpaolo	sanpaolo	PROPN
cjfa-63113	208	24	and	and	CCONJ
cjfa-63113	208	25	nokia	nokia	NOUN
cjfa-63113	208	26	.	.	PUNCT
cjfa-63113	209	1	the	the	DET
cjfa-63113	209	2	impact	impact	NOUN
cjfa-63113	209	3	portfolio	portfolio	NOUN
cjfa-63113	209	4	’s	’s	PART
cjfa-63113	209	5	returns	return	NOUN
cjfa-63113	209	6	often	often	ADV
cjfa-63113	209	7	differ	differ	VERB
cjfa-63113	209	8	from	from	ADP
cjfa-63113	209	9	the	the	DET
cjfa-63113	209	10	conventional	conventional	ADJ
cjfa-63113	209	11	and	and	CCONJ
cjfa-63113	209	12	esg	esg	NOUN
cjfa-63113	209	13	portfolios	portfolio	NOUN
cjfa-63113	209	14	due	due	ADP
cjfa-63113	209	15	to	to	ADP
cjfa-63113	209	16	its	its	PRON
cjfa-63113	209	17	distinct	distinct	ADJ
cjfa-63113	209	18	holdings	holding	NOUN
cjfa-63113	209	19	,	,	PUNCT
cjfa-63113	209	20	with	with	ADP
cjfa-63113	209	21	the	the	DET
cjfa-63113	209	22	exception	exception	NOUN
cjfa-63113	209	23	impact	impact	NOUN
cjfa-63113	209	24	investing	invest	VERB
cjfa-63113	209	25	from	from	ADP
cjfa-63113	209	26	a	a	DET
cjfa-63113	209	27	european	european	ADJ
cjfa-63113	209	28	perspective	perspective	NOUN
cjfa-63113	209	29	…	…	PUNCT
cjfa-63113	209	30	101101	101101	NUM
cjfa-63113	209	31	of	of	ADP
cjfa-63113	209	32	novo	novo	PROPN
cjfa-63113	209	33	nordisk	nordisk	PROPN
cjfa-63113	209	34	.	.	PUNCT
cjfa-63113	210	1	notable	notable	ADJ
cjfa-63113	210	2	periods	period	NOUN
cjfa-63113	210	3	include	include	VERB
cjfa-63113	210	4	q4	q4	PROPN
cjfa-63113	210	5	2013	2013	NUM
cjfa-63113	210	6	to	to	ADP
cjfa-63113	210	7	q4	q4	PROPN
cjfa-63113	210	8	2015	2015	NUM
cjfa-63113	210	9	and	and	CCONJ
cjfa-63113	210	10	q1	q1	PROPN
cjfa-63113	210	11	2018	2018	NUM
cjfa-63113	210	12	to	to	PART
cjfa-63113	210	13	q1	q1	VERB
cjfa-63113	210	14	2019	2019	NUM
cjfa-63113	210	15	,	,	PUNCT
cjfa-63113	210	16	where	where	SCONJ
cjfa-63113	210	17	companies	company	NOUN
cjfa-63113	210	18	like	like	ADP
cjfa-63113	210	19	vestas	vestas	PROPN
cjfa-63113	210	20	and	and	CCONJ
cjfa-63113	210	21	salmar	salmar	PROPN
cjfa-63113	210	22	contributed	contribute	VERB
cjfa-63113	210	23	strong	strong	ADJ
cjfa-63113	210	24	returns	return	NOUN
cjfa-63113	210	25	.	.	PUNCT
cjfa-63113	211	1	conversely	conversely	ADV
cjfa-63113	211	2	,	,	PUNCT
cjfa-63113	211	3	in	in	ADP
cjfa-63113	211	4	q4	q4	PROPN
cjfa-63113	211	5	2016	2016	NUM
cjfa-63113	211	6	–	–	PUNCT
cjfa-63113	211	7	q3	q3	NOUN
cjfa-63113	211	8	2017	2017	NUM
cjfa-63113	211	9	and	and	CCONJ
cjfa-63113	211	10	q1	q1	PROPN
cjfa-63113	211	11	2020	2020	NUM
cjfa-63113	211	12	,	,	PUNCT
cjfa-63113	211	13	the	the	DET
cjfa-63113	211	14	impact	impact	NOUN
cjfa-63113	211	15	portfolio	portfolio	NOUN
cjfa-63113	211	16	underperformed	underperform	VERB
cjfa-63113	211	17	due	due	ADJ
cjfa-63113	211	18	to	to	ADP
cjfa-63113	211	19	significant	significant	ADJ
cjfa-63113	211	20	losses	loss	NOUN
cjfa-63113	211	21	from	from	ADP
cjfa-63113	211	22	stocks	stock	NOUN
cjfa-63113	211	23	like	like	ADP
cjfa-63113	211	24	ipsen	ipsen	NOUN
cjfa-63113	211	25	and	and	CCONJ
cjfa-63113	211	26	unibail	unibail	NOUN
cjfa-63113	211	27	.	.	PUNCT
cjfa-63113	212	1	the	the	DET
cjfa-63113	212	2	most	most	ADV
cjfa-63113	212	3	striking	striking	ADJ
cjfa-63113	212	4	period	period	NOUN
cjfa-63113	212	5	was	be	AUX
cjfa-63113	212	6	2023	2023	NUM
cjfa-63113	212	7	,	,	PUNCT
cjfa-63113	212	8	when	when	SCONJ
cjfa-63113	212	9	the	the	DET
cjfa-63113	212	10	impact	impact	NOUN
cjfa-63113	212	11	portfolio	portfolio	NOUN
cjfa-63113	212	12	showed	show	VERB
cjfa-63113	212	13	weaker	weak	ADJ
cjfa-63113	212	14	returns	return	NOUN
cjfa-63113	212	15	,	,	PUNCT
cjfa-63113	212	16	with	with	ADP
cjfa-63113	212	17	novo	novo	PROPN
cjfa-63113	212	18	nordisk	nordisk	PROPN
cjfa-63113	212	19	being	be	AUX
cjfa-63113	212	20	the	the	DET
cjfa-63113	212	21	only	only	ADJ
cjfa-63113	212	22	strong	strong	ADJ
cjfa-63113	212	23	performer	performer	NOUN
cjfa-63113	212	24	,	,	PUNCT
cjfa-63113	212	25	unlike	unlike	ADP
cjfa-63113	212	26	the	the	DET
cjfa-63113	212	27	conventional	conventional	ADJ
cjfa-63113	212	28	and	and	CCONJ
cjfa-63113	212	29	esg	esg	NOUN
cjfa-63113	212	30	portfolios	portfolio	NOUN
cjfa-63113	212	31	,	,	PUNCT
cjfa-63113	212	32	which	which	PRON
cjfa-63113	212	33	had	have	VERB
cjfa-63113	212	34	more	more	ADV
cjfa-63113	212	35	consistent	consistent	ADJ
cjfa-63113	212	36	positive	positive	ADJ
cjfa-63113	212	37	returns	return	NOUN
cjfa-63113	212	38	.	.	PUNCT
cjfa-63113	213	1	graph	graph	NOUN
cjfa-63113	213	2	2	2	NUM
cjfa-63113	213	3	.	.	NOUN
cjfa-63113	213	4	quarterly	quarterly	ADJ
cjfa-63113	213	5	returns	return	NOUN
cjfa-63113	213	6	of	of	ADP
cjfa-63113	213	7	portfolios	portfolio	NOUN
cjfa-63113	213	8	under	under	ADP
cjfa-63113	213	9	the	the	DET
cjfa-63113	213	10	naive	naive	ADJ
cjfa-63113	213	11	diversification	diversification	NOUN
cjfa-63113	213	12	portfolio	portfolio	NOUN
cjfa-63113	213	13	during	during	ADP
cjfa-63113	213	14	specific	specific	ADJ
cjfa-63113	213	15	periods	period	NOUN
cjfa-63113	213	16	,	,	PUNCT
cjfa-63113	213	17	such	such	ADJ
cjfa-63113	213	18	as	as	ADP
cjfa-63113	213	19	q2	q2	PROPN
cjfa-63113	213	20	2013	2013	NUM
cjfa-63113	213	21	to	to	PART
cjfa-63113	213	22	q1	q1	PROPN
cjfa-63113	213	23	2014	2014	NUM
cjfa-63113	213	24	,	,	PUNCT
cjfa-63113	213	25	q2	q2	NOUN
cjfa-63113	213	26	–	–	PUNCT
cjfa-63113	213	27	q3	q3	NOUN
cjfa-63113	213	28	2017	2017	NUM
cjfa-63113	213	29	,	,	PUNCT
cjfa-63113	213	30	and	and	CCONJ
cjfa-63113	213	31	2021	2021	NUM
cjfa-63113	213	32	,	,	PUNCT
cjfa-63113	213	33	when	when	SCONJ
cjfa-63113	213	34	exclusive	exclusive	ADJ
cjfa-63113	213	35	esg	esg	NOUN
cjfa-63113	213	36	companies	company	NOUN
cjfa-63113	213	37	like	like	ADP
cjfa-63113	213	38	stellantis	stellantis	PROPN
cjfa-63113	213	39	and	and	CCONJ
cjfa-63113	213	40	infineon	infineon	PROPN
cjfa-63113	213	41	generated	generate	VERB
cjfa-63113	213	42	high	high	ADJ
cjfa-63113	213	43	returns	return	NOUN
cjfa-63113	213	44	.	.	PUNCT
cjfa-63113	214	1	conversely	conversely	ADV
cjfa-63113	214	2	,	,	PUNCT
cjfa-63113	214	3	from	from	ADP
cjfa-63113	214	4	q3	q3	NOUN
cjfa-63113	214	5	2011	2011	NUM
cjfa-63113	214	6	to	to	ADP
cjfa-63113	214	7	q2	q2	PROPN
cjfa-63113	214	8	2012	2012	NUM
cjfa-63113	214	9	,	,	PUNCT
cjfa-63113	214	10	the	the	DET
cjfa-63113	214	11	esg	esg	PROPN
cjfa-63113	214	12	portfolio	portfolio	NOUN
cjfa-63113	214	13	underperforms	underperform	NOUN
cjfa-63113	214	14	due	due	ADP
cjfa-63113	214	15	to	to	ADP
cjfa-63113	214	16	losses	loss	NOUN
cjfa-63113	214	17	from	from	ADP
cjfa-63113	214	18	certain	certain	ADJ
cjfa-63113	214	19	exclusive	exclusive	ADJ
cjfa-63113	214	20	companies	company	NOUN
cjfa-63113	214	21	like	like	ADP
cjfa-63113	214	22	intesa	intesa	PROPN
cjfa-63113	214	23	sanpaolo	sanpaolo	PROPN
cjfa-63113	214	24	and	and	CCONJ
cjfa-63113	214	25	nokia	nokia	NOUN
cjfa-63113	214	26	.	.	PUNCT
cjfa-63113	215	1	the	the	DET
cjfa-63113	215	2	impact	impact	NOUN
cjfa-63113	215	3	portfolio	portfolio	NOUN
cjfa-63113	215	4	’s	’s	PART
cjfa-63113	215	5	returns	return	NOUN
cjfa-63113	215	6	often	often	ADV
cjfa-63113	215	7	differ	differ	VERB
cjfa-63113	215	8	from	from	ADP
cjfa-63113	215	9	the	the	DET
cjfa-63113	215	10	conventional	conventional	ADJ
cjfa-63113	215	11	and	and	CCONJ
cjfa-63113	215	12	esg	esg	NOUN
cjfa-63113	215	13	portfolios	portfolio	NOUN
cjfa-63113	215	14	due	due	ADP
cjfa-63113	215	15	to	to	ADP
cjfa-63113	215	16	its	its	PRON
cjfa-63113	215	17	distinct	distinct	ADJ
cjfa-63113	215	18	holdings	holding	NOUN
cjfa-63113	215	19	,	,	PUNCT
cjfa-63113	215	20	with	with	ADP
cjfa-63113	215	21	the	the	DET
cjfa-63113	215	22	exception	exception	NOUN
cjfa-63113	215	23	of	of	ADP
cjfa-63113	215	24	novo	novo	PROPN
cjfa-63113	215	25	nordisk	nordisk	NOUN
cjfa-63113	215	26	.	.	PUNCT
cjfa-63113	216	1	notable	notable	ADJ
cjfa-63113	216	2	periods	period	NOUN
cjfa-63113	216	3	include	include	VERB
cjfa-63113	216	4	q4	q4	PROPN
cjfa-63113	216	5	2013	2013	NUM
cjfa-63113	216	6	to	to	ADP
cjfa-63113	216	7	q4	q4	PROPN
cjfa-63113	216	8	2015	2015	NUM
cjfa-63113	216	9	and	and	CCONJ
cjfa-63113	216	10	q1	q1	PROPN
cjfa-63113	216	11	2018	2018	NUM
cjfa-63113	216	12	to	to	PART
cjfa-63113	216	13	q1	q1	VERB
cjfa-63113	216	14	2019	2019	NUM
cjfa-63113	216	15	,	,	PUNCT
cjfa-63113	216	16	where	where	SCONJ
cjfa-63113	216	17	companies	company	NOUN
cjfa-63113	216	18	like	like	ADP
cjfa-63113	216	19	vestas	vestas	PROPN
cjfa-63113	216	20	and	and	CCONJ
cjfa-63113	216	21	salmar	salmar	PROPN
cjfa-63113	216	22	contributed	contribute	VERB
cjfa-63113	216	23	strong	strong	ADJ
cjfa-63113	216	24	returns	return	NOUN
cjfa-63113	216	25	.	.	PUNCT
cjfa-63113	217	1	conversely	conversely	ADV
cjfa-63113	217	2	,	,	PUNCT
cjfa-63113	217	3	in	in	ADP
cjfa-63113	217	4	q4	q4	PROPN
cjfa-63113	217	5	2016	2016	NUM
cjfa-63113	217	6	–	–	PUNCT
cjfa-63113	217	7	q3	q3	NOUN
cjfa-63113	217	8	2017	2017	NUM
cjfa-63113	217	9	and	and	CCONJ
cjfa-63113	217	10	q1	q1	PROPN
cjfa-63113	217	11	2020	2020	NUM
cjfa-63113	217	12	,	,	PUNCT
cjfa-63113	217	13	the	the	DET
cjfa-63113	217	14	impact	impact	NOUN
cjfa-63113	217	15	portfolio	portfolio	NOUN
cjfa-63113	217	16	underperformed	underperform	VERB
cjfa-63113	217	17	due	due	ADJ
cjfa-63113	217	18	to	to	ADP
cjfa-63113	217	19	significant	significant	ADJ
cjfa-63113	217	20	losses	loss	NOUN
cjfa-63113	217	21	from	from	ADP
cjfa-63113	217	22	stocks	stock	NOUN
cjfa-63113	217	23	like	like	ADP
cjfa-63113	217	24	ipsen	ipsen	NOUN
cjfa-63113	217	25	and	and	CCONJ
cjfa-63113	217	26	unibail	unibail	NOUN
cjfa-63113	217	27	.	.	PUNCT
cjfa-63113	218	1	the	the	DET
cjfa-63113	218	2	most	most	ADV
cjfa-63113	218	3	striking	striking	ADJ
cjfa-63113	218	4	period	period	NOUN
cjfa-63113	218	5	was	be	AUX
cjfa-63113	218	6	2023	2023	NUM
cjfa-63113	218	7	,	,	PUNCT
cjfa-63113	218	8	when	when	SCONJ
cjfa-63113	218	9	the	the	DET
cjfa-63113	218	10	impact	impact	NOUN
cjfa-63113	218	11	portfolio	portfolio	NOUN
cjfa-63113	218	12	showed	show	VERB
cjfa-63113	218	13	weaker	weak	ADJ
cjfa-63113	218	14	returns	return	NOUN
cjfa-63113	218	15	,	,	PUNCT
cjfa-63113	218	16	with	with	ADP
cjfa-63113	218	17	novo	novo	PROPN
cjfa-63113	218	18	nordisk	nordisk	PROPN
cjfa-63113	218	19	being	be	AUX
cjfa-63113	218	20	the	the	DET
cjfa-63113	218	21	only	only	ADJ
cjfa-63113	218	22	strong	strong	ADJ
cjfa-63113	218	23	performer	performer	NOUN
cjfa-63113	218	24	,	,	PUNCT
cjfa-63113	218	25	unlike	unlike	ADP
cjfa-63113	218	26	the	the	DET
cjfa-63113	218	27	conventional	conventional	ADJ
cjfa-63113	218	28	and	and	CCONJ
cjfa-63113	218	29	esg	esg	NOUN
cjfa-63113	218	30	portfolios	portfolio	NOUN
cjfa-63113	218	31	,	,	PUNCT
cjfa-63113	218	32	which	which	PRON
cjfa-63113	218	33	had	have	VERB
cjfa-63113	218	34	more	more	ADV
cjfa-63113	218	35	consistent	consistent	ADJ
cjfa-63113	218	36	positive	positive	ADJ
cjfa-63113	218	37	returns	return	NOUN
cjfa-63113	218	38	.	.	PUNCT
cjfa-63113	219	1	graph	graph	NOUN
cjfa-63113	219	2	2	2	NUM
cjfa-63113	219	3	.	.	NOUN
cjfa-63113	219	4	quarterly	quarterly	ADJ
cjfa-63113	219	5	returns	return	NOUN
cjfa-63113	219	6	of	of	ADP
cjfa-63113	219	7	portfolios	portfolio	NOUN
cjfa-63113	219	8	under	under	ADP
cjfa-63113	219	9	the	the	DET
cjfa-63113	219	10	naive	naive	ADJ
cjfa-63113	219	11	diversification	diversification	NOUN
cjfa-63113	219	12	source	source	NOUN
cjfa-63113	219	13	:	:	PUNCT
cjfa-63113	219	14	own	own	ADJ
cjfa-63113	219	15	calculations	calculation	NOUN
cjfa-63113	219	16	based	base	VERB
cjfa-63113	219	17	on	on	ADP
cjfa-63113	219	18	data	datum	NOUN
cjfa-63113	219	19	described	describe	VERB
cjfa-63113	219	20	.	.	PUNCT
cjfa-63113	220	1	the	the	DET
cjfa-63113	220	2	sharpe	sharpe	PROPN
cjfa-63113	220	3	ratios	ratio	NOUN
cjfa-63113	220	4	of	of	ADP
cjfa-63113	220	5	the	the	DET
cjfa-63113	220	6	portfolios	portfolio	NOUN
cjfa-63113	220	7	built	build	VERB
cjfa-63113	220	8	using	use	VERB
cjfa-63113	220	9	naive	naive	ADJ
cjfa-63113	220	10	diversification	diversification	NOUN
cjfa-63113	220	11	(	(	PUNCT
cjfa-63113	220	12	graph	graph	NOUN
cjfa-63113	220	13	3	3	NUM
cjfa-63113	220	14	)	)	PUNCT
cjfa-63113	220	15	show	show	VERB
cjfa-63113	220	16	varying	vary	VERB
cjfa-63113	220	17	risk	risk	NOUN
cjfa-63113	220	18	-	-	PUNCT
cjfa-63113	220	19	adjusted	adjust	VERB
cjfa-63113	220	20	performances	performance	NOUN
cjfa-63113	220	21	.	.	PUNCT
cjfa-63113	221	1	the	the	DET
cjfa-63113	221	2	esg	esg	PROPN
cjfa-63113	221	3	portfolio	portfolio	NOUN
cjfa-63113	221	4	outperforms	outperform	VERB
cjfa-63113	221	5	the	the	DET
cjfa-63113	221	6	conventional	conventional	ADJ
cjfa-63113	221	7	portfolio	portfolio	NOUN
cjfa-63113	221	8	in	in	ADP
cjfa-63113	221	9	mid-2017	mid-2017	NOUN
cjfa-63113	221	10	and	and	CCONJ
cjfa-63113	221	11	the	the	DET
cjfa-63113	221	12	first	first	ADJ
cjfa-63113	221	13	three	three	NUM
cjfa-63113	221	14	quarters	quarter	NOUN
cjfa-63113	221	15	of	of	ADP
cjfa-63113	221	16	2021	2021	NUM
cjfa-63113	221	17	.	.	PUNCT
cjfa-63113	222	1	the	the	DET
cjfa-63113	222	2	impact	impact	NOUN
cjfa-63113	222	3	portfolio	portfolio	NOUN
cjfa-63113	222	4	excels	excel	VERB
cjfa-63113	222	5	in	in	ADP
cjfa-63113	222	6	q4	q4	PROPN
cjfa-63113	222	7	2012	2012	NUM
cjfa-63113	222	8	to	to	ADP
cjfa-63113	222	9	q3	q3	PROPN
cjfa-63113	222	10	2014	2014	NUM
cjfa-63113	222	11	and	and	CCONJ
cjfa-63113	222	12	late	late	ADJ
cjfa-63113	222	13	2017	2017	NUM
cjfa-63113	222	14	to	to	ADP
cjfa-63113	222	15	q3	q3	PROPN
cjfa-63113	222	16	2018	2018	NUM
cjfa-63113	222	17	,	,	PUNCT
cjfa-63113	222	18	driven	drive	VERB
cjfa-63113	222	19	by	by	ADP
cjfa-63113	222	20	high	high	ADJ
cjfa-63113	222	21	returns	return	NOUN
cjfa-63113	222	22	and	and	CCONJ
cjfa-63113	222	23	low	low	ADJ
cjfa-63113	222	24	risk	risk	NOUN
cjfa-63113	222	25	.	.	PUNCT
cjfa-63113	223	1	however	however	ADV
cjfa-63113	223	2	,	,	PUNCT
cjfa-63113	223	3	in	in	ADP
cjfa-63113	223	4	2021	2021	NUM
cjfa-63113	223	5	and	and	CCONJ
cjfa-63113	223	6	2023	2023	NUM
cjfa-63113	223	7	,	,	PUNCT
cjfa-63113	223	8	the	the	DET
cjfa-63113	223	9	impact	impact	NOUN
cjfa-63113	223	10	portfolio	portfolio	NOUN
cjfa-63113	223	11	underperforms	underperform	VERB
cjfa-63113	223	12	due	due	ADP
cjfa-63113	223	13	to	to	ADP
cjfa-63113	223	14	higher	high	ADJ
cjfa-63113	223	15	risk	risk	NOUN
cjfa-63113	223	16	and	and	CCONJ
cjfa-63113	223	17	lower	low	ADJ
cjfa-63113	223	18	returns	return	NOUN
cjfa-63113	223	19	,	,	PUNCT
cjfa-63113	223	20	particularly	particularly	ADV
cjfa-63113	223	21	influenced	influence	VERB
cjfa-63113	223	22	by	by	ADP
cjfa-63113	223	23	the	the	DET
cjfa-63113	223	24	volatility	volatility	NOUN
cjfa-63113	223	25	of	of	ADP
cjfa-63113	223	26	stocks	stock	NOUN
cjfa-63113	223	27	like	like	ADP
cjfa-63113	223	28	unibail	unibail	NOUN
cjfa-63113	223	29	and	and	CCONJ
cjfa-63113	223	30	edp	edp	NOUN
cjfa-63113	223	31	renovaveis	renovaveis	PROPN
cjfa-63113	223	32	.	.	PUNCT
cjfa-63113	224	1	s	s	PART
cjfa-63113	224	2	o	o	X
cjfa-63113	224	3	u	u	NOUN
cjfa-63113	224	4	r	r	NOUN
cjfa-63113	224	5	c	c	NOUN
cjfa-63113	224	6	e	e	NOUN
cjfa-63113	224	7	:	:	PUNCT
cjfa-63113	224	8	own	own	ADJ
cjfa-63113	224	9	calculations	calculation	NOUN
cjfa-63113	224	10	based	base	VERB
cjfa-63113	224	11	on	on	ADP
cjfa-63113	224	12	data	datum	NOUN
cjfa-63113	224	13	described	describe	VERB
cjfa-63113	224	14	.	.	PUNCT
cjfa-63113	225	1	the	the	DET
cjfa-63113	225	2	sharpe	sharpe	PROPN
cjfa-63113	225	3	ratios	ratio	NOUN
cjfa-63113	225	4	of	of	ADP
cjfa-63113	225	5	the	the	DET
cjfa-63113	225	6	portfolios	portfolio	NOUN
cjfa-63113	225	7	built	build	VERB
cjfa-63113	225	8	using	use	VERB
cjfa-63113	225	9	naive	naive	ADJ
cjfa-63113	225	10	diversification	diversification	NOUN
cjfa-63113	225	11	(	(	PUNCT
cjfa-63113	225	12	graph	graph	NOUN
cjfa-63113	225	13	3	3	NUM
cjfa-63113	225	14	)	)	PUNCT
cjfa-63113	225	15	show	show	VERB
cjfa-63113	225	16	varying	vary	VERB
cjfa-63113	225	17	risk	risk	NOUN
cjfa-63113	225	18	-	-	PUNCT
cjfa-63113	225	19	adjusted	adjust	VERB
cjfa-63113	225	20	performances	performance	NOUN
cjfa-63113	225	21	.	.	PUNCT
cjfa-63113	226	1	the	the	DET
cjfa-63113	226	2	esg	esg	PROPN
cjfa-63113	226	3	portfolio	portfolio	NOUN
cjfa-63113	226	4	outperforms	outperform	VERB
cjfa-63113	226	5	the	the	DET
cjfa-63113	226	6	conventional	conventional	ADJ
cjfa-63113	226	7	portfolio	portfolio	NOUN
cjfa-63113	226	8	in	in	ADP
cjfa-63113	226	9	mid-2017	mid-2017	NOUN
cjfa-63113	226	10	and	and	CCONJ
cjfa-63113	226	11	the	the	DET
cjfa-63113	226	12	first	first	ADJ
cjfa-63113	226	13	three	three	NUM
cjfa-63113	226	14	quarters	quarter	NOUN
cjfa-63113	226	15	of	of	ADP
cjfa-63113	226	16	2021	2021	NUM
cjfa-63113	226	17	.	.	PUNCT
cjfa-63113	227	1	the	the	DET
cjfa-63113	227	2	impact	impact	NOUN
cjfa-63113	227	3	portfolio	portfolio	NOUN
cjfa-63113	227	4	excels	excel	VERB
cjfa-63113	227	5	in	in	ADP
cjfa-63113	227	6	q4	q4	PROPN
cjfa-63113	227	7	2012	2012	NUM
cjfa-63113	227	8	to	to	ADP
cjfa-63113	227	9	q3	q3	PROPN
cjfa-63113	227	10	2014	2014	NUM
cjfa-63113	227	11	and	and	CCONJ
cjfa-63113	227	12	late	late	ADJ
cjfa-63113	227	13	2017	2017	NUM
cjfa-63113	227	14	to	to	ADP
cjfa-63113	227	15	q3	q3	PROPN
cjfa-63113	227	16	2018	2018	NUM
cjfa-63113	227	17	,	,	PUNCT
cjfa-63113	227	18	driven	drive	VERB
cjfa-63113	227	19	by	by	ADP
cjfa-63113	227	20	high	high	ADJ
cjfa-63113	227	21	returns	return	NOUN
cjfa-63113	227	22	and	and	CCONJ
cjfa-63113	227	23	low	low	ADJ
cjfa-63113	227	24	risk	risk	NOUN
cjfa-63113	227	25	.	.	PUNCT
cjfa-63113	228	1	however	however	ADV
cjfa-63113	228	2	,	,	PUNCT
cjfa-63113	228	3	in	in	ADP
cjfa-63113	228	4	2021	2021	NUM
cjfa-63113	228	5	and	and	CCONJ
cjfa-63113	228	6	2023	2023	NUM
cjfa-63113	228	7	,	,	PUNCT
cjfa-63113	228	8	the	the	DET
cjfa-63113	228	9	impact	impact	NOUN
cjfa-63113	228	10	portfolio	portfolio	NOUN
cjfa-63113	228	11	underperforms	underperform	VERB
cjfa-63113	228	12	due	due	ADP
cjfa-63113	228	13	to	to	ADP
cjfa-63113	228	14	higher	high	ADJ
cjfa-63113	228	15	risk	risk	NOUN
cjfa-63113	228	16	and	and	CCONJ
cjfa-63113	228	17	lower	low	ADJ
cjfa-63113	228	18	returns	return	NOUN
cjfa-63113	228	19	,	,	PUNCT
cjfa-63113	228	20	particularly	particularly	ADV
cjfa-63113	228	21	influenced	influence	VERB
cjfa-63113	228	22	by	by	ADP
cjfa-63113	228	23	the	the	DET
cjfa-63113	228	24	volatility	volatility	NOUN
cjfa-63113	228	25	of	of	ADP
cjfa-63113	228	26	stocks	stock	NOUN
cjfa-63113	228	27	like	like	ADP
cjfa-63113	228	28	unibail	unibail	NOUN
cjfa-63113	228	29	and	and	CCONJ
cjfa-63113	228	30	edp	edp	PROPN
cjfa-63113	228	31	renovaveis	renovaveis	PROPN
cjfa-63113	228	32	.	.	PUNCT
cjfa-63113	229	1	eva	eva	PROPN
cjfa-63113	229	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	229	3	,	,	PUNCT
cjfa-63113	229	4	tanja	tanja	NOUN
cjfa-63113	229	5	sinha102102	sinha102102	PROPN
cjfa-63113	229	6	graph	graph	VERB
cjfa-63113	229	7	3	3	NUM
cjfa-63113	229	8	.	.	PUNCT
cjfa-63113	230	1	sharpe	sharpe	PROPN
cjfa-63113	230	2	ratios	ratio	NOUN
cjfa-63113	230	3	of	of	ADP
cjfa-63113	230	4	portfolios	portfolio	NOUN
cjfa-63113	230	5	under	under	ADP
cjfa-63113	230	6	naive	naive	ADJ
cjfa-63113	230	7	diversification	diversification	NOUN
cjfa-63113	230	8	graph	graph	NOUN
cjfa-63113	230	9	3	3	NUM
cjfa-63113	230	10	.	.	PUNCT
cjfa-63113	231	1	sharpe	sharpe	PROPN
cjfa-63113	231	2	ratios	ratio	NOUN
cjfa-63113	231	3	of	of	ADP
cjfa-63113	231	4	portfolios	portfolio	NOUN
cjfa-63113	231	5	under	under	ADP
cjfa-63113	231	6	naive	naive	ADJ
cjfa-63113	231	7	diversification	diversification	NOUN
cjfa-63113	231	8	source	source	NOUN
cjfa-63113	231	9	:	:	PUNCT
cjfa-63113	231	10	own	own	ADJ
cjfa-63113	231	11	calculation	calculation	NOUN
cjfa-63113	231	12	based	base	VERB
cjfa-63113	231	13	on	on	ADP
cjfa-63113	231	14	data	datum	NOUN
cjfa-63113	231	15	described	describe	VERB
cjfa-63113	231	16	.	.	PUNCT
cjfa-63113	232	1	overall	overall	ADV
cjfa-63113	232	2	,	,	PUNCT
cjfa-63113	232	3	the	the	DET
cjfa-63113	232	4	impact	impact	NOUN
cjfa-63113	232	5	portfolio	portfolio	NOUN
cjfa-63113	232	6	delivers	deliver	VERB
cjfa-63113	232	7	the	the	DET
cjfa-63113	232	8	best	good	ADJ
cjfa-63113	232	9	absolute	absolute	ADJ
cjfa-63113	232	10	performance	performance	NOUN
cjfa-63113	232	11	under	under	ADP
cjfa-63113	232	12	naive	naive	ADJ
cjfa-63113	232	13	diversification	diversification	NOUN
cjfa-63113	232	14	,	,	PUNCT
cjfa-63113	232	15	largely	largely	ADV
cjfa-63113	232	16	driven	drive	VERB
cjfa-63113	232	17	by	by	ADP
cjfa-63113	232	18	companies	company	NOUN
cjfa-63113	232	19	like	like	ADP
cjfa-63113	232	20	vestas	vestas	PROPN
cjfa-63113	232	21	and	and	CCONJ
cjfa-63113	232	22	jazz	jazz	NOUN
cjfa-63113	232	23	pharmaceuticals	pharmaceutical	NOUN
cjfa-63113	232	24	,	,	PUNCT
cjfa-63113	232	25	though	though	SCONJ
cjfa-63113	232	26	some	some	PRON
cjfa-63113	232	27	of	of	ADP
cjfa-63113	232	28	these	these	DET
cjfa-63113	232	29	stocks	stock	NOUN
cjfa-63113	232	30	also	also	ADV
cjfa-63113	232	31	contribute	contribute	VERB
cjfa-63113	232	32	to	to	ADP
cjfa-63113	232	33	its	its	PRON
cjfa-63113	232	34	lower	low	ADJ
cjfa-63113	232	35	performance	performance	NOUN
cjfa-63113	232	36	in	in	ADP
cjfa-63113	232	37	certain	certain	ADJ
cjfa-63113	232	38	periods	period	NOUN
cjfa-63113	232	39	compared	compare	VERB
cjfa-63113	232	40	to	to	ADP
cjfa-63113	232	41	the	the	DET
cjfa-63113	232	42	other	other	ADJ
cjfa-63113	232	43	portfolios	portfolio	NOUN
cjfa-63113	232	44	.	.	PUNCT
cjfa-63113	233	1	discussion	discussion	NOUN
cjfa-63113	233	2	the	the	DET
cjfa-63113	233	3	impact	impact	NOUN
cjfa-63113	233	4	portfolio	portfolio	NOUN
cjfa-63113	233	5	delivers	deliver	VERB
cjfa-63113	233	6	the	the	DET
cjfa-63113	233	7	highest	high	ADJ
cjfa-63113	233	8	absolute	absolute	ADJ
cjfa-63113	233	9	performance	performance	NOUN
cjfa-63113	233	10	,	,	PUNCT
cjfa-63113	233	11	regardless	regardless	ADV
cjfa-63113	233	12	of	of	ADP
cjfa-63113	233	13	the	the	DET
cjfa-63113	233	14	strategy	strategy	NOUN
cjfa-63113	233	15	used	use	VERB
cjfa-63113	233	16	.	.	PUNCT
cjfa-63113	234	1	however	however	ADV
cjfa-63113	234	2	,	,	PUNCT
cjfa-63113	234	3	markowitz	markowitz	PROPN
cjfa-63113	234	4	optimization	optimization	NOUN
cjfa-63113	234	5	outperforms	outperform	VERB
cjfa-63113	234	6	naive	naive	ADJ
cjfa-63113	234	7	diversification	diversification	NOUN
cjfa-63113	234	8	significantly	significantly	ADV
cjfa-63113	234	9	.	.	PUNCT
cjfa-63113	235	1	using	use	VERB
cjfa-63113	235	2	markowitz	markowitz	PROPN
cjfa-63113	235	3	optimization	optimization	PROPN
cjfa-63113	235	4	,	,	PUNCT
cjfa-63113	235	5	the	the	DET
cjfa-63113	235	6	asset	asset	NOUN
cjfa-63113	235	7	value	value	NOUN
cjfa-63113	235	8	reaches	reach	VERB
cjfa-63113	235	9	approximately	approximately	ADV
cjfa-63113	235	10	11,387,000	11,387,000	NUM
cjfa-63113	235	11	eur	eur	NOUN
cjfa-63113	235	12	,	,	PUNCT
cjfa-63113	235	13	while	while	SCONJ
cjfa-63113	235	14	with	with	ADP
cjfa-63113	235	15	naive	naive	ADJ
cjfa-63113	235	16	diversification	diversification	NOUN
cjfa-63113	235	17	,	,	PUNCT
cjfa-63113	235	18	it	it	PRON
cjfa-63113	235	19	is	be	AUX
cjfa-63113	235	20	only	only	ADV
cjfa-63113	235	21	44,940	44,940	NUM
cjfa-63113	235	22	eur	eur	NOUN
cjfa-63113	235	23	.	.	PUNCT
cjfa-63113	236	1	this	this	DET
cjfa-63113	236	2	huge	huge	ADJ
cjfa-63113	236	3	difference	difference	NOUN
cjfa-63113	236	4	is	be	AUX
cjfa-63113	236	5	due	due	ADJ
cjfa-63113	236	6	to	to	ADP
cjfa-63113	236	7	markowitz	markowitz	PROPN
cjfa-63113	236	8	optimization	optimization	PROPN
cjfa-63113	236	9	’s	’s	PART
cjfa-63113	236	10	focus	focus	NOUN
cjfa-63113	236	11	on	on	ADP
cjfa-63113	236	12	a	a	DET
cjfa-63113	236	13	few	few	ADJ
cjfa-63113	236	14	high	high	ADJ
cjfa-63113	236	15	-	-	PUNCT
cjfa-63113	236	16	return	return	NOUN
cjfa-63113	236	17	stocks	stock	NOUN
cjfa-63113	236	18	each	each	DET
cjfa-63113	236	19	quarter	quarter	NOUN
cjfa-63113	236	20	,	,	PUNCT
cjfa-63113	236	21	compared	compare	VERB
cjfa-63113	236	22	to	to	ADP
cjfa-63113	236	23	the	the	DET
cjfa-63113	236	24	more	more	ADV
cjfa-63113	236	25	evenly	evenly	ADV
cjfa-63113	236	26	distributed	distribute	VERB
cjfa-63113	236	27	holdings	holding	NOUN
cjfa-63113	236	28	in	in	ADP
cjfa-63113	236	29	naive	naive	ADJ
cjfa-63113	236	30	diversification	diversification	NOUN
cjfa-63113	236	31	.	.	PUNCT
cjfa-63113	237	1	table	table	NOUN
cjfa-63113	237	2	6	6	NUM
cjfa-63113	237	3	compares	compare	VERB
cjfa-63113	237	4	the	the	DET
cjfa-63113	237	5	final	final	ADJ
cjfa-63113	237	6	portfolio	portfolio	NOUN
cjfa-63113	237	7	values	value	NOUN
cjfa-63113	237	8	for	for	ADP
cjfa-63113	237	9	all	all	DET
cjfa-63113	237	10	three	three	NUM
cjfa-63113	237	11	portfolios	portfolio	NOUN
cjfa-63113	237	12	across	across	ADP
cjfa-63113	237	13	both	both	DET
cjfa-63113	237	14	strategies	strategy	NOUN
cjfa-63113	237	15	.	.	PUNCT
cjfa-63113	238	1	table	table	NOUN
cjfa-63113	238	2	6	6	NUM
cjfa-63113	238	3	.	.	PUNCT
cjfa-63113	239	1	asset	asset	NOUN
cjfa-63113	239	2	values	value	NOUN
cjfa-63113	239	3	conventional	conventional	ADJ
cjfa-63113	239	4	portfolio	portfolio	NOUN
cjfa-63113	239	5	(	(	PUNCT
cjfa-63113	239	6	eur	eur	PROPN
cjfa-63113	239	7	)	)	PUNCT
cjfa-63113	239	8	esg	esg	NOUN
cjfa-63113	239	9	portfolio	portfolio	NOUN
cjfa-63113	239	10	(	(	PUNCT
cjfa-63113	239	11	eur	eur	PROPN
cjfa-63113	239	12	)	)	PUNCT
cjfa-63113	239	13	impact	impact	NOUN
cjfa-63113	239	14	portfolio	portfolio	NOUN
cjfa-63113	239	15	(	(	PUNCT
cjfa-63113	239	16	eur	eur	PROPN
cjfa-63113	239	17	)	)	PUNCT
cjfa-63113	239	18	markowitz	markowitz	PROPN
cjfa-63113	239	19	optimization	optimization	PROPN
cjfa-63113	239	20	asset	asset	NOUN
cjfa-63113	239	21	value	value	NOUN
cjfa-63113	239	22	per	per	ADP
cjfa-63113	239	23	2023	2023	NUM
cjfa-63113	239	24	-	-	SYM
cjfa-63113	239	25	12	12	NUM
cjfa-63113	239	26	-	-	SYM
cjfa-63113	239	27	29	29	NUM
cjfa-63113	239	28	2,369,545	2,369,545	NUM
cjfa-63113	239	29	5,780,025	5,780,025	NUM
cjfa-63113	239	30	11,386,977	11,386,977	NUM
cjfa-63113	239	31	naive	naive	ADJ
cjfa-63113	239	32	diversification	diversification	NOUN
cjfa-63113	239	33	asset	asset	NOUN
cjfa-63113	239	34	value	value	NOUN
cjfa-63113	239	35	per	per	ADP
cjfa-63113	239	36	2023	2023	NUM
cjfa-63113	239	37	-	-	SYM
cjfa-63113	239	38	12	12	NUM
cjfa-63113	239	39	-	-	SYM
cjfa-63113	239	40	29	29	NUM
cjfa-63113	239	41	41,450	41,450	NUM
cjfa-63113	239	42	40,097	40,097	NUM
cjfa-63113	239	43	44,940	44,940	NUM
cjfa-63113	239	44	source	source	NOUN
cjfa-63113	239	45	:	:	PUNCT
cjfa-63113	239	46	own	own	ADJ
cjfa-63113	239	47	calculation	calculation	NOUN
cjfa-63113	239	48	based	base	VERB
cjfa-63113	239	49	on	on	ADP
cjfa-63113	239	50	data	datum	NOUN
cjfa-63113	239	51	described	describe	VERB
cjfa-63113	239	52	.	.	PUNCT
cjfa-63113	240	1	s	s	PART
cjfa-63113	240	2	o	o	X
cjfa-63113	240	3	u	u	NOUN
cjfa-63113	240	4	r	r	NOUN
cjfa-63113	240	5	c	c	NOUN
cjfa-63113	240	6	e	e	NOUN
cjfa-63113	240	7	:	:	PUNCT
cjfa-63113	240	8	own	own	ADJ
cjfa-63113	240	9	calculation	calculation	NOUN
cjfa-63113	240	10	based	base	VERB
cjfa-63113	240	11	on	on	ADP
cjfa-63113	240	12	data	datum	NOUN
cjfa-63113	240	13	described	describe	VERB
cjfa-63113	240	14	.	.	PUNCT
cjfa-63113	241	1	overall	overall	ADV
cjfa-63113	241	2	,	,	PUNCT
cjfa-63113	241	3	the	the	DET
cjfa-63113	241	4	impact	impact	NOUN
cjfa-63113	241	5	portfolio	portfolio	NOUN
cjfa-63113	241	6	delivers	deliver	VERB
cjfa-63113	241	7	the	the	DET
cjfa-63113	241	8	best	good	ADJ
cjfa-63113	241	9	absolute	absolute	ADJ
cjfa-63113	241	10	performance	performance	NOUN
cjfa-63113	241	11	under	under	ADP
cjfa-63113	241	12	naive	naive	ADJ
cjfa-63113	241	13	diversification	diversification	NOUN
cjfa-63113	241	14	,	,	PUNCT
cjfa-63113	241	15	largely	largely	ADV
cjfa-63113	241	16	driven	drive	VERB
cjfa-63113	241	17	by	by	ADP
cjfa-63113	241	18	companies	company	NOUN
cjfa-63113	241	19	like	like	ADP
cjfa-63113	241	20	vestas	vestas	PROPN
cjfa-63113	241	21	and	and	CCONJ
cjfa-63113	241	22	jazz	jazz	NOUN
cjfa-63113	241	23	pharmaceuticals	pharmaceutical	NOUN
cjfa-63113	241	24	,	,	PUNCT
cjfa-63113	241	25	though	though	SCONJ
cjfa-63113	241	26	some	some	PRON
cjfa-63113	241	27	of	of	ADP
cjfa-63113	241	28	these	these	DET
cjfa-63113	241	29	stocks	stock	NOUN
cjfa-63113	241	30	also	also	ADV
cjfa-63113	241	31	contribute	contribute	VERB
cjfa-63113	241	32	to	to	ADP
cjfa-63113	241	33	its	its	PRON
cjfa-63113	241	34	lower	low	ADJ
cjfa-63113	241	35	performance	performance	NOUN
cjfa-63113	241	36	in	in	ADP
cjfa-63113	241	37	certain	certain	ADJ
cjfa-63113	241	38	periods	period	NOUN
cjfa-63113	241	39	compared	compare	VERB
cjfa-63113	241	40	to	to	ADP
cjfa-63113	241	41	the	the	DET
cjfa-63113	241	42	other	other	ADJ
cjfa-63113	241	43	portfolios	portfolio	NOUN
cjfa-63113	241	44	.	.	PUNCT
cjfa-63113	242	1	discussiondiscussion	discussiondiscussion	VERB
cjfa-63113	242	2	the	the	DET
cjfa-63113	242	3	impact	impact	NOUN
cjfa-63113	242	4	portfolio	portfolio	NOUN
cjfa-63113	242	5	delivers	deliver	VERB
cjfa-63113	242	6	the	the	DET
cjfa-63113	242	7	highest	high	ADJ
cjfa-63113	242	8	absolute	absolute	ADJ
cjfa-63113	242	9	performance	performance	NOUN
cjfa-63113	242	10	,	,	PUNCT
cjfa-63113	242	11	regardless	regardless	ADV
cjfa-63113	242	12	of	of	ADP
cjfa-63113	242	13	the	the	DET
cjfa-63113	242	14	strategy	strategy	NOUN
cjfa-63113	242	15	used	use	VERB
cjfa-63113	242	16	.	.	PUNCT
cjfa-63113	243	1	however	however	ADV
cjfa-63113	243	2	,	,	PUNCT
cjfa-63113	243	3	markowitz	markowitz	PROPN
cjfa-63113	243	4	optimization	optimization	NOUN
cjfa-63113	243	5	outperforms	outperform	VERB
cjfa-63113	243	6	naive	naive	ADJ
cjfa-63113	243	7	diversification	diversification	NOUN
cjfa-63113	243	8	significantly	significantly	ADV
cjfa-63113	243	9	.	.	PUNCT
cjfa-63113	244	1	using	use	VERB
cjfa-63113	244	2	markowitz	markowitz	PROPN
cjfa-63113	244	3	optimization	optimization	PROPN
cjfa-63113	244	4	,	,	PUNCT
cjfa-63113	244	5	the	the	DET
cjfa-63113	244	6	asset	asset	NOUN
cjfa-63113	244	7	value	value	NOUN
cjfa-63113	244	8	reaches	reach	VERB
cjfa-63113	244	9	approximately	approximately	ADV
cjfa-63113	244	10	11,387,000	11,387,000	NUM
cjfa-63113	244	11	eur	eur	NOUN
cjfa-63113	244	12	,	,	PUNCT
cjfa-63113	244	13	while	while	SCONJ
cjfa-63113	244	14	with	with	ADP
cjfa-63113	244	15	naive	naive	ADJ
cjfa-63113	244	16	diversification	diversification	NOUN
cjfa-63113	244	17	,	,	PUNCT
cjfa-63113	244	18	it	it	PRON
cjfa-63113	244	19	is	be	AUX
cjfa-63113	244	20	only	only	ADV
cjfa-63113	244	21	44,940	44,940	NUM
cjfa-63113	244	22	eur	eur	NOUN
cjfa-63113	244	23	.	.	PUNCT
cjfa-63113	245	1	this	this	DET
cjfa-63113	245	2	huge	huge	ADJ
cjfa-63113	245	3	difference	difference	NOUN
cjfa-63113	245	4	is	be	AUX
cjfa-63113	245	5	due	due	ADJ
cjfa-63113	245	6	to	to	ADP
cjfa-63113	245	7	markowitz	markowitz	PROPN
cjfa-63113	245	8	optimization	optimization	PROPN
cjfa-63113	245	9	’s	’s	PART
cjfa-63113	245	10	focus	focus	NOUN
cjfa-63113	245	11	on	on	ADP
cjfa-63113	245	12	a	a	DET
cjfa-63113	245	13	few	few	ADJ
cjfa-63113	245	14	high	high	ADJ
cjfa-63113	245	15	-	-	PUNCT
cjfa-63113	245	16	return	return	NOUN
cjfa-63113	245	17	stocks	stock	NOUN
cjfa-63113	245	18	each	each	DET
cjfa-63113	245	19	quarter	quarter	NOUN
cjfa-63113	245	20	,	,	PUNCT
cjfa-63113	245	21	compared	compare	VERB
cjfa-63113	245	22	to	to	ADP
cjfa-63113	245	23	the	the	DET
cjfa-63113	245	24	more	more	ADV
cjfa-63113	245	25	evenly	evenly	ADV
cjfa-63113	245	26	distributed	distribute	VERB
cjfa-63113	245	27	holdings	holding	NOUN
cjfa-63113	245	28	in	in	ADP
cjfa-63113	245	29	naive	naive	ADJ
cjfa-63113	245	30	diversification	diversification	NOUN
cjfa-63113	245	31	.	.	PUNCT
cjfa-63113	246	1	table	table	NOUN
cjfa-63113	246	2	6	6	NUM
cjfa-63113	246	3	compares	compare	VERB
cjfa-63113	246	4	the	the	DET
cjfa-63113	246	5	final	final	ADJ
cjfa-63113	246	6	portfolio	portfolio	NOUN
cjfa-63113	246	7	values	value	NOUN
cjfa-63113	246	8	for	for	ADP
cjfa-63113	246	9	all	all	DET
cjfa-63113	246	10	three	three	NUM
cjfa-63113	246	11	portfolios	portfolio	NOUN
cjfa-63113	246	12	across	across	ADP
cjfa-63113	246	13	both	both	DET
cjfa-63113	246	14	strategies	strategy	NOUN
cjfa-63113	246	15	.	.	PUNCT
cjfa-63113	247	1	impact	impact	NOUN
cjfa-63113	247	2	investing	invest	VERB
cjfa-63113	247	3	from	from	ADP
cjfa-63113	247	4	a	a	DET
cjfa-63113	247	5	european	european	ADJ
cjfa-63113	247	6	perspective	perspective	NOUN
cjfa-63113	247	7	…	…	SYM
cjfa-63113	247	8	103103	103103	NUM
cjfa-63113	247	9	table	table	NOUN
cjfa-63113	247	10	6	6	NUM
cjfa-63113	247	11	.	.	PUNCT
cjfa-63113	248	1	asset	asset	NOUN
cjfa-63113	248	2	values	value	NOUN
cjfa-63113	248	3	conventional	conventional	ADJ
cjfa-63113	248	4	portfolio	portfolio	NOUN
cjfa-63113	248	5	(	(	PUNCT
cjfa-63113	248	6	eur	eur	PROPN
cjfa-63113	248	7	)	)	PUNCT
cjfa-63113	248	8	esg	esg	NOUN
cjfa-63113	248	9	portfolio	portfolio	NOUN
cjfa-63113	248	10	(	(	PUNCT
cjfa-63113	248	11	eur	eur	PROPN
cjfa-63113	248	12	)	)	PUNCT
cjfa-63113	248	13	impact	impact	NOUN
cjfa-63113	248	14	portfolio	portfolio	NOUN
cjfa-63113	248	15	(	(	PUNCT
cjfa-63113	248	16	eur	eur	PROPN
cjfa-63113	248	17	)	)	PUNCT
cjfa-63113	248	18	markowitz	markowitz	PROPN
cjfa-63113	248	19	optimization	optimization	PROPN
cjfa-63113	248	20	asset	asset	NOUN
cjfa-63113	248	21	value	value	NOUN
cjfa-63113	248	22	per	per	ADP
cjfa-63113	248	23	2023	2023	NUM
cjfa-63113	248	24	-	-	SYM
cjfa-63113	248	25	12	12	NUM
cjfa-63113	248	26	-	-	SYM
cjfa-63113	248	27	29	29	NUM
cjfa-63113	248	28	2,369,545	2,369,545	NUM
cjfa-63113	248	29	5,780,025	5,780,025	NUM
cjfa-63113	248	30	11,386,977	11,386,977	NUM
cjfa-63113	248	31	naive	naive	ADJ
cjfa-63113	248	32	diversification	diversification	NOUN
cjfa-63113	248	33	asset	asset	NOUN
cjfa-63113	248	34	value	value	NOUN
cjfa-63113	248	35	per	per	ADP
cjfa-63113	248	36	2023	2023	NUM
cjfa-63113	248	37	-	-	SYM
cjfa-63113	248	38	12	12	NUM
cjfa-63113	248	39	-	-	SYM
cjfa-63113	248	40	29	29	NUM
cjfa-63113	248	41	41,450	41,450	NUM
cjfa-63113	248	42	40,097	40,097	NUM
cjfa-63113	248	43	44,940	44,940	NUM
cjfa-63113	248	44	s	s	NOUN
cjfa-63113	248	45	o	o	NOUN
cjfa-63113	248	46	u	u	NOUN
cjfa-63113	248	47	r	r	NOUN
cjfa-63113	248	48	c	c	NOUN
cjfa-63113	248	49	e	e	NOUN
cjfa-63113	248	50	:	:	PUNCT
cjfa-63113	248	51	own	own	ADJ
cjfa-63113	248	52	calculation	calculation	NOUN
cjfa-63113	248	53	based	base	VERB
cjfa-63113	248	54	on	on	ADP
cjfa-63113	248	55	data	datum	NOUN
cjfa-63113	248	56	described	describe	VERB
cjfa-63113	248	57	.	.	PUNCT
cjfa-63113	249	1	table	table	NOUN
cjfa-63113	249	2	7	7	NUM
cjfa-63113	249	3	clearly	clearly	ADV
cjfa-63113	249	4	shows	show	VERB
cjfa-63113	249	5	that	that	SCONJ
cjfa-63113	249	6	portfolios	portfolio	NOUN
cjfa-63113	249	7	using	use	VERB
cjfa-63113	249	8	markowitz	markowitz	PROPN
cjfa-63113	249	9	optimization	optimization	NOUN
cjfa-63113	249	10	significantly	significantly	ADV
cjfa-63113	249	11	outperform	outperform	VERB
cjfa-63113	249	12	those	those	PRON
cjfa-63113	249	13	using	use	VERB
cjfa-63113	249	14	naive	naive	ADJ
cjfa-63113	249	15	diversification	diversification	NOUN
cjfa-63113	249	16	.	.	PUNCT
cjfa-63113	250	1	markowitz	markowitz	PROPN
cjfa-63113	250	2	optimization	optimization	NOUN
cjfa-63113	250	3	generates	generate	VERB
cjfa-63113	250	4	returns	return	NOUN
cjfa-63113	250	5	ranging	range	VERB
cjfa-63113	250	6	from	from	ADP
cjfa-63113	250	7	3	3	NUM
cjfa-63113	250	8	%	%	NOUN
cjfa-63113	250	9	to	to	PART
cjfa-63113	250	10	31	31	NUM
cjfa-63113	250	11	%	%	NOUN
cjfa-63113	250	12	per	per	ADP
cjfa-63113	250	13	quarter	quarter	NOUN
cjfa-63113	250	14	,	,	PUNCT
cjfa-63113	250	15	while	while	SCONJ
cjfa-63113	250	16	naive	naive	ADJ
cjfa-63113	250	17	diversification	diversification	NOUN
cjfa-63113	250	18	returns	return	NOUN
cjfa-63113	250	19	range	range	VERB
cjfa-63113	250	20	from	from	ADP
cjfa-63113	250	21	nearly	nearly	ADV
cjfa-63113	250	22	-5.5	-5.5	PUNCT
cjfa-63113	250	23	%	%	NOUN
cjfa-63113	250	24	to	to	PART
cjfa-63113	250	25	just	just	ADV
cjfa-63113	250	26	under	under	ADP
cjfa-63113	250	27	11%19	11%19	NUM
cjfa-63113	250	28	.	.	PUNCT
cjfa-63113	251	1	markowitz	markowitz	PROPN
cjfa-63113	251	2	optimization	optimization	PROPN
cjfa-63113	251	3	achieved	achieve	VERB
cjfa-63113	251	4	no	no	DET
cjfa-63113	251	5	negative	negative	ADJ
cjfa-63113	251	6	returns	return	NOUN
cjfa-63113	251	7	,	,	PUNCT
cjfa-63113	251	8	and	and	CCONJ
cjfa-63113	251	9	its	its	PRON
cjfa-63113	251	10	risk	risk	NOUN
cjfa-63113	251	11	-	-	PUNCT
cjfa-63113	251	12	adjusted	adjust	VERB
cjfa-63113	251	13	performance	performance	NOUN
cjfa-63113	251	14	consistently	consistently	ADV
cjfa-63113	251	15	outperforms	outperform	VERB
cjfa-63113	251	16	naive	naive	ADJ
cjfa-63113	251	17	diversification	diversification	NOUN
cjfa-63113	251	18	throughout	throughout	ADP
cjfa-63113	251	19	the	the	DET
cjfa-63113	251	20	study	study	NOUN
cjfa-63113	251	21	period	period	NOUN
cjfa-63113	251	22	(	(	PUNCT
cjfa-63113	251	23	see	see	VERB
cjfa-63113	251	24	table	table	NOUN
cjfa-63113	251	25	7	7	NUM
cjfa-63113	251	26	)	)	PUNCT
cjfa-63113	251	27	.	.	PUNCT
cjfa-63113	252	1	only	only	ADV
cjfa-63113	252	2	in	in	ADP
cjfa-63113	252	3	a	a	DET
cjfa-63113	252	4	few	few	ADJ
cjfa-63113	252	5	short	short	ADJ
cjfa-63113	252	6	periods	period	NOUN
cjfa-63113	252	7	,	,	PUNCT
cjfa-63113	252	8	naive	naive	ADJ
cjfa-63113	252	9	diversification	diversification	NOUN
cjfa-63113	252	10	’s	’s	PART
cjfa-63113	252	11	sharpe	sharpe	PROPN
cjfa-63113	252	12	ratio	ratio	PROPN
cjfa-63113	252	13	exceeds	exceed	NOUN
cjfa-63113	252	14	or	or	CCONJ
cjfa-63113	252	15	approaches	approach	NOUN
cjfa-63113	252	16	that	that	PRON
cjfa-63113	252	17	of	of	ADP
cjfa-63113	252	18	markowitz	markowitz	PROPN
cjfa-63113	252	19	optimization	optimization	PROPN
cjfa-63113	252	20	.	.	PUNCT
cjfa-63113	253	1	however	however	ADV
cjfa-63113	253	2	,	,	PUNCT
cjfa-63113	253	3	in	in	ADP
cjfa-63113	253	4	those	those	DET
cjfa-63113	253	5	instances	instance	NOUN
cjfa-63113	253	6	,	,	PUNCT
cjfa-63113	253	7	the	the	DET
cjfa-63113	253	8	portfolio	portfolio	NOUN
cjfa-63113	253	9	risks	risk	NOUN
cjfa-63113	253	10	of	of	ADP
cjfa-63113	253	11	naive	naive	ADJ
cjfa-63113	253	12	diversification	diversification	NOUN
cjfa-63113	253	13	were	be	AUX
cjfa-63113	253	14	notably	notably	ADV
cjfa-63113	253	15	lower	low	ADJ
cjfa-63113	253	16	than	than	ADP
cjfa-63113	253	17	the	the	DET
cjfa-63113	253	18	10.08	10.08	NUM
cjfa-63113	253	19	%	%	NOUN
cjfa-63113	253	20	target	target	NOUN
cjfa-63113	253	21	risk	risk	NOUN
cjfa-63113	253	22	set	set	VERB
cjfa-63113	253	23	for	for	ADP
cjfa-63113	253	24	markowitz	markowitz	PROPN
cjfa-63113	253	25	optimization	optimization	PROPN
cjfa-63113	253	26	.	.	PUNCT
cjfa-63113	254	1	table	table	NOUN
cjfa-63113	254	2	7	7	NUM
cjfa-63113	254	3	.	.	PUNCT
cjfa-63113	255	1	portfolio	portfolio	NOUN
cjfa-63113	255	2	returns	return	NOUN
cjfa-63113	255	3	and	and	CCONJ
cjfa-63113	255	4	sharpe	sharpe	PROPN
cjfa-63113	255	5	ratios	ratios	PROPN
cjfa-63113	255	6	conventional	conventional	ADJ
cjfa-63113	255	7	portfolio	portfolio	NOUN
cjfa-63113	255	8	(	(	PUNCT
cjfa-63113	255	9	eur	eur	PROPN
cjfa-63113	255	10	)	)	PUNCT
cjfa-63113	255	11	esg	esg	NOUN
cjfa-63113	255	12	portfolio	portfolio	NOUN
cjfa-63113	255	13	(	(	PUNCT
cjfa-63113	255	14	eur	eur	PROPN
cjfa-63113	255	15	)	)	PUNCT
cjfa-63113	255	16	impact	impact	NOUN
cjfa-63113	255	17	portfolio	portfolio	NOUN
cjfa-63113	255	18	(	(	PUNCT
cjfa-63113	255	19	eur	eur	PROPN
cjfa-63113	255	20	)	)	PUNCT
cjfa-63113	255	21	markowitz	markowitz	PROPN
cjfa-63113	255	22	naive	naive	PROPN
cjfa-63113	255	23	markowitz	markowitz	PROPN
cjfa-63113	255	24	naive	naive	PROPN
cjfa-63113	255	25	markowitz	markowitz	PROPN
cjfa-63113	255	26	naive	naive	ADJ
cjfa-63113	255	27	portfolio	portfolio	NOUN
cjfa-63113	255	28	return	return	VERB
cjfa-63113	255	29	%	%	NOUN
cjfa-63113	255	30	2011	2011	NUM
cjfa-63113	255	31	-	-	SYM
cjfa-63113	255	32	12	12	NUM
cjfa-63113	255	33	-	-	SYM
cjfa-63113	255	34	30	30	NUM
cjfa-63113	255	35	8.22	8.22	NUM
cjfa-63113	255	36	-0.98	-0.98	NUM
cjfa-63113	255	37	9.09	9.09	NUM
cjfa-63113	255	38	-2.82	-2.82	NUM
cjfa-63113	255	39	8.91	8.91	NUM
cjfa-63113	255	40	-3.86	-3.86	NUM
cjfa-63113	255	41	2012	2012	NUM
cjfa-63113	255	42	-	-	SYM
cjfa-63113	255	43	12	12	NUM
cjfa-63113	255	44	-	-	SYM
cjfa-63113	255	45	31	31	NUM
cjfa-63113	255	46	11.04	11.04	NUM
cjfa-63113	255	47	5.64	5.64	NUM
cjfa-63113	255	48	13.63	13.63	NUM
cjfa-63113	255	49	6.27	6.27	NUM
cjfa-63113	255	50	22.53	22.53	NUM
cjfa-63113	255	51	7.34	7.34	NUM
cjfa-63113	255	52	2013	2013	NUM
cjfa-63113	255	53	-	-	SYM
cjfa-63113	255	54	12	12	NUM
cjfa-63113	255	55	-	-	SYM
cjfa-63113	255	56	31	31	NUM
cjfa-63113	255	57	12.20	12.20	NUM
cjfa-63113	255	58	5.64	5.64	NUM
cjfa-63113	255	59	13.73	13.73	NUM
cjfa-63113	255	60	6.39	6.39	NUM
cjfa-63113	255	61	31.91	31.91	NUM
cjfa-63113	255	62	7.70	7.70	NUM
cjfa-63113	255	63	19	19	NUM
cjfa-63113	255	64	 	 	SPACE
cjfa-63113	255	65	the	the	DET
cjfa-63113	255	66	exact	exact	ADJ
cjfa-63113	255	67	values	value	NOUN
cjfa-63113	255	68	of	of	ADP
cjfa-63113	255	69	the	the	DET
cjfa-63113	255	70	ranges	range	NOUN
cjfa-63113	255	71	of	of	ADP
cjfa-63113	255	72	the	the	DET
cjfa-63113	255	73	quarterly	quarterly	ADJ
cjfa-63113	255	74	returns	return	NOUN
cjfa-63113	255	75	are	be	AUX
cjfa-63113	255	76	not	not	PART
cjfa-63113	255	77	fully	fully	ADV
cjfa-63113	255	78	evident	evident	ADJ
cjfa-63113	255	79	from	from	ADP
cjfa-63113	255	80	table	table	NOUN
cjfa-63113	255	81	7	7	NUM
cjfa-63113	255	82	and	and	CCONJ
cjfa-63113	255	83	are	be	AUX
cjfa-63113	255	84	derived	derive	VERB
cjfa-63113	255	85	from	from	ADP
cjfa-63113	255	86	the	the	DET
cjfa-63113	255	87	analysis	analysis	NOUN
cjfa-63113	255	88	of	of	ADP
cjfa-63113	255	89	all	all	DET
cjfa-63113	255	90	quarters	quarter	NOUN
cjfa-63113	255	91	.	.	PUNCT
cjfa-63113	256	1	eva	eva	PROPN
cjfa-63113	256	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	256	3	,	,	PUNCT
cjfa-63113	256	4	tanja	tanja	PROPN
cjfa-63113	256	5	sinha104104	sinha104104	PROPN
cjfa-63113	256	6	conventional	conventional	ADJ
cjfa-63113	256	7	portfolio	portfolio	NOUN
cjfa-63113	256	8	(	(	PUNCT
cjfa-63113	256	9	eur	eur	PROPN
cjfa-63113	256	10	)	)	PUNCT
cjfa-63113	256	11	esg	esg	NOUN
cjfa-63113	256	12	portfolio	portfolio	NOUN
cjfa-63113	256	13	(	(	PUNCT
cjfa-63113	256	14	eur	eur	PROPN
cjfa-63113	256	15	)	)	PUNCT
cjfa-63113	256	16	impact	impact	NOUN
cjfa-63113	256	17	portfolio	portfolio	NOUN
cjfa-63113	256	18	(	(	PUNCT
cjfa-63113	256	19	eur	eur	PROPN
cjfa-63113	256	20	)	)	PUNCT
cjfa-63113	256	21	markowitz	markowitz	PROPN
cjfa-63113	256	22	naive	naive	PROPN
cjfa-63113	256	23	markowitz	markowitz	PROPN
cjfa-63113	256	24	naive	naive	PROPN
cjfa-63113	256	25	markowitz	markowitz	PROPN
cjfa-63113	256	26	naive	naive	ADJ
cjfa-63113	256	27	2014	2014	NUM
cjfa-63113	256	28	-	-	SYM
cjfa-63113	256	29	12	12	NUM
cjfa-63113	256	30	-	-	SYM
cjfa-63113	256	31	31	31	NUM
cjfa-63113	256	32	8.36	8.36	NUM
cjfa-63113	256	33	2.38	2.38	NUM
cjfa-63113	256	34	9.63	9.63	NUM
cjfa-63113	256	35	1.93	1.93	NUM
cjfa-63113	256	36	14.80	14.80	NUM
cjfa-63113	256	37	4.72	4.72	NUM
cjfa-63113	256	38	2015	2015	NUM
cjfa-63113	256	39	-	-	SYM
cjfa-63113	256	40	12	12	NUM
cjfa-63113	256	41	-	-	SYM
cjfa-63113	256	42	31	31	NUM
cjfa-63113	256	43	8.37	8.37	NUM
cjfa-63113	256	44	2.96	2.96	NUM
cjfa-63113	256	45	9.74	9.74	NUM
cjfa-63113	256	46	3.64	3.64	NUM
cjfa-63113	256	47	17.04	17.04	NUM
cjfa-63113	256	48	5.94	5.94	NUM
cjfa-63113	256	49	2016	2016	NUM
cjfa-63113	256	50	-	-	SYM
cjfa-63113	256	51	12	12	NUM
cjfa-63113	256	52	-	-	SYM
cjfa-63113	256	53	30	30	NUM
cjfa-63113	256	54	9.55	9.55	NUM
cjfa-63113	256	55	1.67	1.67	NUM
cjfa-63113	256	56	9.39	9.39	NUM
cjfa-63113	256	57	1.54	1.54	NUM
cjfa-63113	256	58	9.39	9.39	NUM
cjfa-63113	256	59	0.93	0.93	NUM
cjfa-63113	256	60	2017	2017	NUM
cjfa-63113	256	61	-	-	SYM
cjfa-63113	256	62	12	12	NUM
cjfa-63113	256	63	-	-	SYM
cjfa-63113	256	64	29	29	NUM
cjfa-63113	256	65	8.65	8.65	NUM
cjfa-63113	256	66	3.45	3.45	NUM
cjfa-63113	256	67	16.11	16.11	NUM
cjfa-63113	256	68	3.88	3.88	NUM
cjfa-63113	256	69	14.57	14.57	NUM
cjfa-63113	256	70	4.10	4.10	NUM
cjfa-63113	256	71	2018	2018	NUM
cjfa-63113	256	72	-	-	SYM
cjfa-63113	256	73	12	12	NUM
cjfa-63113	256	74	-	-	SYM
cjfa-63113	256	75	31	31	NUM
cjfa-63113	256	76	4.32	4.32	NUM
cjfa-63113	256	77	-2.42	-2.42	NUM
cjfa-63113	256	78	4.09	4.09	NUM
cjfa-63113	256	79	-2.53	-2.53	NUM
cjfa-63113	256	80	14.71	14.71	NUM
cjfa-63113	256	81	1.37	1.37	NUM
cjfa-63113	256	82	2019	2019	NUM
cjfa-63113	256	83	-	-	SYM
cjfa-63113	256	84	12	12	NUM
cjfa-63113	256	85	-	-	SYM
cjfa-63113	256	86	31	31	NUM
cjfa-63113	256	87	15.86	15.86	NUM
cjfa-63113	256	88	7.39	7.39	NUM
cjfa-63113	256	89	15.12	15.12	NUM
cjfa-63113	256	90	6.72	6.72	NUM
cjfa-63113	256	91	11.07	11.07	NUM
cjfa-63113	256	92	4.98	4.98	NUM
cjfa-63113	256	93	2020	2020	NUM
cjfa-63113	256	94	-	-	SYM
cjfa-63113	256	95	12	12	NUM
cjfa-63113	256	96	-	-	SYM
cjfa-63113	256	97	31	31	NUM
cjfa-63113	256	98	8.57	8.57	NUM
cjfa-63113	256	99	-1.26	-1.26	NUM
cjfa-63113	256	100	8.57	8.57	NUM
cjfa-63113	256	101	-0.05	-0.05	NUM
cjfa-63113	256	102	12.51	12.51	NUM
cjfa-63113	256	103	1.84	1.84	NUM
cjfa-63113	256	104	2021	2021	NUM
cjfa-63113	256	105	-	-	SYM
cjfa-63113	256	106	12	12	NUM
cjfa-63113	256	107	-	-	SYM
cjfa-63113	256	108	31	31	NUM
cjfa-63113	256	109	15.30	15.30	NUM
cjfa-63113	256	110	6.36	6.36	NUM
cjfa-63113	256	111	15.55	15.55	NUM
cjfa-63113	256	112	6.86	6.86	NUM
cjfa-63113	256	113	14.22	14.22	NUM
cjfa-63113	256	114	2.36	2.36	NUM
cjfa-63113	256	115	2022	2022	NUM
cjfa-63113	256	116	-	-	SYM
cjfa-63113	256	117	12	12	NUM
cjfa-63113	256	118	-	-	SYM
cjfa-63113	256	119	30	30	NUM
cjfa-63113	256	120	9.14	9.14	NUM
cjfa-63113	256	121	0.20	0.20	NUM
cjfa-63113	256	122	8.53	8.53	NUM
cjfa-63113	256	123	-2.05	-2.05	NUM
cjfa-63113	256	124	10.36	10.36	NUM
cjfa-63113	256	125	-1.34	-1.34	NOUN
cjfa-63113	256	126	2023	2023	NUM
cjfa-63113	256	127	-	-	SYM
cjfa-63113	256	128	12	12	NUM
cjfa-63113	256	129	-	-	SYM
cjfa-63113	256	130	29	29	NUM
cjfa-63113	256	131	15.46	15.46	NUM
cjfa-63113	256	132	4.85	4.85	NUM
cjfa-63113	256	133	17.23	17.23	NUM
cjfa-63113	256	134	5.50	5.50	NUM
cjfa-63113	256	135	10.01	10.01	NUM
cjfa-63113	256	136	2.73	2.73	NUM
cjfa-63113	256	137	sharpe	sharpe	PROPN
cjfa-63113	256	138	ratio	ratio	PROPN
cjfa-63113	256	139	2011	2011	NUM
cjfa-63113	256	140	-	-	SYM
cjfa-63113	256	141	12	12	NUM
cjfa-63113	256	142	-	-	SYM
cjfa-63113	256	143	30	30	NUM
cjfa-63113	256	144	0.68	0.68	NUM
cjfa-63113	256	145	-0.23	-0.23	NUM
cjfa-63113	256	146	0.77	0.77	NUM
cjfa-63113	256	147	-0.34	-0.34	NUM
cjfa-63113	256	148	0.75	0.75	NUM
cjfa-63113	256	149	-0.51	-0.51	NOUN
cjfa-63113	256	150	2012	2012	NUM
cjfa-63113	256	151	-	-	SYM
cjfa-63113	256	152	12	12	NUM
cjfa-63113	256	153	-	-	SYM
cjfa-63113	256	154	31	31	NUM
cjfa-63113	256	155	1.08	1.08	NUM
cjfa-63113	256	156	1.04	1.04	NUM
cjfa-63113	256	157	1.33	1.33	NUM
cjfa-63113	256	158	0.71	0.71	NUM
cjfa-63113	256	159	2.22	2.22	NUM
cjfa-63113	256	160	1.17	1.17	NUM
cjfa-63113	256	161	2013	2013	NUM
cjfa-63113	256	162	-	-	SYM
cjfa-63113	256	163	12	12	NUM
cjfa-63113	256	164	-	-	SYM
cjfa-63113	256	165	31	31	NUM
cjfa-63113	256	166	1.18	1.18	NUM
cjfa-63113	256	167	1.65	1.65	NUM
cjfa-63113	256	168	1.33	1.33	NUM
cjfa-63113	256	169	1.44	1.44	NUM
cjfa-63113	256	170	3.14	3.14	NUM
cjfa-63113	256	171	2.28	2.28	NUM
cjfa-63113	256	172	2014	2014	NUM
cjfa-63113	256	173	-	-	SYM
cjfa-63113	256	174	12	12	NUM
cjfa-63113	256	175	-	-	SYM
cjfa-63113	256	176	31	31	NUM
cjfa-63113	256	177	0.82	0.82	NUM
cjfa-63113	256	178	1.20	1.20	NUM
cjfa-63113	256	179	0.95	0.95	NUM
cjfa-63113	256	180	0.99	0.99	NUM
cjfa-63113	256	181	1.46	1.46	NUM
cjfa-63113	256	182	0.95	0.95	NUM
cjfa-63113	256	183	2015	2015	NUM
cjfa-63113	256	184	-	-	SYM
cjfa-63113	256	185	12	12	NUM
cjfa-63113	256	186	-	-	SYM
cjfa-63113	256	187	31	31	NUM
cjfa-63113	256	188	0.84	0.84	NUM
cjfa-63113	256	189	0.28	0.28	NUM
cjfa-63113	256	190	0.98	0.98	NUM
cjfa-63113	256	191	0.30	0.30	NUM
cjfa-63113	256	192	1.70	1.70	NUM
cjfa-63113	256	193	0.77	0.77	NUM
cjfa-63113	256	194	2016	2016	NUM
cjfa-63113	256	195	-	-	SYM
cjfa-63113	256	196	12	12	NUM
cjfa-63113	256	197	-	-	SYM
cjfa-63113	256	198	30	30	NUM
cjfa-63113	256	199	0.98	0.98	NUM
cjfa-63113	256	200	0.33	0.33	NUM
cjfa-63113	256	201	0.96	0.96	NUM
cjfa-63113	256	202	0.25	0.25	NUM
cjfa-63113	256	203	0.96	0.96	NUM
cjfa-63113	256	204	0.71	0.71	NUM
cjfa-63113	256	205	2017	2017	NUM
cjfa-63113	256	206	-	-	SYM
cjfa-63113	256	207	12	12	NUM
cjfa-63113	256	208	-	-	SYM
cjfa-63113	256	209	29	29	NUM
cjfa-63113	256	210	0.89	0.89	NUM
cjfa-63113	256	211	1.43	1.43	NUM
cjfa-63113	256	212	1.63	1.63	NUM
cjfa-63113	256	213	1.24	1.24	NUM
cjfa-63113	256	214	1.48	1.48	NUM
cjfa-63113	256	215	1.86	1.86	NUM
cjfa-63113	256	216	2018	2018	NUM
cjfa-63113	256	217	-	-	SYM
cjfa-63113	256	218	12	12	NUM
cjfa-63113	256	219	-	-	SYM
cjfa-63113	256	220	31	31	NUM
cjfa-63113	256	221	0.46	0.46	NUM
cjfa-63113	256	222	-0.30	-0.30	PUNCT
cjfa-63113	256	223	0.44	0.44	NUM
cjfa-63113	256	224	-0.36	-0.36	NUM
cjfa-63113	256	225	1.49	1.49	NUM
cjfa-63113	256	226	0.16	0.16	NUM
cjfa-63113	256	227	2019	2019	NUM
cjfa-63113	256	228	-	-	SYM
cjfa-63113	256	229	12	12	NUM
cjfa-63113	256	230	-	-	SYM
cjfa-63113	256	231	31	31	NUM
cjfa-63113	256	232	1.61	1.61	NUM
cjfa-63113	256	233	1.42	1.42	NUM
cjfa-63113	256	234	1.54	1.54	NUM
cjfa-63113	256	235	1.79	1.79	NUM
cjfa-63113	256	236	1.14	1.14	NUM
cjfa-63113	256	237	0.79	0.79	NUM
cjfa-63113	256	238	2020	2020	NUM
cjfa-63113	256	239	-	-	SYM
cjfa-63113	256	240	12	12	NUM
cjfa-63113	256	241	-	-	SYM
cjfa-63113	256	242	31	31	NUM
cjfa-63113	256	243	0.90	0.90	NUM
cjfa-63113	256	244	-0.04	-0.04	NUM
cjfa-63113	256	245	0.90	0.90	NUM
cjfa-63113	256	246	0.02	0.02	NUM
cjfa-63113	256	247	1.29	1.29	NUM
cjfa-63113	256	248	0.11	0.11	NUM
cjfa-63113	256	249	2021	2021	NUM
cjfa-63113	256	250	-	-	SYM
cjfa-63113	256	251	12	12	NUM
cjfa-63113	256	252	-	-	SYM
cjfa-63113	256	253	31	31	NUM
cjfa-63113	256	254	1.57	1.57	NUM
cjfa-63113	256	255	1.66	1.66	NUM
cjfa-63113	256	256	1.60	1.60	NUM
cjfa-63113	256	257	1.63	1.63	NUM
cjfa-63113	256	258	1.47	1.47	NUM
cjfa-63113	256	259	0.94	0.94	NUM
cjfa-63113	256	260	2022	2022	NUM
cjfa-63113	256	261	-	-	SYM
cjfa-63113	256	262	12	12	NUM
cjfa-63113	256	263	-	-	SYM
cjfa-63113	256	264	30	30	NUM
cjfa-63113	256	265	0.70	0.70	NUM
cjfa-63113	256	266	-0.19	-0.19	NOUN
cjfa-63113	256	267	0.63	0.63	NUM
cjfa-63113	256	268	-0.37	-0.37	NUM
cjfa-63113	256	269	0.82	0.82	NUM
cjfa-63113	256	270	-0.25	-0.25	NUM
cjfa-63113	256	271	2023	2023	NUM
cjfa-63113	256	272	-	-	SYM
cjfa-63113	256	273	12	12	NUM
cjfa-63113	256	274	-	-	SYM
cjfa-63113	256	275	29	29	NUM
cjfa-63113	256	276	1.15	1.15	NUM
cjfa-63113	256	277	0.21	0.21	NUM
cjfa-63113	256	278	1.32	1.32	NUM
cjfa-63113	256	279	0.24	0.24	NUM
cjfa-63113	256	280	0.60	0.60	NUM
cjfa-63113	256	281	-0.15	-0.15	NUM
cjfa-63113	256	282	s	s	NOUN
cjfa-63113	256	283	o	o	X
cjfa-63113	256	284	u	u	NOUN
cjfa-63113	256	285	r	r	NOUN
cjfa-63113	256	286	c	c	NOUN
cjfa-63113	256	287	e	e	NOUN
cjfa-63113	256	288	:	:	PUNCT
cjfa-63113	256	289	own	own	ADJ
cjfa-63113	256	290	calculation	calculation	NOUN
cjfa-63113	256	291	based	base	VERB
cjfa-63113	256	292	on	on	ADP
cjfa-63113	256	293	data	datum	NOUN
cjfa-63113	256	294	described	describe	VERB
cjfa-63113	256	295	.	.	PUNCT
cjfa-63113	257	1	table	table	NOUN
cjfa-63113	257	2	7	7	NUM
cjfa-63113	257	3	.	.	PUNCT
cjfa-63113	258	1	portfolio	portfolio	NOUN
cjfa-63113	258	2	…	…	SYM
cjfa-63113	258	3	impact	impact	NOUN
cjfa-63113	258	4	investing	invest	VERB
cjfa-63113	258	5	from	from	ADP
cjfa-63113	258	6	a	a	DET
cjfa-63113	258	7	european	european	ADJ
cjfa-63113	258	8	perspective	perspective	NOUN
cjfa-63113	258	9	…	…	SYM
cjfa-63113	258	10	105105	105105	NUM
cjfa-63113	258	11	investors	investor	NOUN
cjfa-63113	258	12	must	must	AUX
cjfa-63113	258	13	understand	understand	VERB
cjfa-63113	258	14	that	that	SCONJ
cjfa-63113	258	15	while	while	SCONJ
cjfa-63113	258	16	markowitz	markowitz	PROPN
cjfa-63113	258	17	optimization	optimization	NOUN
cjfa-63113	258	18	yields	yield	VERB
cjfa-63113	258	19	much	much	ADV
cjfa-63113	258	20	higher	high	ADJ
cjfa-63113	258	21	absolute	absolute	ADJ
cjfa-63113	258	22	performance	performance	NOUN
cjfa-63113	258	23	,	,	PUNCT
cjfa-63113	258	24	it	it	PRON
cjfa-63113	258	25	relies	rely	VERB
cjfa-63113	258	26	heavily	heavily	ADV
cjfa-63113	258	27	on	on	ADP
cjfa-63113	258	28	the	the	DET
cjfa-63113	258	29	exceptional	exceptional	ADJ
cjfa-63113	258	30	performance	performance	NOUN
cjfa-63113	258	31	of	of	ADP
cjfa-63113	258	32	a	a	DET
cjfa-63113	258	33	small	small	ADJ
cjfa-63113	258	34	number	number	NOUN
cjfa-63113	258	35	of	of	ADP
cjfa-63113	258	36	selected	select	VERB
cjfa-63113	258	37	companies	company	NOUN
cjfa-63113	258	38	.	.	PUNCT
cjfa-63113	259	1	in	in	ADP
cjfa-63113	259	2	contrast	contrast	NOUN
cjfa-63113	259	3	,	,	PUNCT
cjfa-63113	259	4	naive	naive	ADJ
cjfa-63113	259	5	diversification	diversification	NOUN
cjfa-63113	259	6	achieves	achieve	VERB
cjfa-63113	259	7	only	only	ADV
cjfa-63113	259	8	a	a	DET
cjfa-63113	259	9	fraction	fraction	NOUN
cjfa-63113	259	10	of	of	ADP
cjfa-63113	259	11	the	the	DET
cjfa-63113	259	12	absolute	absolute	ADJ
cjfa-63113	259	13	returns	return	NOUN
cjfa-63113	259	14	from	from	ADP
cjfa-63113	259	15	markowitz	markowitz	PROPN
cjfa-63113	259	16	optimization	optimization	NOUN
cjfa-63113	259	17	but	but	CCONJ
cjfa-63113	259	18	results	result	NOUN
cjfa-63113	259	19	in	in	ADP
cjfa-63113	259	20	a	a	DET
cjfa-63113	259	21	more	more	ADV
cjfa-63113	259	22	diversified	diversified	ADJ
cjfa-63113	259	23	portfolio	portfolio	NOUN
cjfa-63113	259	24	.	.	PUNCT
cjfa-63113	260	1	although	although	SCONJ
cjfa-63113	260	2	markowitz	markowitz	PROPN
cjfa-63113	260	3	optimization	optimization	NOUN
cjfa-63113	260	4	aims	aim	VERB
cjfa-63113	260	5	to	to	PART
cjfa-63113	260	6	create	create	VERB
cjfa-63113	260	7	efficient	efficient	ADJ
cjfa-63113	260	8	portfolios	portfolio	NOUN
cjfa-63113	260	9	,	,	PUNCT
cjfa-63113	260	10	it	it	PRON
cjfa-63113	260	11	does	do	AUX
cjfa-63113	260	12	not	not	PART
cjfa-63113	260	13	ensure	ensure	VERB
cjfa-63113	260	14	adequate	adequate	ADJ
cjfa-63113	260	15	diversification	diversification	NOUN
cjfa-63113	260	16	,	,	PUNCT
cjfa-63113	260	17	as	as	SCONJ
cjfa-63113	260	18	shown	show	VERB
cjfa-63113	260	19	in	in	ADP
cjfa-63113	260	20	our	our	PRON
cjfa-63113	260	21	study	study	NOUN
cjfa-63113	260	22	period	period	NOUN
cjfa-63113	260	23	.	.	PUNCT
cjfa-63113	260	24	 	 	SPACE
cjfa-63113	261	1	conclusion	conclusion	NOUN
cjfa-63113	261	2	 	 	SPACE
cjfa-63113	261	3	conclusion	conclusion	NOUN
cjfa-63113	261	4	our	our	PRON
cjfa-63113	261	5	findings	finding	NOUN
cjfa-63113	261	6	align	align	VERB
cjfa-63113	261	7	with	with	ADP
cjfa-63113	261	8	biasin	biasin	NOUN
cjfa-63113	261	9	et	et	PROPN
cjfa-63113	261	10	al	al	PROPN
cjfa-63113	261	11	.	.	PROPN
cjfa-63113	262	1	(	(	PUNCT
cjfa-63113	262	2	2019	2019	NUM
cjfa-63113	262	3	)	)	PUNCT
cjfa-63113	262	4	,	,	PUNCT
cjfa-63113	262	5	showing	show	VERB
cjfa-63113	262	6	that	that	SCONJ
cjfa-63113	262	7	impact	impact	NOUN
cjfa-63113	262	8	portfolios	portfolio	NOUN
cjfa-63113	262	9	not	not	PART
cjfa-63113	262	10	only	only	ADV
cjfa-63113	262	11	lead	lead	VERB
cjfa-63113	262	12	to	to	ADP
cjfa-63113	262	13	non	non	ADJ
cjfa-63113	262	14	-	-	ADJ
cjfa-63113	262	15	financial	financial	ADJ
cjfa-63113	262	16	benefits	benefit	NOUN
cjfa-63113	262	17	but	but	CCONJ
cjfa-63113	262	18	also	also	ADV
cjfa-63113	262	19	outperform	outperform	VERB
cjfa-63113	262	20	in	in	ADP
cjfa-63113	262	21	terms	term	NOUN
cjfa-63113	262	22	of	of	ADP
cjfa-63113	262	23	return	return	NOUN
cjfa-63113	262	24	and	and	CCONJ
cjfa-63113	262	25	risk	risk	NOUN
cjfa-63113	262	26	-	-	PUNCT
cjfa-63113	262	27	adjusted	adjust	VERB
cjfa-63113	262	28	performance20	performance20	NOUN
cjfa-63113	262	29	.	.	PUNCT
cjfa-63113	263	1	however	however	ADV
cjfa-63113	263	2	,	,	PUNCT
cjfa-63113	263	3	our	our	PRON
cjfa-63113	263	4	results	result	NOUN
cjfa-63113	263	5	contrast	contrast	VERB
cjfa-63113	263	6	with	with	ADP
cjfa-63113	263	7	those	those	PRON
cjfa-63113	263	8	of	of	ADP
cjfa-63113	263	9	la	la	DET
cjfa-63113	263	10	torre	torre	PROPN
cjfa-63113	263	11	et	et	PROPN
cjfa-63113	263	12	al	al	PROPN
cjfa-63113	263	13	.	.	PROPN
cjfa-63113	264	1	(	(	PUNCT
cjfa-63113	264	2	2017	2017	NUM
cjfa-63113	264	3	)	)	PUNCT
cjfa-63113	264	4	and	and	CCONJ
cjfa-63113	264	5	bernal	bernal	PROPN
cjfa-63113	264	6	et	et	PROPN
cjfa-63113	264	7	al	al	PROPN
cjfa-63113	264	8	.	.	PROPN
cjfa-63113	265	1	(	(	PUNCT
cjfa-63113	265	2	2021	2021	NUM
cjfa-63113	265	3	)	)	PUNCT
cjfa-63113	265	4	,	,	PUNCT
cjfa-63113	265	5	primarily	primarily	ADV
cjfa-63113	265	6	due	due	ADP
cjfa-63113	265	7	to	to	ADP
cjfa-63113	265	8	our	our	PRON
cjfa-63113	265	9	longer	long	ADJ
cjfa-63113	265	10	study	study	NOUN
cjfa-63113	265	11	period	period	NOUN
cjfa-63113	265	12	,	,	PUNCT
cjfa-63113	265	13	which	which	PRON
cjfa-63113	265	14	spans	span	VERB
cjfa-63113	265	15	over	over	ADP
cjfa-63113	265	16	ten	ten	NUM
cjfa-63113	265	17	years	year	NOUN
cjfa-63113	265	18	and	and	CCONJ
cjfa-63113	265	19	includes	include	VERB
cjfa-63113	265	20	the	the	DET
cjfa-63113	265	21	effects	effect	NOUN
cjfa-63113	265	22	of	of	ADP
cjfa-63113	265	23	the	the	DET
cjfa-63113	265	24	covid-19	covid-19	PROPN
cjfa-63113	265	25	crisis	crisis	NOUN
cjfa-63113	265	26	.	.	PUNCT
cjfa-63113	266	1	both	both	DET
cjfa-63113	266	2	prior	prior	ADJ
cjfa-63113	266	3	studies	study	NOUN
cjfa-63113	266	4	focus	focus	VERB
cjfa-63113	266	5	on	on	ADP
cjfa-63113	266	6	shorter	short	ADJ
cjfa-63113	266	7	timeframes	timeframe	NOUN
cjfa-63113	266	8	and	and	CCONJ
cjfa-63113	266	9	bernal	bernal	PROPN
cjfa-63113	266	10	et	et	PROPN
cjfa-63113	266	11	al	al	PROPN
cjfa-63113	266	12	.	.	PROPN
cjfa-63113	267	1	(	(	PUNCT
cjfa-63113	267	2	2021	2021	NUM
cjfa-63113	267	3	)	)	PUNCT
cjfa-63113	267	4	only	only	ADV
cjfa-63113	267	5	compares	compare	VERB
cjfa-63113	267	6	impact	impact	NOUN
cjfa-63113	267	7	vs.	vs.	ADP
cjfa-63113	267	8	conventional	conventional	ADJ
cjfa-63113	267	9	investments	investment	NOUN
cjfa-63113	267	10	,	,	PUNCT
cjfa-63113	267	11	while	while	SCONJ
cjfa-63113	267	12	we	we	PRON
cjfa-63113	267	13	also	also	ADV
cjfa-63113	267	14	include	include	VERB
cjfa-63113	267	15	esg	esg	NOUN
cjfa-63113	267	16	portfolios	portfolio	NOUN
cjfa-63113	267	17	.	.	PUNCT
cjfa-63113	268	1	unlike	unlike	ADP
cjfa-63113	268	2	biasin	biasin	VERB
cjfa-63113	268	3	et	et	PROPN
cjfa-63113	268	4	al	al	PROPN
cjfa-63113	268	5	.	.	PROPN
cjfa-63113	269	1	(	(	PUNCT
cjfa-63113	269	2	2019	2019	NUM
cjfa-63113	269	3	)	)	PUNCT
cjfa-63113	269	4	,	,	PUNCT
cjfa-63113	269	5	who	who	PRON
cjfa-63113	269	6	examines	examine	VERB
cjfa-63113	269	7	both	both	DET
cjfa-63113	269	8	stocks	stock	NOUN
cjfa-63113	269	9	and	and	CCONJ
cjfa-63113	269	10	bonds	bond	NOUN
cjfa-63113	269	11	,	,	PUNCT
cjfa-63113	269	12	our	our	PRON
cjfa-63113	269	13	research	research	NOUN
cjfa-63113	269	14	focuses	focus	VERB
cjfa-63113	269	15	solely	solely	ADV
cjfa-63113	269	16	on	on	ADP
cjfa-63113	269	17	public	public	ADJ
cjfa-63113	269	18	equities	equity	NOUN
cjfa-63113	269	19	,	,	PUNCT
cjfa-63113	269	20	offering	offer	VERB
cjfa-63113	269	21	a	a	DET
cjfa-63113	269	22	stronger	strong	ADJ
cjfa-63113	269	23	foundation	foundation	NOUN
cjfa-63113	269	24	for	for	ADP
cjfa-63113	269	25	future	future	ADJ
cjfa-63113	269	26	research	research	NOUN
cjfa-63113	269	27	.	.	PUNCT
cjfa-63113	270	1	while	while	SCONJ
cjfa-63113	270	2	theory	theory	NOUN
cjfa-63113	270	3	suggests	suggest	VERB
cjfa-63113	270	4	that	that	SCONJ
cjfa-63113	270	5	limiting	limit	VERB
cjfa-63113	270	6	the	the	DET
cjfa-63113	270	7	investment	investment	NOUN
cjfa-63113	270	8	universe	universe	NOUN
cjfa-63113	270	9	to	to	ADP
cjfa-63113	270	10	esg	esg	NOUN
cjfa-63113	270	11	or	or	CCONJ
cjfa-63113	270	12	impact	impact	NOUN
cjfa-63113	270	13	investments	investment	NOUN
cjfa-63113	270	14	may	may	AUX
cjfa-63113	270	15	lead	lead	VERB
cjfa-63113	270	16	to	to	ADP
cjfa-63113	270	17	suboptimal	suboptimal	ADJ
cjfa-63113	270	18	risk	risk	NOUN
cjfa-63113	270	19	-	-	PUNCT
cjfa-63113	270	20	return	return	NOUN
cjfa-63113	270	21	combinations	combination	NOUN
cjfa-63113	270	22	(	(	PUNCT
cjfa-63113	270	23	renneboog	renneboog	NOUN
cjfa-63113	270	24	,	,	PUNCT
cjfa-63113	270	25	horst	horst	PROPN
cjfa-63113	270	26	&	&	CCONJ
cjfa-63113	270	27	zhang	zhang	PROPN
cjfa-63113	270	28	,	,	PUNCT
cjfa-63113	270	29	2008	2008	NUM
cjfa-63113	270	30	)	)	PUNCT
cjfa-63113	270	31	,	,	PUNCT
cjfa-63113	270	32	our	our	PRON
cjfa-63113	270	33	study	study	NOUN
cjfa-63113	270	34	indicates	indicate	VERB
cjfa-63113	270	35	that	that	SCONJ
cjfa-63113	270	36	impact	impact	NOUN
cjfa-63113	270	37	investing	investing	NOUN
cjfa-63113	270	38	offers	offer	VERB
cjfa-63113	270	39	a	a	DET
cjfa-63113	270	40	premium	premium	NOUN
cjfa-63113	270	41	and/or	and/or	CCONJ
cjfa-63113	270	42	diversification	diversification	NOUN
cjfa-63113	270	43	advantage	advantage	NOUN
cjfa-63113	270	44	,	,	PUNCT
cjfa-63113	270	45	suggesting	suggest	VERB
cjfa-63113	270	46	market	market	NOUN
cjfa-63113	270	47	inefficiency	inefficiency	NOUN
cjfa-63113	270	48	.	.	PUNCT
cjfa-63113	271	1	to	to	PART
cjfa-63113	271	2	strengthen	strengthen	VERB
cjfa-63113	271	3	these	these	DET
cjfa-63113	271	4	findings	finding	NOUN
cjfa-63113	271	5	,	,	PUNCT
cjfa-63113	271	6	further	further	ADJ
cjfa-63113	271	7	research	research	NOUN
cjfa-63113	271	8	should	should	AUX
cjfa-63113	271	9	explore	explore	VERB
cjfa-63113	271	10	alternative	alternative	ADJ
cjfa-63113	271	11	portfolio	portfolio	NOUN
cjfa-63113	271	12	construction	construction	NOUN
cjfa-63113	271	13	methods	method	NOUN
cjfa-63113	271	14	and	and	CCONJ
cjfa-63113	271	15	rebalancing	rebalancing	NOUN
cjfa-63113	271	16	strategies	strategy	NOUN
cjfa-63113	271	17	,	,	PUNCT
cjfa-63113	271	18	especially	especially	ADV
cjfa-63113	271	19	given	give	VERB
cjfa-63113	271	20	the	the	DET
cjfa-63113	271	21	limitations	limitation	NOUN
cjfa-63113	271	22	of	of	ADP
cjfa-63113	271	23	markowitz	markowitz	PROPN
cjfa-63113	271	24	optimization	optimization	PROPN
cjfa-63113	271	25	(	(	PUNCT
cjfa-63113	271	26	markowitz	markowitz	PROPN
cjfa-63113	271	27	,	,	PUNCT
cjfa-63113	271	28	1952	1952	NUM
cjfa-63113	271	29	)	)	PUNCT
cjfa-63113	271	30	in	in	ADP
cjfa-63113	271	31	providing	provide	VERB
cjfa-63113	271	32	diversified	diversified	ADJ
cjfa-63113	271	33	portfolios	portfolio	NOUN
cjfa-63113	271	34	.	.	PUNCT
cjfa-63113	272	1	20	20	NUM
cjfa-63113	272	2	 	 	SPACE
cjfa-63113	272	3	this	this	PRON
cjfa-63113	272	4	corresponds	correspond	VERB
cjfa-63113	272	5	to	to	ADP
cjfa-63113	272	6	the	the	DET
cjfa-63113	272	7	finding	finding	NOUN
cjfa-63113	272	8	of	of	ADP
cjfa-63113	272	9	dorfleitner	dorfleitner	NOUN
cjfa-63113	272	10	,	,	PUNCT
cjfa-63113	272	11	utz	utz	NOUN
cjfa-63113	272	12	and	and	CCONJ
cjfa-63113	272	13	zhang	zhang	PROPN
cjfa-63113	272	14	(	(	PUNCT
cjfa-63113	272	15	2022	2022	NUM
cjfa-63113	272	16	)	)	PUNCT
cjfa-63113	272	17	that	that	SCONJ
cjfa-63113	272	18	green	green	ADJ
cjfa-63113	272	19	bonds	bond	NOUN
cjfa-63113	272	20	show	show	VERB
cjfa-63113	272	21	a	a	DET
cjfa-63113	272	22	premium	premium	NOUN
cjfa-63113	272	23	,	,	PUNCT
cjfa-63113	272	24	so	so	SCONJ
cjfa-63113	272	25	we	we	PRON
cjfa-63113	272	26	can	can	AUX
cjfa-63113	272	27	assume	assume	VERB
cjfa-63113	272	28	that	that	SCONJ
cjfa-63113	272	29	sustainable	sustainable	ADJ
cjfa-63113	272	30	investing	investing	NOUN
cjfa-63113	272	31	has	have	VERB
cjfa-63113	272	32	higher	high	ADJ
cjfa-63113	272	33	return	return	NOUN
cjfa-63113	272	34	regardless	regardless	ADV
cjfa-63113	272	35	of	of	ADP
cjfa-63113	272	36	the	the	DET
cjfa-63113	272	37	asset	asset	NOUN
cjfa-63113	272	38	class	class	NOUN
cjfa-63113	272	39	.	.	PUNCT
cjfa-63113	273	1	eva	eva	PROPN
cjfa-63113	273	2	reuthlinger	reuthlinger	PROPN
cjfa-63113	273	3	,	,	PUNCT
cjfa-63113	273	4	tanja	tanja	PROPN
cjfa-63113	273	5	sinha106106	sinha106106	PROPN
cjfa-63113	273	6	 	 	SPACE
cjfa-63113	273	7	references	reference	NOUN
cjfa-63113	273	8	 	 	SPACE
cjfa-63113	273	9	references	reference	NOUN
cjfa-63113	273	10	agrawal	agrawal	PROPN
cjfa-63113	273	11	,	,	PUNCT
cjfa-63113	273	12	a.	a.	PROPN
cjfa-63113	273	13	,	,	PUNCT
cjfa-63113	273	14	&	&	CCONJ
cjfa-63113	273	15	hockerts	hockert	NOUN
cjfa-63113	273	16	,	,	PUNCT
cjfa-63113	273	17	k.	k.	PROPN
cjfa-63113	273	18	(	(	PUNCT
cjfa-63113	273	19	2019	2019	NUM
cjfa-63113	273	20	)	)	PUNCT
cjfa-63113	273	21	.	.	PUNCT
cjfa-63113	274	1	impact	impact	NOUN
cjfa-63113	274	2	investing	investing	NOUN
cjfa-63113	274	3	:	:	PUNCT
cjfa-63113	274	4	review	review	NOUN
cjfa-63113	274	5	and	and	CCONJ
cjfa-63113	274	6	research	research	NOUN
cjfa-63113	274	7	agenda	agenda	NOUN
cjfa-63113	274	8	.	.	PUNCT
cjfa-63113	275	1	journal	journal	NOUN
cjfa-63113	275	2	of	of	ADP
cjfa-63113	275	3	small	small	ADJ
cjfa-63113	275	4	business	business	NOUN
cjfa-63113	275	5	and	and	CCONJ
cjfa-63113	275	6	entrepreneurship	entrepreneurship	NOUN
cjfa-63113	275	7	,	,	PUNCT
cjfa-63113	275	8	33(2	33(2	NUM
cjfa-63113	275	9	)	)	PUNCT
cjfa-63113	275	10	,	,	PUNCT
cjfa-63113	275	11	153–181	153–181	NUM
cjfa-63113	275	12	.	.	PUNCT
cjfa-63113	276	1	https://doi.org/10	https://doi.org/10	PROPN
cjfa-63113	276	2	.	.	PUNCT
cjfa-63113	277	1	1080/08276331.2018.1551457	1080/08276331.2018.1551457	NUM
cjfa-63113	277	2	.	.	PUNCT
cjfa-63113	278	1	barber	barber	PROPN
cjfa-63113	278	2	,	,	PUNCT
cjfa-63113	278	3	b.m	b.m	PROPN
cjfa-63113	278	4	.	.	PROPN
cjfa-63113	278	5	,	,	PUNCT
cjfa-63113	278	6	morse	morse	PROPN
cjfa-63113	278	7	,	,	PUNCT
cjfa-63113	278	8	a.	a.	PROPN
cjfa-63113	278	9	,	,	PUNCT
cjfa-63113	278	10	&	&	CCONJ
cjfa-63113	278	11	yasuda	yasuda	PROPN
cjfa-63113	278	12	,	,	PUNCT
cjfa-63113	278	13	a.	a.	NOUN
cjfa-63113	278	14	(	(	PUNCT
cjfa-63113	278	15	2021	2021	NUM
cjfa-63113	278	16	)	)	PUNCT
cjfa-63113	278	17	.	.	PUNCT
cjfa-63113	279	1	impact	impact	NOUN
cjfa-63113	279	2	investing	investing	NOUN
cjfa-63113	279	3	.	.	PUNCT
cjfa-63113	280	1	journal	journal	PROPN
cjfa-63113	280	2	of	of	ADP
cjfa-63113	280	3	financial	financial	ADJ
cjfa-63113	280	4	economics	economic	NOUN
cjfa-63113	280	5	,	,	PUNCT
cjfa-63113	280	6	139(1	139(1	NUM
cjfa-63113	280	7	)	)	PUNCT
cjfa-63113	280	8	,	,	PUNCT
cjfa-63113	280	9	162–185	162–185	NUM
cjfa-63113	280	10	.	.	PUNCT
cjfa-63113	281	1	https://doi.org/10.1016/j.jfineco.2020.07.008	https://doi.org/10.1016/j.jfineco.2020.07.008	NOUN
cjfa-63113	281	2	.	.	PUNCT
cjfa-63113	281	3	barua	barua	PROPN
cjfa-63113	281	4	,	,	PUNCT
cjfa-63113	281	5	s.	s.	PROPN
cjfa-63113	281	6	(	(	PUNCT
cjfa-63113	281	7	2020	2020	NUM
cjfa-63113	281	8	)	)	PUNCT
cjfa-63113	281	9	.	.	PUNCT
cjfa-63113	282	1	financing	finance	VERB
cjfa-63113	282	2	sustainable	sustainable	ADJ
cjfa-63113	282	3	development	development	NOUN
cjfa-63113	282	4	goals	goal	NOUN
cjfa-63113	282	5	:	:	PUNCT
cjfa-63113	282	6	a	a	DET
cjfa-63113	282	7	review	review	NOUN
cjfa-63113	282	8	of	of	ADP
cjfa-63113	282	9	challenges	challenge	NOUN
cjfa-63113	282	10	and	and	CCONJ
cjfa-63113	282	11	mitigation	mitigation	NOUN
cjfa-63113	282	12	strategies	strategy	NOUN
cjfa-63113	282	13	.	.	PUNCT
cjfa-63113	283	1	business	business	NOUN
cjfa-63113	283	2	strategy	strategy	NOUN
cjfa-63113	283	3	and	and	CCONJ
cjfa-63113	283	4	development	development	NOUN
cjfa-63113	283	5	,	,	PUNCT
cjfa-63113	283	6	3(3	3(3	NUM
cjfa-63113	283	7	)	)	PUNCT
cjfa-63113	283	8	,	,	PUNCT
cjfa-63113	283	9	277–293	277–293	NUM
cjfa-63113	283	10	.	.	PUNCT
cjfa-63113	284	1	https://	https://	PROPN
cjfa-63113	284	2	doi.org/10.1002/bsd2.94	doi.org/10.1002/bsd2.94	PROPN
cjfa-63113	284	3	.	.	PUNCT
cjfa-63113	285	1	berk	berk	PROPN
cjfa-63113	285	2	,	,	PUNCT
cjfa-63113	285	3	j.b	j.b	PROPN
cjfa-63113	285	4	.	.	PROPN
cjfa-63113	285	5	,	,	PUNCT
cjfa-63113	285	6	&	&	CCONJ
cjfa-63113	285	7	van	van	PROPN
cjfa-63113	285	8	binsbergen	binsbergen	PROPN
cjfa-63113	285	9	,	,	PUNCT
cjfa-63113	285	10	j.h	j.h	PROPN
cjfa-63113	285	11	.	.	PROPN
cjfa-63113	285	12	(	(	PUNCT
cjfa-63113	285	13	2025	2025	NUM
cjfa-63113	285	14	)	)	PUNCT
cjfa-63113	285	15	.	.	PUNCT
cjfa-63113	286	1	the	the	DET
cjfa-63113	286	2	impact	impact	NOUN
cjfa-63113	286	3	of	of	ADP
cjfa-63113	286	4	impact	impact	NOUN
cjfa-63113	286	5	investing	investing	NOUN
cjfa-63113	286	6	.	.	PUNCT
cjfa-63113	287	1	journal	journal	PROPN
cjfa-63113	287	2	of	of	ADP
cjfa-63113	287	3	financial	financial	ADJ
cjfa-63113	287	4	economics	economic	NOUN
cjfa-63113	287	5	,	,	PUNCT
cjfa-63113	287	6	164	164	NUM
cjfa-63113	287	7	,	,	PUNCT
cjfa-63113	287	8	103972	103972	NUM
cjfa-63113	287	9	.	.	PUNCT
cjfa-63113	288	1	https://doi.org/10.1016/j.jfineco.2024.103972	https://doi.org/10.1016/j.jfineco.2024.103972	PROPN
cjfa-63113	288	2	.	.	PUNCT
cjfa-63113	288	3	bernal	bernal	PROPN
cjfa-63113	288	4	,	,	PUNCT
cjfa-63113	288	5	o.	o.	PROPN
cjfa-63113	288	6	,	,	PUNCT
cjfa-63113	288	7	hudon	hudon	PROPN
cjfa-63113	288	8	,	,	PUNCT
cjfa-63113	288	9	m.	m.	NOUN
cjfa-63113	288	10	,	,	PUNCT
cjfa-63113	288	11	&	&	CCONJ
cjfa-63113	288	12	ledru	ledru	PROPN
cjfa-63113	288	13	,	,	PUNCT
cjfa-63113	288	14	f.-x	f.-x	PROPN
cjfa-63113	288	15	.	.	PUNCT
cjfa-63113	288	16	(	(	PUNCT
cjfa-63113	288	17	2021	2021	NUM
cjfa-63113	288	18	)	)	PUNCT
cjfa-63113	288	19	.	.	PUNCT
cjfa-63113	288	20	are	be	AUX
cjfa-63113	288	21	impact	impact	NOUN
cjfa-63113	288	22	and	and	CCONJ
cjfa-63113	288	23	financial	financial	ADJ
cjfa-63113	288	24	returns	return	NOUN
cjfa-63113	288	25	mutually	mutually	ADV
cjfa-63113	288	26	exclusive	exclusive	ADJ
cjfa-63113	288	27	?	?	PUNCT
cjfa-63113	289	1	evidence	evidence	NOUN
cjfa-63113	289	2	from	from	ADP
cjfa-63113	289	3	publicly	publicly	ADV
cjfa-63113	289	4	-	-	PUNCT
cjfa-63113	289	5	listed	list	VERB
cjfa-63113	289	6	impact	impact	NOUN
cjfa-63113	289	7	investments	investment	NOUN
cjfa-63113	289	8	.	.	PUNCT
cjfa-63113	290	1	the	the	DET
cjfa-63113	290	2	quarterly	quarterly	ADJ
cjfa-63113	290	3	review	review	NOUN
cjfa-63113	290	4	of	of	ADP
cjfa-63113	290	5	economics	economic	NOUN
cjfa-63113	290	6	and	and	CCONJ
cjfa-63113	290	7	finance	finance	NOUN
cjfa-63113	290	8	,	,	PUNCT
cjfa-63113	290	9	81(c	81(c	NUM
cjfa-63113	290	10	)	)	PUNCT
cjfa-63113	290	11	,	,	PUNCT
cjfa-63113	290	12	93–112	93–112	PROPN
cjfa-63113	290	13	.	.	PUNCT
cjfa-63113	291	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	PROPN
cjfa-63113	291	2	.	.	PUNCT
cjfa-63113	291	3	qref.2021.04.010	qref.2021.04.010	PROPN
cjfa-63113	291	4	.	.	PUNCT
cjfa-63113	292	1	biasin	biasin	PROPN
cjfa-63113	292	2	,	,	PUNCT
cjfa-63113	292	3	m.	m.	NOUN
cjfa-63113	292	4	,	,	PUNCT
cjfa-63113	292	5	cerqueti	cerqueti	PROPN
cjfa-63113	292	6	,	,	PUNCT
cjfa-63113	292	7	r.	r.	PROPN
cjfa-63113	292	8	,	,	PUNCT
cjfa-63113	292	9	giacomini	giacomini	PROPN
cjfa-63113	292	10	,	,	PUNCT
cjfa-63113	292	11	e.	e.	PROPN
cjfa-63113	292	12	,	,	PUNCT
cjfa-63113	292	13	marinelli	marinelli	PROPN
cjfa-63113	292	14	,	,	PUNCT
cjfa-63113	292	15	n.	n.	NOUN
cjfa-63113	292	16	,	,	PUNCT
cjfa-63113	292	17	quaranta	quaranta	NOUN
cjfa-63113	292	18	,	,	PUNCT
cjfa-63113	292	19	a.g	a.g	PROPN
cjfa-63113	292	20	.	.	PROPN
cjfa-63113	292	21	,	,	PUNCT
cjfa-63113	292	22	&	&	CCONJ
cjfa-63113	292	23	riccetti	riccetti	PROPN
cjfa-63113	292	24	,	,	PUNCT
cjfa-63113	292	25	l.	l.	PROPN
cjfa-63113	292	26	(	(	PUNCT
cjfa-63113	292	27	2019	2019	NUM
cjfa-63113	292	28	)	)	PUNCT
cjfa-63113	292	29	.	.	PUNCT
cjfa-63113	293	1	macro	macro	ADJ
cjfa-63113	293	2	asset	asset	NOUN
cjfa-63113	293	3	allocation	allocation	NOUN
cjfa-63113	293	4	with	with	ADP
cjfa-63113	293	5	social	social	ADJ
cjfa-63113	293	6	impact	impact	NOUN
cjfa-63113	293	7	investments	investment	NOUN
cjfa-63113	293	8	.	.	PUNCT
cjfa-63113	294	1	sustainability	sustainability	NOUN
cjfa-63113	294	2	,	,	PUNCT
cjfa-63113	294	3	11(11	11(11	NUM
cjfa-63113	294	4	)	)	PUNCT
cjfa-63113	294	5	,	,	PUNCT
cjfa-63113	294	6	article	article	NOUN
cjfa-63113	294	7	number	number	NOUN
cjfa-63113	294	8	3140	3140	NUM
cjfa-63113	294	9	.	.	PUNCT
cjfa-63113	295	1	https://www.doi.org/10.3390/su11113140	https://www.doi.org/10.3390/su11113140	PROPN
cjfa-63113	295	2	.	.	PUNCT
cjfa-63113	296	1	bloomberg	bloomberg	PROPN
cjfa-63113	296	2	,	,	PUNCT
cjfa-63113	296	3	t.	t.	PROPN
cjfa-63113	296	4	,	,	PUNCT
cjfa-63113	296	5	leftwich	leftwich	PROPN
cjfa-63113	296	6	,	,	PUNCT
cjfa-63113	296	7	r.	r.	PROPN
cjfa-63113	296	8	,	,	PUNCT
cjfa-63113	296	9	&	&	CCONJ
cjfa-63113	296	10	long	long	PROPN
cjfa-63113	296	11	jr	jr	PROPN
cjfa-63113	296	12	,	,	PUNCT
cjfa-63113	296	13	j.b	j.b	PROPN
cjfa-63113	296	14	.	.	PUNCT
cjfa-63113	296	15	(	(	PUNCT
cjfa-63113	296	16	1977	1977	NUM
cjfa-63113	296	17	)	)	PUNCT
cjfa-63113	296	18	.	.	PUNCT
cjfa-63113	297	1	portfolio	portfolio	NOUN
cjfa-63113	297	2	strategies	strategy	NOUN
cjfa-63113	297	3	and	and	CCONJ
cjfa-63113	297	4	performance	performance	NOUN
cjfa-63113	297	5	.	.	PUNCT
cjfa-63113	298	1	journal	journal	NOUN
cjfa-63113	298	2	of	of	ADP
cjfa-63113	298	3	financial	financial	ADJ
cjfa-63113	298	4	economics	economic	NOUN
cjfa-63113	298	5	,	,	PUNCT
cjfa-63113	298	6	5(2	5(2	NUM
cjfa-63113	298	7	)	)	PUNCT
cjfa-63113	298	8	,	,	PUNCT
cjfa-63113	298	9	201–218	201–218	NUM
cjfa-63113	298	10	.	.	PUNCT
cjfa-63113	299	1	https://doi.org/10.1016/0304405x(77)90018-6	https://doi.org/10.1016/0304405x(77)90018-6	PROPN
cjfa-63113	299	2	.	.	PROPN
cjfa-63113	299	3	börse	börse	PROPN
cjfa-63113	299	4	frankfurt	frankfurt	PROPN
cjfa-63113	299	5	.	.	PUNCT
cjfa-63113	300	1	(	(	PUNCT
cjfa-63113	300	2	2019	2019	NUM
cjfa-63113	300	3	)	)	PUNCT
cjfa-63113	300	4	.	.	PUNCT
cjfa-63113	301	1	swiss	swiss	ADJ
cjfa-63113	301	2	stocks	stock	NOUN
cjfa-63113	301	3	temporarily	temporarily	ADV
cjfa-63113	301	4	suspended	suspend	VERB
cjfa-63113	301	5	from	from	ADP
cjfa-63113	301	6	trading	trading	NOUN
cjfa-63113	301	7	,	,	PUNCT
cjfa-63113	301	8	https://	https://	PROPN
cjfa-63113	301	9	www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	PROPN
cjfa-63113	301	10	(	(	PUNCT
cjfa-63113	301	11	accessed	access	VERB
cjfa-63113	301	12	:	:	PUNCT
cjfa-63113	301	13	05.07.2022	05.07.2022	NOUN
cjfa-63113	301	14	)	)	PUNCT
cjfa-63113	301	15	.	.	PUNCT
cjfa-63113	302	1	bose	bose	PROPN
cjfa-63113	302	2	,	,	PUNCT
cjfa-63113	302	3	s.	s.	PROPN
cjfa-63113	302	4	,	,	PUNCT
cjfa-63113	302	5	dong	dong	PROPN
cjfa-63113	302	6	,	,	PUNCT
cjfa-63113	302	7	g.	g.	PROPN
cjfa-63113	302	8	,	,	PUNCT
cjfa-63113	302	9	&	&	CCONJ
cjfa-63113	302	10	simpson	simpson	PROPN
cjfa-63113	302	11	,	,	PUNCT
cjfa-63113	302	12	a.	a.	NOUN
cjfa-63113	302	13	(	(	PUNCT
cjfa-63113	302	14	2019	2019	NUM
cjfa-63113	302	15	)	)	PUNCT
cjfa-63113	302	16	.	.	PUNCT
cjfa-63113	303	1	the	the	DET
cjfa-63113	303	2	financial	financial	ADJ
cjfa-63113	303	3	ecosystem	ecosystem	NOUN
cjfa-63113	303	4	.	.	PUNCT
cjfa-63113	304	1	the	the	DET
cjfa-63113	304	2	role	role	NOUN
cjfa-63113	304	3	of	of	ADP
cjfa-63113	304	4	finance	finance	NOUN
cjfa-63113	304	5	in	in	ADP
cjfa-63113	304	6	achieving	achieve	VERB
cjfa-63113	304	7	sustainability	sustainability	NOUN
cjfa-63113	304	8	.	.	PUNCT
cjfa-63113	305	1	cham	cham	PROPN
cjfa-63113	305	2	:	:	PUNCT
cjfa-63113	305	3	palgrave	palgrave	PROPN
cjfa-63113	305	4	macmillan	macmillan	PROPN
cjfa-63113	305	5	.	.	PUNCT
cjfa-63113	306	1	https://doi.org/10.1007/978-3030-05624-7	https://doi.org/10.1007/978-3030-05624-7	PROPN
cjfa-63113	306	2	.	.	PUNCT
cjfa-63113	307	1	brzeszczynski	brzeszczynski	PROPN
cjfa-63113	307	2	j.	j.	PROPN
cjfa-63113	307	3	,	,	PUNCT
cjfa-63113	307	4	&	&	CCONJ
cjfa-63113	307	5	mcintosh	mcintosh	PROPN
cjfa-63113	307	6	g.	g.	PROPN
cjfa-63113	307	7	(	(	PUNCT
cjfa-63113	307	8	2014	2014	NUM
cjfa-63113	307	9	)	)	PUNCT
cjfa-63113	307	10	.	.	PUNCT
cjfa-63113	308	1	performance	performance	NOUN
cjfa-63113	308	2	of	of	ADP
cjfa-63113	308	3	portfolios	portfolio	NOUN
cjfa-63113	308	4	composed	compose	VERB
cjfa-63113	308	5	of	of	ADP
cjfa-63113	308	6	british	british	ADJ
cjfa-63113	308	7	sri	sri	PROPN
cjfa-63113	308	8	stocks	stock	NOUN
cjfa-63113	308	9	.	.	PUNCT
cjfa-63113	309	1	journal	journal	PROPN
cjfa-63113	309	2	of	of	ADP
cjfa-63113	309	3	business	business	NOUN
cjfa-63113	309	4	ethics	ethic	NOUN
cjfa-63113	309	5	,	,	PUNCT
cjfa-63113	309	6	120	120	NUM
cjfa-63113	309	7	,	,	PUNCT
cjfa-63113	309	8	335–362	335–362	NUM
cjfa-63113	309	9	.	.	PUNCT
cjfa-63113	310	1	http://dx.doi.org/10.1007/	http://dx.doi.org/10.1007/	PROPN
cjfa-63113	310	2	s10551	s10551	PROPN
cjfa-63113	310	3	-	-	NOUN
cjfa-63113	310	4	012	012	NUM
cjfa-63113	310	5	-	-	PUNCT
cjfa-63113	310	6	1541	1541	NUM
cjfa-63113	310	7	-	-	PUNCT
cjfa-63113	310	8	x.	x.	NOUN
cjfa-63113	310	9	bugg	bugg	NOUN
cjfa-63113	310	10	-	-	PUNCT
cjfa-63113	310	11	levine	levine	NOUN
cjfa-63113	310	12	,	,	PUNCT
cjfa-63113	310	13	a.	a.	PROPN
cjfa-63113	310	14	,	,	PUNCT
cjfa-63113	310	15	&	&	CCONJ
cjfa-63113	310	16	emerson	emerson	PROPN
cjfa-63113	310	17	,	,	PUNCT
cjfa-63113	310	18	j.	j.	PROPN
cjfa-63113	310	19	(	(	PUNCT
cjfa-63113	310	20	2011	2011	NUM
cjfa-63113	310	21	)	)	PUNCT
cjfa-63113	310	22	.	.	PUNCT
cjfa-63113	311	1	impact	impact	NOUN
cjfa-63113	311	2	investing	investing	NOUN
cjfa-63113	311	3	:	:	PUNCT
cjfa-63113	311	4	transforming	transform	VERB
cjfa-63113	311	5	how	how	SCONJ
cjfa-63113	311	6	we	we	PRON
cjfa-63113	311	7	make	make	VERB
cjfa-63113	311	8	money	money	NOUN
cjfa-63113	311	9	while	while	SCONJ
cjfa-63113	311	10	making	make	VERB
cjfa-63113	311	11	a	a	DET
cjfa-63113	311	12	difference	difference	NOUN
cjfa-63113	311	13	.	.	PUNCT
cjfa-63113	312	1	innovations	innovation	NOUN
cjfa-63113	312	2	:	:	PUNCT
cjfa-63113	312	3	technology	technology	NOUN
cjfa-63113	312	4	,	,	PUNCT
cjfa-63113	312	5	governance	governance	NOUN
cjfa-63113	312	6	,	,	PUNCT
cjfa-63113	312	7	globalization	globalization	NOUN
cjfa-63113	312	8	,	,	PUNCT
cjfa-63113	312	9	6(3	6(3	NUM
cjfa-63113	312	10	)	)	PUNCT
cjfa-63113	312	11	,	,	PUNCT
cjfa-63113	312	12	9–18	9–18	NOUN
cjfa-63113	312	13	.	.	PUNCT
cjfa-63113	313	1	http://dx.doi.org/10.1162/inov_a_00077	http://dx.doi.org/10.1162/inov_a_00077	PROPN
cjfa-63113	313	2	.	.	PUNCT
cjfa-63113	313	3	burton	burton	PROPN
cjfa-63113	313	4	,	,	PUNCT
cjfa-63113	313	5	d.m	d.m	PROPN
cjfa-63113	313	6	.	.	PROPN
cjfa-63113	313	7	,	,	PUNCT
cjfa-63113	313	8	cole	cole	PROPN
cjfa-63113	313	9	,	,	PUNCT
cjfa-63113	313	10	s.	s.	PROPN
cjfa-63113	313	11	,	,	PUNCT
cjfa-63113	313	12	dev	dev	PROPN
cjfa-63113	313	13	,	,	PUNCT
cjfa-63113	313	14	a.	a.	NOUN
cjfa-63113	313	15	,	,	PUNCT
cjfa-63113	313	16	jarymowycz	jarymowycz	NOUN
cjfa-63113	313	17	,	,	PUNCT
cjfa-63113	313	18	c.	c.	PROPN
cjfa-63113	313	19	,	,	PUNCT
cjfa-63113	313	20	jeng	jeng	PROPN
cjfa-63113	313	21	,	,	PUNCT
cjfa-63113	313	22	l.	l.	PROPN
cjfa-63113	313	23	,	,	PUNCT
cjfa-63113	313	24	lerner	lerner	PROPN
cjfa-63113	313	25	,	,	PUNCT
cjfa-63113	313	26	j.	j.	PROPN
cjfa-63113	313	27	,	,	PUNCT
cjfa-63113	313	28	mashwama	mashwama	PROPN
cjfa-63113	313	29	,	,	PUNCT
cjfa-63113	313	30	f.	f.	PROPN
cjfa-63113	313	31	,	,	PUNCT
cjfa-63113	313	32	xu	xu	PROPN
cjfa-63113	313	33	,	,	PUNCT
cjfa-63113	313	34	y.	y.	PROPN
cjfa-63113	313	35	,	,	PUNCT
cjfa-63113	313	36	&	&	CCONJ
cjfa-63113	313	37	zochowski	zochowski	PROPN
cjfa-63113	313	38	,	,	PUNCT
cjfa-63113	313	39	t.r	t.r	PROPN
cjfa-63113	313	40	.	.	PROPN
cjfa-63113	313	41	(	(	PUNCT
cjfa-63113	313	42	2021	2021	NUM
cjfa-63113	313	43	)	)	PUNCT
cjfa-63113	313	44	.	.	PUNCT
cjfa-63113	314	1	the	the	DET
cjfa-63113	314	2	project	project	NOUN
cjfa-63113	314	3	on	on	ADP
cjfa-63113	314	4	impact	impact	NOUN
cjfa-63113	314	5	investments	investment	NOUN
cjfa-63113	314	6	’	'	PUNCT
cjfa-63113	314	7	impact	impact	NOUN
cjfa-63113	314	8	investment	investment	NOUN
cjfa-63113	314	9	database	database	NOUN
cjfa-63113	314	10	.	.	PUNCT
cjfa-63113	315	1	working	work	VERB
cjfa-63113	315	2	paper	paper	PROPN
cjfa-63113	315	3	harvard	harvard	PROPN
cjfa-63113	315	4	business	business	PROPN
cjfa-63113	315	5	school	school	PROPN
cjfa-63113	315	6	,	,	PUNCT
cjfa-63113	315	7	20–117	20–117	NUM
cjfa-63113	315	8	.	.	PUNCT
cjfa-63113	315	9	https://dx.doi	https://dx.doi	PROPN
cjfa-63113	315	10	.	.	PUNCT
cjfa-63113	316	1	org/10.2139	org/10.2139	PROPN
cjfa-63113	316	2	/	/	SYM
cjfa-63113	316	3	ssrn.3930171	ssrn.3930171	PROPN
cjfa-63113	316	4	.	.	PROPN
cjfa-63113	316	5	busch	busch	PROPN
cjfa-63113	316	6	,	,	PUNCT
cjfa-63113	316	7	t.	t.	PROPN
cjfa-63113	316	8	,	,	PUNCT
cjfa-63113	316	9	bruce	bruce	PROPN
cjfa-63113	316	10	-	-	PUNCT
cjfa-63113	316	11	clark	clark	PROPN
cjfa-63113	316	12	,	,	PUNCT
cjfa-63113	316	13	p.	p.	PROPN
cjfa-63113	316	14	,	,	PUNCT
cjfa-63113	316	15	derwall	derwall	PROPN
cjfa-63113	316	16	,	,	PUNCT
cjfa-63113	316	17	j.	j.	PROPN
cjfa-63113	316	18	,	,	PUNCT
cjfa-63113	316	19	eccles	eccles	PROPN
cjfa-63113	316	20	,	,	PUNCT
cjfa-63113	316	21	r.	r.	PROPN
cjfa-63113	316	22	,	,	PUNCT
cjfa-63113	316	23	hebb	hebb	PROPN
cjfa-63113	316	24	,	,	PUNCT
cjfa-63113	316	25	t.	t.	PROPN
cjfa-63113	316	26	,	,	PUNCT
cjfa-63113	316	27	hoepner	hoepner	NOUN
cjfa-63113	316	28	,	,	PUNCT
cjfa-63113	316	29	a.	a.	PROPN
cjfa-63113	316	30	,	,	PUNCT
cjfa-63113	316	31	klein	klein	PROPN
cjfa-63113	316	32	,	,	PUNCT
cjfa-63113	316	33	c.	c.	PROPN
cjfa-63113	316	34	,	,	PUNCT
cjfa-63113	316	35	krueger	krueger	PROPN
cjfa-63113	316	36	,	,	PUNCT
cjfa-63113	316	37	p.	p.	NOUN
cjfa-63113	316	38	,	,	PUNCT
cjfa-63113	316	39	paetzold	paetzold	ADJ
cjfa-63113	316	40	,	,	PUNCT
cjfa-63113	316	41	f.	f.	PROPN
cjfa-63113	316	42	,	,	PUNCT
cjfa-63113	316	43	scholtens	scholtens	PROPN
cjfa-63113	316	44	,	,	PUNCT
cjfa-63113	316	45	b.	b.	PROPN
cjfa-63113	316	46	,	,	PUNCT
cjfa-63113	316	47	&	&	CCONJ
cjfa-63113	316	48	weber	weber	PROPN
cjfa-63113	316	49	,	,	PUNCT
cjfa-63113	316	50	o.	o.	NOUN
cjfa-63113	316	51	(	(	PUNCT
cjfa-63113	316	52	2021	2021	NUM
cjfa-63113	316	53	)	)	PUNCT
cjfa-63113	316	54	.	.	PUNCT
cjfa-63113	317	1	impact	impact	NOUN
cjfa-63113	317	2	investing	investing	NOUN
cjfa-63113	317	3	:	:	PUNCT
cjfa-63113	317	4	a	a	DET
cjfa-63113	317	5	call	call	NOUN
cjfa-63113	317	6	for	for	ADP
cjfa-63113	317	7	(	(	PUNCT
cjfa-63113	317	8	re)orientation	re)orientation	NOUN
cjfa-63113	317	9	.	.	PUNCT
cjfa-63113	318	1	sn	sn	PROPN
cjfa-63113	318	2	business	business	PROPN
cjfa-63113	318	3	&	&	CCONJ
cjfa-63113	318	4	economics	economic	NOUN
cjfa-63113	318	5	,	,	PUNCT
cjfa-63113	318	6	1(2	1(2	NUM
cjfa-63113	318	7	)	)	PUNCT
cjfa-63113	318	8	,	,	PUNCT
cjfa-63113	318	9	article	article	NOUN
cjfa-63113	318	10	number	number	NOUN
cjfa-63113	318	11	33	33	NUM
cjfa-63113	318	12	.	.	PUNCT
cjfa-63113	319	1	https://doi.org/10.1007/	https://doi.org/10.1007/	PROPN
cjfa-63113	319	2	s43546	s43546	PROPN
cjfa-63113	319	3	-	-	PUNCT
cjfa-63113	319	4	020	020	NUM
cjfa-63113	319	5	-	-	PUNCT
cjfa-63113	319	6	00033	00033	NUM
cjfa-63113	319	7	-	-	PUNCT
cjfa-63113	319	8	6	6	NUM
cjfa-63113	319	9	.	.	PUNCT
cjfa-63113	319	10	https://doi.org/10.1080/08276331.2018.1551457	https://doi.org/10.1080/08276331.2018.1551457	PROPN
cjfa-63113	320	1	https://doi.org/10.1080/08276331.2018.1551457	https://doi.org/10.1080/08276331.2018.1551457	PROPN
cjfa-63113	320	2	https://doi.org/10.1016/j.jfineco.2020.07.008	https://doi.org/10.1016/j.jfineco.2020.07.008	NUM
cjfa-63113	320	3	https://doi.org/10.1002/bsd2.94	https://doi.org/10.1002/bsd2.94	PROPN
cjfa-63113	320	4	https://doi.org/10.1002/bsd2.94	https://doi.org/10.1002/bsd2.94	NOUN
cjfa-63113	320	5	https://doi.org/10.1016/j.jfineco.2024.103972	https://doi.org/10.1016/j.jfineco.2024.103972	PROPN
cjfa-63113	320	6	http://dx.doi.org/10.1016/j.qref.2021.04.010	http://dx.doi.org/10.1016/j.qref.2021.04.010	PROPN
cjfa-63113	320	7	http://dx.doi.org/10.1016/j.qref.2021.04.010	http://dx.doi.org/10.1016/j.qref.2021.04.010	PROPN
cjfa-63113	320	8	https://www.doi.org/10.3390/su11113140	https://www.doi.org/10.3390/su11113140	PROPN
cjfa-63113	320	9	https://www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	https://www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	PROPN
cjfa-63113	320	10	https://www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	https://www.boersefrankfurt.de/wissen/handeln/handelsaussetzung/handelsaussetzung	PROPN
cjfa-63113	320	11	http://dx.doi.org/10.1007/978-3-030-05624-7	http://dx.doi.org/10.1007/978-3-030-05624-7	NOUN
cjfa-63113	320	12	http://dx.doi.org/10.1007/978-3-030-05624-7	http://dx.doi.org/10.1007/978-3-030-05624-7	NOUN
cjfa-63113	320	13	http://dx.doi.org/10.1007/s10551-012-1541-x	http://dx.doi.org/10.1007/s10551-012-1541-x	NOUN
cjfa-63113	320	14	http://dx.doi.org/10.1007/s10551-012-1541-x	http://dx.doi.org/10.1007/s10551-012-1541-x	NOUN
cjfa-63113	320	15	http://dx.doi.org/10.1162/inov_a_00077	http://dx.doi.org/10.1162/inov_a_00077	PROPN
cjfa-63113	320	16	https://dx.doi.org/10.2139/ssrn.3930171	https://dx.doi.org/10.2139/ssrn.3930171	X
cjfa-63113	320	17	https://dx.doi.org/10.2139/ssrn.3930171	https://dx.doi.org/10.2139/ssrn.3930171	X
cjfa-63113	320	18	https://doi.org/10.1007/s43546-020-00033-6	https://doi.org/10.1007/s43546-020-00033-6	NUM
cjfa-63113	320	19	https://doi.org/10.1007/s43546-020-00033-6	https://doi.org/10.1007/s43546-020-00033-6	NUM
cjfa-63113	321	1	impact	impact	NOUN
cjfa-63113	321	2	investing	invest	VERB
cjfa-63113	321	3	from	from	ADP
cjfa-63113	321	4	a	a	DET
cjfa-63113	321	5	european	european	ADJ
cjfa-63113	321	6	perspective	perspective	NOUN
cjfa-63113	321	7	…	…	PUNCT
cjfa-63113	321	8	107107	107107	NUM
cjfa-63113	321	9	caplan	caplan	PROPN
cjfa-63113	321	10	,	,	PUNCT
cjfa-63113	321	11	l.	l.	PROPN
cjfa-63113	321	12	,	,	PUNCT
cjfa-63113	321	13	griswold	griswold	PROPN
cjfa-63113	321	14	,	,	PUNCT
cjfa-63113	321	15	j.s	j.s	PROPN
cjfa-63113	321	16	.	.	PROPN
cjfa-63113	321	17	,	,	PUNCT
cjfa-63113	321	18	&	&	CCONJ
cjfa-63113	321	19	jarvis	jarvis	PROPN
cjfa-63113	321	20	,	,	PUNCT
cjfa-63113	321	21	w.f	w.f	PROPN
cjfa-63113	321	22	.	.	PROPN
cjfa-63113	321	23	(	(	PUNCT
cjfa-63113	321	24	2013	2013	NUM
cjfa-63113	321	25	)	)	PUNCT
cjfa-63113	321	26	.	.	PUNCT
cjfa-63113	322	1	from	from	ADP
cjfa-63113	322	2	sri	sri	PROPN
cjfa-63113	322	3	to	to	ADP
cjfa-63113	322	4	esg	esg	PROPN
cjfa-63113	322	5	,	,	PUNCT
cjfa-63113	322	6	the	the	DET
cjfa-63113	322	7	changing	change	VERB
cjfa-63113	322	8	world	world	NOUN
cjfa-63113	322	9	of	of	ADP
cjfa-63113	322	10	responsible	responsible	ADJ
cjfa-63113	322	11	investing	investing	NOUN
cjfa-63113	322	12	.	.	PUNCT
cjfa-63113	323	1	wilton	wilton	PROPN
cjfa-63113	323	2	:	:	PUNCT
cjfa-63113	323	3	commonfund	commonfund	PROPN
cjfa-63113	323	4	institute	institute	PROPN
cjfa-63113	323	5	.	.	PUNCT
cjfa-63113	324	1	cfa	cfa	PROPN
cjfa-63113	324	2	institute	institute	PROPN
cjfa-63113	324	3	.	.	PUNCT
cjfa-63113	325	1	(	(	PUNCT
cjfa-63113	325	2	2015	2015	NUM
cjfa-63113	325	3	)	)	PUNCT
cjfa-63113	325	4	.	.	PUNCT
cjfa-63113	326	1	environmental	environmental	ADJ
cjfa-63113	326	2	,	,	PUNCT
cjfa-63113	326	3	social	social	ADJ
cjfa-63113	326	4	,	,	PUNCT
cjfa-63113	326	5	and	and	CCONJ
cjfa-63113	326	6	governance	governance	NOUN
cjfa-63113	326	7	issues	issue	NOUN
cjfa-63113	326	8	in	in	ADP
cjfa-63113	326	9	investing	investing	NOUN
cjfa-63113	326	10	,	,	PUNCT
cjfa-63113	326	11	a	a	DET
cjfa-63113	326	12	guide	guide	NOUN
cjfa-63113	326	13	for	for	ADP
cjfa-63113	326	14	investment	investment	NOUN
cjfa-63113	326	15	professionals	professional	NOUN
cjfa-63113	326	16	.	.	PUNCT
cjfa-63113	327	1	charlottesville	charlottesville	PROPN
cjfa-63113	327	2	:	:	PUNCT
cjfa-63113	327	3	cfa	cfa	PROPN
cjfa-63113	327	4	institute	institute	PROPN
cjfa-63113	327	5	.	.	PUNCT
cjfa-63113	328	1	https://doi.org/10.2469/	https://doi.org/10.2469/	PROPN
cjfa-63113	328	2	ccb.v2015.n11.1	ccb.v2015.n11.1	PROPN
cjfa-63113	328	3	.	.	PUNCT
cjfa-63113	329	1	clarkin	clarkin	PROPN
cjfa-63113	329	2	,	,	PUNCT
cjfa-63113	329	3	j.e	j.e	PROPN
cjfa-63113	329	4	.	.	PROPN
cjfa-63113	329	5	,	,	PUNCT
cjfa-63113	329	6	&	&	CCONJ
cjfa-63113	329	7	cangioni	cangioni	PROPN
cjfa-63113	329	8	,	,	PUNCT
cjfa-63113	329	9	c.l	c.l	PROPN
cjfa-63113	329	10	.	.	PROPN
cjfa-63113	330	1	(	(	PUNCT
cjfa-63113	330	2	2016	2016	NUM
cjfa-63113	330	3	)	)	PUNCT
cjfa-63113	330	4	.	.	PUNCT
cjfa-63113	331	1	impact	impact	NOUN
cjfa-63113	331	2	investing	investing	NOUN
cjfa-63113	331	3	:	:	PUNCT
cjfa-63113	331	4	a	a	DET
cjfa-63113	331	5	primer	primer	NOUN
cjfa-63113	331	6	and	and	CCONJ
cjfa-63113	331	7	review	review	NOUN
cjfa-63113	331	8	of	of	ADP
cjfa-63113	331	9	the	the	DET
cjfa-63113	331	10	literature	literature	NOUN
cjfa-63113	331	11	.	.	PUNCT
cjfa-63113	332	1	entrepreneurship	entrepreneurship	NOUN
cjfa-63113	332	2	research	research	NOUN
cjfa-63113	332	3	journal	journal	NOUN
cjfa-63113	332	4	,	,	PUNCT
cjfa-63113	332	5	6(2	6(2	NUM
cjfa-63113	332	6	)	)	PUNCT
cjfa-63113	332	7	,	,	PUNCT
cjfa-63113	332	8	135–173	135–173	NUM
cjfa-63113	332	9	.	.	PUNCT
cjfa-63113	333	1	https://doi.org/	https://doi.org/	VERB
cjfa-63113	333	2	10.1515	10.1515	NUM
cjfa-63113	333	3	/	/	SYM
cjfa-63113	333	4	erj-2014	erj-2014	NOUN
cjfa-63113	333	5	-	-	PUNCT
cjfa-63113	333	6	0011	0011	NUM
cjfa-63113	333	7	.	.	PUNCT
cjfa-63113	334	1	cojoianu	cojoianu	PROPN
cjfa-63113	334	2	,	,	PUNCT
cjfa-63113	334	3	t.	t.	PROPN
cjfa-63113	334	4	,	,	PUNCT
cjfa-63113	334	5	hoepner	hoepner	PROPN
cjfa-63113	334	6	a.g.f	a.g.f	PROPN
cjfa-63113	334	7	.	.	PROPN
cjfa-63113	334	8	,	,	PUNCT
cjfa-63113	334	9	&	&	CCONJ
cjfa-63113	334	10	lin	lin	PROPN
cjfa-63113	334	11	,	,	PUNCT
cjfa-63113	334	12	y.	y.	PROPN
cjfa-63113	334	13	(	(	PUNCT
cjfa-63113	334	14	2020	2020	NUM
cjfa-63113	334	15	)	)	PUNCT
cjfa-63113	334	16	.	.	PUNCT
cjfa-63113	335	1	who	who	PRON
cjfa-63113	335	2	are	be	AUX
cjfa-63113	335	3	impact	impact	NOUN
cjfa-63113	335	4	investors	investor	NOUN
cjfa-63113	335	5	?	?	PUNCT
cjfa-63113	336	1	university	university	NOUN
cjfa-63113	336	2	college	college	PROPN
cjfa-63113	336	3	dublin	dublin	PROPN
cjfa-63113	336	4	.	.	PUNCT
cjfa-63113	337	1	https://doi.org/10.5465/ambpp.2021.15007abstract	https://doi.org/10.5465/ambpp.2021.15007abstract	PROPN
cjfa-63113	337	2	.	.	PUNCT
cjfa-63113	338	1	cunha	cunha	PROPN
cjfa-63113	338	2	,	,	PUNCT
cjfa-63113	338	3	f.a.f	f.a.f	PROPN
cjfa-63113	338	4	.	.	PUNCT
cjfa-63113	338	5	de	de	PROPN
cjfa-63113	338	6	s.	s.	PROPN
cjfa-63113	338	7	,	,	PUNCT
cjfa-63113	338	8	de	de	PROPN
cjfa-63113	338	9	oliveira	oliveira	PROPN
cjfa-63113	338	10	,	,	PUNCT
cjfa-63113	338	11	e.m	e.m	PROPN
cjfa-63113	338	12	.	.	PROPN
cjfa-63113	338	13	,	,	PUNCT
cjfa-63113	338	14	orsato	orsato	PROPN
cjfa-63113	338	15	,	,	PUNCT
cjfa-63113	338	16	r.j	r.j	PROPN
cjfa-63113	338	17	.	.	PROPN
cjfa-63113	338	18	,	,	PUNCT
cjfa-63113	338	19	klotzle	klotzle	PROPN
cjfa-63113	338	20	,	,	PUNCT
cjfa-63113	338	21	m.c	m.c	PROPN
cjfa-63113	338	22	.	.	PROPN
cjfa-63113	338	23	,	,	PUNCT
cjfa-63113	338	24	cyrino	cyrino	PROPN
cjfa-63113	338	25	oliveira	oliveira	PROPN
cjfa-63113	338	26	,	,	PUNCT
cjfa-63113	338	27	f.l	f.l	PROPN
cjfa-63113	338	28	.	.	PROPN
cjfa-63113	338	29	,	,	PUNCT
cjfa-63113	338	30	&	&	CCONJ
cjfa-63113	338	31	caiado	caiado	PROPN
cjfa-63113	338	32	,	,	PUNCT
cjfa-63113	338	33	r.	r.	PROPN
cjfa-63113	338	34	g.g	g.g	PROPN
cjfa-63113	338	35	.	.	PROPN
cjfa-63113	338	36	(	(	PUNCT
cjfa-63113	338	37	2020	2020	NUM
cjfa-63113	338	38	)	)	PUNCT
cjfa-63113	338	39	.	.	PUNCT
cjfa-63113	339	1	can	can	AUX
cjfa-63113	339	2	sustainable	sustainable	VERB
cjfa-63113	339	3	investments	investment	NOUN
cjfa-63113	339	4	outperform	outperform	VERB
cjfa-63113	339	5	traditional	traditional	ADJ
cjfa-63113	339	6	benchmarks	benchmark	NOUN
cjfa-63113	339	7	?	?	PUNCT
cjfa-63113	339	8	:	:	PUNCT
cjfa-63113	340	1	evidence	evidence	NOUN
cjfa-63113	340	2	from	from	ADP
cjfa-63113	340	3	global	global	ADJ
cjfa-63113	340	4	stock	stock	NOUN
cjfa-63113	340	5	markets	market	NOUN
cjfa-63113	340	6	.	.	PUNCT
cjfa-63113	341	1	business	business	NOUN
cjfa-63113	341	2	strategy	strategy	NOUN
cjfa-63113	341	3	and	and	CCONJ
cjfa-63113	341	4	the	the	DET
cjfa-63113	341	5	environment	environment	NOUN
cjfa-63113	341	6	,	,	PUNCT
cjfa-63113	341	7	29(2	29(2	NUM
cjfa-63113	341	8	)	)	PUNCT
cjfa-63113	341	9	,	,	PUNCT
cjfa-63113	341	10	682–697	682–697	NUM
cjfa-63113	341	11	.	.	PUNCT
cjfa-63113	342	1	http://dx.doi.org/10.1002/bse.2397	http://dx.doi.org/10.1002/bse.2397	NOUN
cjfa-63113	342	2	.	.	PUNCT
cjfa-63113	342	3	cuthbertson	cuthbertson	PROPN
cjfa-63113	342	4	,	,	PUNCT
cjfa-63113	342	5	k.	k.	PROPN
cjfa-63113	342	6	,	,	PUNCT
cjfa-63113	342	7	hayley	hayley	PROPN
cjfa-63113	342	8	,	,	PUNCT
cjfa-63113	342	9	s.	s.	PROPN
cjfa-63113	342	10	,	,	PUNCT
cjfa-63113	342	11	motson	motson	PROPN
cjfa-63113	342	12	,	,	PUNCT
cjfa-63113	342	13	n.	n.	NOUN
cjfa-63113	342	14	,	,	PUNCT
cjfa-63113	342	15	&	&	CCONJ
cjfa-63113	342	16	nitzsche	nitzsche	NOUN
cjfa-63113	342	17	,	,	PUNCT
cjfa-63113	342	18	d.	d.	PROPN
cjfa-63113	342	19	(	(	PUNCT
cjfa-63113	342	20	2016	2016	NUM
cjfa-63113	342	21	)	)	PUNCT
cjfa-63113	342	22	.	.	PUNCT
cjfa-63113	343	1	what	what	PRON
cjfa-63113	343	2	does	do	AUX
cjfa-63113	343	3	rebalancing	rebalancing	NOUN
cjfa-63113	343	4	really	really	ADV
cjfa-63113	343	5	achieve	achieve	VERB
cjfa-63113	343	6	?	?	PUNCT
cjfa-63113	343	7	.	.	PUNCT
cjfa-63113	344	1	international	international	ADJ
cjfa-63113	344	2	journal	journal	PROPN
cjfa-63113	344	3	of	of	ADP
cjfa-63113	344	4	finance	finance	PROPN
cjfa-63113	344	5	&	&	CCONJ
cjfa-63113	344	6	economics	economic	NOUN
cjfa-63113	344	7	,	,	PUNCT
cjfa-63113	344	8	21(3	21(3	NUM
cjfa-63113	344	9	)	)	PUNCT
cjfa-63113	344	10	,	,	PUNCT
cjfa-63113	344	11	224–240	224–240	NUM
cjfa-63113	344	12	.	.	PUNCT
cjfa-63113	345	1	https://doi.org/10.1002/ijfe.1545	https://doi.org/10.1002/ijfe.1545	X
cjfa-63113	345	2	.	.	PUNCT
cjfa-63113	346	1	de	de	PROPN
cjfa-63113	346	2	jong	jong	PROPN
cjfa-63113	346	3	,	,	PUNCT
cjfa-63113	346	4	m.	m.	NOUN
cjfa-63113	346	5	,	,	PUNCT
cjfa-63113	346	6	&	&	CCONJ
cjfa-63113	346	7	rocco	rocco	PROPN
cjfa-63113	346	8	,	,	PUNCT
cjfa-63113	346	9	s.	s.	PROPN
cjfa-63113	346	10	(	(	PUNCT
cjfa-63113	346	11	2022	2022	NUM
cjfa-63113	346	12	)	)	PUNCT
cjfa-63113	346	13	.	.	PUNCT
cjfa-63113	347	1	esg	esg	NOUN
cjfa-63113	347	2	and	and	CCONJ
cjfa-63113	347	3	impact	impact	NOUN
cjfa-63113	347	4	investing	investing	NOUN
cjfa-63113	347	5	.	.	PUNCT
cjfa-63113	348	1	journal	journal	PROPN
cjfa-63113	348	2	of	of	ADP
cjfa-63113	348	3	asset	asset	NOUN
cjfa-63113	348	4	management	management	NOUN
cjfa-63113	348	5	,	,	PUNCT
cjfa-63113	348	6	23	23	NUM
cjfa-63113	348	7	,	,	PUNCT
cjfa-63113	348	8	547–549	547–549	NUM
cjfa-63113	348	9	.	.	PUNCT
cjfa-63113	349	1	https://doi.org/10.1057/s41260-022-00297-7	https://doi.org/10.1057/s41260-022-00297-7	NUM
cjfa-63113	349	2	.	.	PUNCT
cjfa-63113	350	1	demiguel	demiguel	NOUN
cjfa-63113	350	2	,	,	PUNCT
cjfa-63113	350	3	v.	v.	ADV
cjfa-63113	350	4	,	,	PUNCT
cjfa-63113	350	5	garlappi	garlappi	NOUN
cjfa-63113	350	6	,	,	PUNCT
cjfa-63113	350	7	l.	l.	PROPN
cjfa-63113	350	8	,	,	PUNCT
cjfa-63113	350	9	&	&	CCONJ
cjfa-63113	350	10	uppal	uppal	PROPN
cjfa-63113	350	11	,	,	PUNCT
cjfa-63113	350	12	r.	r.	PROPN
cjfa-63113	350	13	(	(	PUNCT
cjfa-63113	350	14	2009	2009	NUM
cjfa-63113	350	15	)	)	PUNCT
cjfa-63113	350	16	.	.	PUNCT
cjfa-63113	351	1	optimal	optimal	ADJ
cjfa-63113	351	2	versus	versus	ADP
cjfa-63113	351	3	naive	naive	ADJ
cjfa-63113	351	4	diversification	diversification	NOUN
cjfa-63113	351	5	:	:	PUNCT
cjfa-63113	351	6	how	how	SCONJ
cjfa-63113	351	7	inefficient	inefficient	ADJ
cjfa-63113	351	8	is	be	AUX
cjfa-63113	351	9	the	the	DET
cjfa-63113	351	10	1	1	NUM
cjfa-63113	351	11	/	/	SYM
cjfa-63113	351	12	n	n	CCONJ
cjfa-63113	351	13	portfolio	portfolio	NOUN
cjfa-63113	351	14	strategy	strategy	NOUN
cjfa-63113	351	15	?	?	PUNCT
cjfa-63113	352	1	review	review	NOUN
cjfa-63113	352	2	of	of	ADP
cjfa-63113	352	3	financial	financial	ADJ
cjfa-63113	352	4	studies	study	NOUN
cjfa-63113	352	5	,	,	PUNCT
cjfa-63113	352	6	22(5	22(5	NOUN
cjfa-63113	352	7	)	)	PUNCT
cjfa-63113	352	8	,	,	PUNCT
cjfa-63113	352	9	1915–1953	1915–1953	NUM
cjfa-63113	352	10	.	.	PUNCT
cjfa-63113	353	1	https://doi.org/10.1093/rfs/hhm075	https://doi.org/10.1093/rfs/hhm075	PROPN
cjfa-63113	353	2	.	.	PUNCT
cjfa-63113	354	1	dorfleitner	dorfleitner	PROPN
cjfa-63113	354	2	,	,	PUNCT
cjfa-63113	354	3	g.	g.	PROPN
cjfa-63113	354	4	,	,	PUNCT
cjfa-63113	354	5	kreuzer	kreuzer	PROPN
cjfa-63113	354	6	,	,	PUNCT
cjfa-63113	354	7	c.	c.	PROPN
cjfa-63113	354	8	,	,	PUNCT
cjfa-63113	354	9	&	&	CCONJ
cjfa-63113	354	10	sparrer	sparrer	PROPN
cjfa-63113	354	11	,	,	PUNCT
cjfa-63113	354	12	d.	d.	PROPN
cjfa-63113	354	13	(	(	PUNCT
cjfa-63113	354	14	2020	2020	NUM
cjfa-63113	354	15	)	)	PUNCT
cjfa-63113	354	16	.	.	PUNCT
cjfa-63113	355	1	esg	esg	NOUN
cjfa-63113	355	2	controversies	controversy	NOUN
cjfa-63113	355	3	and	and	CCONJ
cjfa-63113	355	4	controversial	controversial	ADJ
cjfa-63113	355	5	esg	esg	NOUN
cjfa-63113	355	6	:	:	PUNCT
cjfa-63113	355	7	about	about	ADP
cjfa-63113	355	8	silent	silent	ADJ
cjfa-63113	355	9	saints	saint	NOUN
cjfa-63113	355	10	and	and	CCONJ
cjfa-63113	355	11	small	small	ADJ
cjfa-63113	355	12	sinners	sinner	NOUN
cjfa-63113	355	13	.	.	PUNCT
cjfa-63113	356	1	journal	journal	PROPN
cjfa-63113	356	2	of	of	ADP
cjfa-63113	356	3	asset	asset	NOUN
cjfa-63113	356	4	management	management	NOUN
cjfa-63113	356	5	,	,	PUNCT
cjfa-63113	356	6	21(4	21(4	NUM
cjfa-63113	356	7	)	)	PUNCT
cjfa-63113	356	8	,	,	PUNCT
cjfa-63113	356	9	393412	393412	NUM
cjfa-63113	356	10	.	.	PUNCT
cjfa-63113	357	1	https://doi.org/10.1057/s41260-020-00178-x	https://doi.org/10.1057/s41260-020-00178-x	PROPN
cjfa-63113	357	2	.	.	PUNCT
cjfa-63113	357	3	dorfleitner	dorfleitner	PROPN
cjfa-63113	357	4	,	,	PUNCT
cjfa-63113	357	5	g.	g.	PROPN
cjfa-63113	357	6	,	,	PUNCT
cjfa-63113	357	7	utz	utz	PROPN
cjfa-63113	357	8	,	,	PUNCT
cjfa-63113	357	9	s.	s.	PROPN
cjfa-63113	357	10	,	,	PUNCT
cjfa-63113	357	11	&	&	CCONJ
cjfa-63113	357	12	zhang	zhang	PROPN
cjfa-63113	357	13	,	,	PUNCT
cjfa-63113	357	14	r.	r.	PROPN
cjfa-63113	357	15	(	(	PUNCT
cjfa-63113	357	16	2022	2022	NUM
cjfa-63113	357	17	)	)	PUNCT
cjfa-63113	357	18	.	.	PUNCT
cjfa-63113	358	1	the	the	DET
cjfa-63113	358	2	pricing	pricing	NOUN
cjfa-63113	358	3	of	of	ADP
cjfa-63113	358	4	green	green	ADJ
cjfa-63113	358	5	bonds	bond	NOUN
cjfa-63113	358	6	:	:	PUNCT
cjfa-63113	358	7	external	external	ADJ
cjfa-63113	358	8	reviews	review	NOUN
cjfa-63113	358	9	and	and	CCONJ
cjfa-63113	358	10	the	the	DET
cjfa-63113	358	11	shades	shade	NOUN
cjfa-63113	358	12	of	of	ADP
cjfa-63113	358	13	green	green	ADJ
cjfa-63113	358	14	.	.	PUNCT
cjfa-63113	359	1	review	review	NOUN
cjfa-63113	359	2	of	of	ADP
cjfa-63113	359	3	managerial	managerial	ADJ
cjfa-63113	359	4	science	science	NOUN
cjfa-63113	359	5	,	,	PUNCT
cjfa-63113	359	6	16	16	NUM
cjfa-63113	359	7	,	,	PUNCT
cjfa-63113	359	8	797–834	797–834	NUM
cjfa-63113	359	9	.	.	PUNCT
cjfa-63113	360	1	https://doi	https://doi	NOUN
cjfa-63113	360	2	.	.	PUNCT
cjfa-63113	360	3	org/10.1007	org/10.1007	PROPN
cjfa-63113	360	4	/	/	SYM
cjfa-63113	360	5	s11846	s11846	PROPN
cjfa-63113	360	6	-	-	PUNCT
cjfa-63113	360	7	021	021	NUM
cjfa-63113	360	8	-	-	PUNCT
cjfa-63113	360	9	00458	00458	NUM
cjfa-63113	360	10	-	-	PUNCT
cjfa-63113	360	11	9	9	NUM
cjfa-63113	360	12	.	.	PUNCT
cjfa-63113	360	13	ecosoc	ecosoc	NOUN
cjfa-63113	360	14	chamber	chamber	NOUN
cjfa-63113	360	15	.	.	PUNCT
cjfa-63113	361	1	(	(	PUNCT
cjfa-63113	361	2	2018	2018	NUM
cjfa-63113	361	3	)	)	PUNCT
cjfa-63113	361	4	.	.	PUNCT
cjfa-63113	362	1	financing	financing	NOUN
cjfa-63113	362	2	for	for	ADP
cjfa-63113	362	3	sdgs	sdgs	ADJ
cjfa-63113	362	4	.	.	PUNCT
cjfa-63113	363	1	breaking	break	VERB
cjfa-63113	363	2	the	the	DET
cjfa-63113	363	3	bottlenecks	bottleneck	NOUN
cjfa-63113	363	4	of	of	ADP
cjfa-63113	363	5	investment	investment	NOUN
cjfa-63113	363	6	from	from	ADP
cjfa-63113	363	7	policy	policy	NOUN
cjfa-63113	363	8	to	to	ADP
cjfa-63113	363	9	impact	impact	VERB
cjfa-63113	363	10	,	,	PUNCT
cjfa-63113	363	11	https://www.un.org/pga/72/wp-content/uploads/	https://www.un.org/pga/72/wp-content/uploads/	PROPN
cjfa-63113	363	12	sites/51/2018/05	sites/51/2018/05	PROPN
cjfa-63113	363	13	/	/	SYM
cjfa-63113	363	14	financing	financing	NOUN
cjfa-63113	363	15	-	-	PUNCT
cjfa-63113	363	16	for	for	ADP
cjfa-63113	363	17	-	-	PUNCT
cjfa-63113	363	18	sdgs-29	sdgs-29	NOUN
cjfa-63113	363	19	-	-	PUNCT
cjfa-63113	363	20	may.pdf	may.pdf	PROPN
cjfa-63113	363	21	(	(	PUNCT
cjfa-63113	363	22	accessed	access	VERB
cjfa-63113	363	23	:	:	PUNCT
cjfa-63113	363	24	25.09.2022	25.09.2022	NOUN
cjfa-63113	363	25	)	)	PUNCT
cjfa-63113	363	26	.	.	PUNCT
cjfa-63113	364	1	feri	feri	PROPN
cjfa-63113	364	2	cognitive	cognitive	PROPN
cjfa-63113	364	3	finance	finance	PROPN
cjfa-63113	364	4	institute	institute	NOUN
cjfa-63113	364	5	.	.	PUNCT
cjfa-63113	365	1	(	(	PUNCT
cjfa-63113	365	2	2019	2019	NUM
cjfa-63113	365	3	)	)	PUNCT
cjfa-63113	365	4	.	.	PUNCT
cjfa-63113	366	1	impact	impact	NOUN
cjfa-63113	366	2	investing	investing	NOUN
cjfa-63113	366	3	:	:	PUNCT
cjfa-63113	366	4	concept	concept	NOUN
cjfa-63113	366	5	,	,	PUNCT
cjfa-63113	366	6	tensions	tension	NOUN
cjfa-63113	366	7	,	,	PUNCT
cjfa-63113	366	8	and	and	CCONJ
cjfa-63113	366	9	future	future	ADJ
cjfa-63113	366	10	perspectives	perspective	NOUN
cjfa-63113	366	11	.	.	PUNCT
cjfa-63113	367	1	a	a	DET
cjfa-63113	367	2	guide	guide	NOUN
cjfa-63113	367	3	for	for	ADP
cjfa-63113	367	4	private	private	ADJ
cjfa-63113	367	5	and	and	CCONJ
cjfa-63113	367	6	institutional	institutional	ADJ
cjfa-63113	367	7	investors	investor	NOUN
cjfa-63113	367	8	,	,	PUNCT
cjfa-63113	367	9	https://fa-se.de/	https://fa-se.de/	VERB
cjfa-63113	367	10	wp	wp	NOUN
cjfa-63113	367	11	-	-	PUNCT
cjfa-63113	367	12	content	content	NOUN
cjfa-63113	367	13	/	/	SYM
cjfa-63113	367	14	uploads/2019/02	uploads/2019/02	PROPN
cjfa-63113	367	15	/	/	SYM
cjfa-63113	367	16	feri	feri	PROPN
cjfa-63113	367	17	-	-	PUNCT
cjfa-63113	367	18	cfi	cfi	PROPN
cjfa-63113	367	19	-	-	PUNCT
cjfa-63113	367	20	impact-2019.pdf	impact-2019.pdf	PROPN
cjfa-63113	367	21	(	(	PUNCT
cjfa-63113	367	22	accessed	access	VERB
cjfa-63113	367	23	:	:	PUNCT
cjfa-63113	367	24	23.09.2022	23.09.2022	NUM
cjfa-63113	367	25	)	)	PUNCT
cjfa-63113	367	26	.	.	PUNCT
cjfa-63113	368	1	forum	forum	NOUN
cjfa-63113	368	2	nachhaltige	nachhaltige	VERB
cjfa-63113	368	3	geldanlagen	geldanlagen	PROPN
cjfa-63113	368	4	e.v	e.v	PROPN
cjfa-63113	368	5	.	.	PROPN
cjfa-63113	369	1	(	(	PUNCT
cjfa-63113	369	2	n.d	n.d	PROPN
cjfa-63113	369	3	)	)	PUNCT
cjfa-63113	369	4	.	.	PUNCT
cjfa-63113	370	1	sustainable	sustainable	ADJ
cjfa-63113	370	2	investments	investment	NOUN
cjfa-63113	370	3	.	.	PUNCT
cjfa-63113	371	1	berlin	berlin	PROPN
cjfa-63113	371	2	:	:	PUNCT
cjfa-63113	371	3	forum	forum	PROPN
cjfa-63113	371	4	nachhaltige	nachhaltige	VERB
cjfa-63113	371	5	geldanlagen	geldanlagen	PROPN
cjfa-63113	371	6	e.	e.	PROPN
cjfa-63113	371	7	v.	v.	PROPN
cjfa-63113	371	8	https://www.forum-ng.org/de/markt/nachhaltigeanlagestrategien	https://www.forum-ng.org/de/markt/nachhaltigeanlagestrategien	PROPN
cjfa-63113	371	9	(	(	PUNCT
cjfa-63113	371	10	accessed	access	VERB
cjfa-63113	371	11	:	:	PUNCT
cjfa-63113	371	12	25.09.2022	25.09.2022	NOUN
cjfa-63113	371	13	)	)	PUNCT
cjfa-63113	371	14	.	.	PUNCT
cjfa-63113	372	1	giacomini	giacomini	PROPN
cjfa-63113	372	2	,	,	PUNCT
cjfa-63113	372	3	e.	e.	PROPN
cjfa-63113	372	4	,	,	PUNCT
cjfa-63113	372	5	marinelli	marinelli	PROPN
cjfa-63113	372	6	,	,	PUNCT
cjfa-63113	372	7	n.	n.	NOUN
cjfa-63113	372	8	,	,	PUNCT
cjfa-63113	372	9	&	&	CCONJ
cjfa-63113	372	10	riccetti	riccetti	PROPN
cjfa-63113	372	11	,	,	PUNCT
cjfa-63113	372	12	l.	l.	PROPN
cjfa-63113	372	13	(	(	PUNCT
cjfa-63113	372	14	2022	2022	NUM
cjfa-63113	372	15	)	)	PUNCT
cjfa-63113	372	16	the	the	DET
cjfa-63113	372	17	impact	impact	NOUN
cjfa-63113	372	18	at	at	ADP
cjfa-63113	372	19	stake	stake	NOUN
cjfa-63113	372	20	:	:	PUNCT
cjfa-63113	372	21	risk	risk	NOUN
cjfa-63113	372	22	and	and	CCONJ
cjfa-63113	372	23	returns	return	NOUN
cjfa-63113	372	24	in	in	ADP
cjfa-63113	372	25	publicly	publicly	ADV
cjfa-63113	372	26	listed	list	VERB
cjfa-63113	372	27	social	social	ADJ
cjfa-63113	372	28	impact	impact	NOUN
cjfa-63113	372	29	firms	firm	NOUN
cjfa-63113	372	30	.	.	PUNCT
cjfa-63113	373	1	business	business	NOUN
cjfa-63113	373	2	ethics	ethic	NOUN
cjfa-63113	373	3	,	,	PUNCT
cjfa-63113	373	4	the	the	DET
cjfa-63113	373	5	environment	environment	NOUN
cjfa-63113	373	6	&	&	CCONJ
cjfa-63113	373	7	responsibility	responsibility	NOUN
cjfa-63113	373	8	,	,	PUNCT
cjfa-63113	373	9	32(2	32(2	NUM
cjfa-63113	373	10	)	)	PUNCT
cjfa-63113	373	11	,	,	PUNCT
cjfa-63113	374	1	713–741	713–741	NUM
cjfa-63113	374	2	.	.	PUNCT
cjfa-63113	375	1	https://doi.org/10.1111/beer.12511	https://doi.org/10.1111/beer.12511	PROPN
cjfa-63113	375	2	.	.	PUNCT
cjfa-63113	376	1	global	global	ADJ
cjfa-63113	376	2	impact	impact	NOUN
cjfa-63113	376	3	investing	investing	NOUN
cjfa-63113	376	4	network	network	NOUN
cjfa-63113	376	5	.	.	PUNCT
cjfa-63113	377	1	(	(	PUNCT
cjfa-63113	377	2	2020	2020	NUM
cjfa-63113	377	3	)	)	PUNCT
cjfa-63113	377	4	.	.	PUNCT
cjfa-63113	378	1	annual	annual	ADJ
cjfa-63113	378	2	impact	impact	NOUN
cjfa-63113	378	3	investor	investor	NOUN
cjfa-63113	378	4	survey	survey	NOUN
cjfa-63113	378	5	2020	2020	NUM
cjfa-63113	378	6	,	,	PUNCT
cjfa-63113	378	7	https://	https://	PROPN
cjfa-63113	378	8	s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	X
cjfa-63113	378	9	(	(	PUNCT
cjfa-63113	378	10	accessed	access	VERB
cjfa-63113	378	11	:	:	PUNCT
cjfa-63113	378	12	23.09.2022	23.09.2022	NUM
cjfa-63113	378	13	)	)	PUNCT
cjfa-63113	378	14	.	.	PUNCT
cjfa-63113	379	1	https://doi.org/10.1515/erj-2014-0011	https://doi.org/10.1515/erj-2014-0011	AUX
cjfa-63113	379	2	https://doi.org/10.1515/erj-2014-0011	https://doi.org/10.1515/erj-2014-0011	VERB
cjfa-63113	379	3	http://dx.doi.org/10.1002/bse.2397	http://dx.doi.org/10.1002/bse.2397	PROPN
cjfa-63113	379	4	https://doi.org/10.1057/s41260-020-00178-x	https://doi.org/10.1057/s41260-020-00178-x	PROPN
cjfa-63113	379	5	https://doi.org/10.1007/s11846-021-00458-9	https://doi.org/10.1007/s11846-021-00458-9	PROPN
cjfa-63113	379	6	https://doi.org/10.1007/s11846-021-00458-9	https://doi.org/10.1007/s11846-021-00458-9	PROPN
cjfa-63113	379	7	https://www.un.org/pga/72/wp-content/uploads/sites/51/2018/05/financing-for-sdgs-29-may.pdf	https://www.un.org/pga/72/wp-content/uploads/sites/51/2018/05/financing-for-sdgs-29-may.pdf	NOUN
cjfa-63113	379	8	https://www.un.org/pga/72/wp-content/uploads/sites/51/2018/05/financing-for-sdgs-29-may.pdf	https://www.un.org/pga/72/wp-content/uploads/sites/51/2018/05/financing-for-sdgs-29-may.pdf	X
cjfa-63113	379	9	https://fa-se.de/wp-content/uploads/2019/02/feri-cfi-impact-2019.pdf	https://fa-se.de/wp-content/uploads/2019/02/feri-cfi-impact-2019.pdf	PROPN
cjfa-63113	379	10	https://fa-se.de/wp-content/uploads/2019/02/feri-cfi-impact-2019.pdf	https://fa-se.de/wp-content/uploads/2019/02/feri-cfi-impact-2019.pdf	PROPN
cjfa-63113	379	11	https://www.forum-ng.org/de/markt/nachhaltige-anlagestrategien	https://www.forum-ng.org/de/markt/nachhaltige-anlagestrategien	PROPN
cjfa-63113	379	12	https://www.forum-ng.org/de/markt/nachhaltige-anlagestrategien	https://www.forum-ng.org/de/markt/nachhaltige-anlagestrategien	PROPN
cjfa-63113	379	13	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	ADJ
cjfa-63113	379	14	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	PROPN
cjfa-63113	379	15	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/research/giin-annual-impact-investor-survey-2020.pdf	PROPN
cjfa-63113	379	16	eva	eva	PROPN
cjfa-63113	379	17	reuthlinger	reuthlinger	PROPN
cjfa-63113	379	18	,	,	PUNCT
cjfa-63113	379	19	tanja	tanja	NOUN
cjfa-63113	379	20	sinha108108	sinha108108	PROPN
cjfa-63113	379	21	global	global	ADJ
cjfa-63113	379	22	impact	impact	NOUN
cjfa-63113	379	23	investing	investing	NOUN
cjfa-63113	379	24	network	network	NOUN
cjfa-63113	379	25	.	.	PUNCT
cjfa-63113	380	1	(	(	PUNCT
cjfa-63113	380	2	2021	2021	NUM
cjfa-63113	380	3	)	)	PUNCT
cjfa-63113	380	4	.	.	PUNCT
cjfa-63113	381	1	what	what	PRON
cjfa-63113	381	2	is	be	AUX
cjfa-63113	381	3	impact	impact	NOUN
cjfa-63113	381	4	investing	investing	NOUN
cjfa-63113	381	5	.	.	PUNCT
cjfa-63113	382	1	global	global	ADJ
cjfa-63113	382	2	impact	impact	NOUN
cjfa-63113	382	3	investing	investing	NOUN
cjfa-63113	382	4	network	network	NOUN
cjfa-63113	382	5	,	,	PUNCT
cjfa-63113	382	6	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	X
cjfa-63113	382	7	(	(	PUNCT
cjfa-63113	382	8	accessed	access	VERB
cjfa-63113	382	9	:	:	PUNCT
cjfa-63113	382	10	25.09.2022	25.09.2022	NOUN
cjfa-63113	382	11	)	)	PUNCT
cjfa-63113	382	12	.	.	PUNCT
cjfa-63113	383	1	global	global	ADJ
cjfa-63113	383	2	impact	impact	NOUN
cjfa-63113	383	3	investing	investing	NOUN
cjfa-63113	383	4	network	network	NOUN
cjfa-63113	383	5	.	.	PUNCT
cjfa-63113	384	1	(	(	PUNCT
cjfa-63113	384	2	n.d	n.d	PROPN
cjfa-63113	384	3	.	.	PROPN
cjfa-63113	384	4	)	)	PUNCT
cjfa-63113	384	5	.	.	PUNCT
cjfa-63113	385	1	core	core	NOUN
cjfa-63113	385	2	characteristics	characteristic	NOUN
cjfa-63113	385	3	of	of	ADP
cjfa-63113	385	4	impact	impact	NOUN
cjfa-63113	385	5	investing	investing	NOUN
cjfa-63113	385	6	.	.	PUNCT
cjfa-63113	386	1	global	global	ADJ
cjfa-63113	386	2	impact	impact	NOUN
cjfa-63113	386	3	investing	investing	NOUN
cjfa-63113	386	4	network	network	NOUN
cjfa-63113	386	5	,	,	PUNCT
cjfa-63113	386	6	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	PROPN
cjfa-63113	386	7	(	(	PUNCT
cjfa-63113	386	8	accessed	access	VERB
cjfa-63113	386	9	:	:	PUNCT
cjfa-63113	386	10	23.09.2022	23.09.2022	NUM
cjfa-63113	386	11	)	)	PUNCT
cjfa-63113	386	12	.	.	PUNCT
cjfa-63113	387	1	global	global	ADJ
cjfa-63113	387	2	sustainable	sustainable	ADJ
cjfa-63113	387	3	investment	investment	NOUN
cjfa-63113	387	4	alliance	alliance	NOUN
cjfa-63113	387	5	.	.	PUNCT
cjfa-63113	388	1	(	(	PUNCT
cjfa-63113	388	2	2018	2018	NUM
cjfa-63113	388	3	)	)	PUNCT
cjfa-63113	388	4	.	.	PUNCT
cjfa-63113	389	1	2018	2018	NUM
cjfa-63113	389	2	global	global	ADJ
cjfa-63113	389	3	sustainable	sustainable	ADJ
cjfa-63113	389	4	investment	investment	NOUN
cjfa-63113	389	5	review	review	NOUN
cjfa-63113	389	6	,	,	PUNCT
cjfa-63113	389	7	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review	PROPN
cjfa-63113	389	8	2018.3.28.pdf	2018.3.28.pdf	NUM
cjfa-63113	389	9	(	(	PUNCT
cjfa-63113	389	10	accessed	access	VERB
cjfa-63113	389	11	:	:	PUNCT
cjfa-63113	389	12	25.09.2022	25.09.2022	NOUN
cjfa-63113	389	13	)	)	PUNCT
cjfa-63113	389	14	.	.	PUNCT
cjfa-63113	390	1	höchstädter	höchstädter	PROPN
cjfa-63113	390	2	,	,	PUNCT
cjfa-63113	390	3	a.k	a.k	PROPN
cjfa-63113	390	4	.	.	PROPN
cjfa-63113	390	5	,	,	PUNCT
cjfa-63113	390	6	&	&	CCONJ
cjfa-63113	390	7	scheck	scheck	PROPN
cjfa-63113	390	8	,	,	PUNCT
cjfa-63113	390	9	b.	b.	PROPN
cjfa-63113	390	10	(	(	PUNCT
cjfa-63113	390	11	2015	2015	NUM
cjfa-63113	390	12	)	)	PUNCT
cjfa-63113	390	13	.	.	PUNCT
cjfa-63113	391	1	what	what	PRON
cjfa-63113	391	2	’s	’	VERB
cjfa-63113	391	3	in	in	ADP
cjfa-63113	391	4	a	a	DET
cjfa-63113	391	5	name	name	NOUN
cjfa-63113	391	6	:	:	PUNCT
cjfa-63113	391	7	an	an	DET
cjfa-63113	391	8	analysis	analysis	NOUN
cjfa-63113	391	9	of	of	ADP
cjfa-63113	391	10	impact	impact	NOUN
cjfa-63113	391	11	investing	investing	NOUN
cjfa-63113	391	12	understandings	understanding	NOUN
cjfa-63113	391	13	by	by	ADP
cjfa-63113	391	14	academics	academic	NOUN
cjfa-63113	391	15	and	and	CCONJ
cjfa-63113	391	16	practitioners	practitioner	NOUN
cjfa-63113	391	17	.	.	PUNCT
cjfa-63113	392	1	journal	journal	PROPN
cjfa-63113	392	2	of	of	ADP
cjfa-63113	392	3	business	business	NOUN
cjfa-63113	392	4	ethics	ethic	NOUN
cjfa-63113	392	5	,	,	PUNCT
cjfa-63113	392	6	132	132	NUM
cjfa-63113	392	7	,	,	PUNCT
cjfa-63113	392	8	449–475	449–475	NUM
cjfa-63113	392	9	.	.	PUNCT
cjfa-63113	393	1	https://doi.org/10.1007/s10551-014-2327-0	https://doi.org/10.1007/s10551-014-2327-0	PROPN
cjfa-63113	393	2	.	.	PUNCT
cjfa-63113	394	1	jacob	jacob	PROPN
cjfa-63113	394	2	,	,	PUNCT
cjfa-63113	394	3	a.	a.	PROPN
cjfa-63113	394	4	,	,	PUNCT
cjfa-63113	394	5	&	&	CCONJ
cjfa-63113	394	6	wilkens	wilkens	PROPN
cjfa-63113	394	7	,	,	PUNCT
cjfa-63113	394	8	m.	m.	NOUN
cjfa-63113	394	9	(	(	PUNCT
cjfa-63113	394	10	2021	2021	NUM
cjfa-63113	394	11	)	)	PUNCT
cjfa-63113	394	12	.	.	PUNCT
cjfa-63113	395	1	what	what	PRON
cjfa-63113	395	2	drives	drive	VERB
cjfa-63113	395	3	sustainable	sustainable	ADJ
cjfa-63113	395	4	indices	index	NOUN
cjfa-63113	395	5	?	?	PUNCT
cjfa-63113	396	1	a	a	DET
cjfa-63113	396	2	framework	framework	NOUN
cjfa-63113	396	3	for	for	ADP
cjfa-63113	396	4	analyzing	analyze	VERB
cjfa-63113	396	5	the	the	DET
cjfa-63113	396	6	sustainable	sustainable	ADJ
cjfa-63113	396	7	index	index	NOUN
cjfa-63113	396	8	landscape	landscape	NOUN
cjfa-63113	396	9	.	.	PUNCT
cjfa-63113	397	1	working	working	PROPN
cjfa-63113	397	2	paper	paper	PROPN
cjfa-63113	397	3	university	university	PROPN
cjfa-63113	397	4	of	of	ADP
cjfa-63113	397	5	augsburg	augsburg	PROPN
cjfa-63113	397	6	,	,	PUNCT
cjfa-63113	397	7	http://dx.doi.org/10.2139/ssrn.3874437	http://dx.doi.org/10.2139/ssrn.3874437	X
cjfa-63113	397	8	.	.	PUNCT
cjfa-63113	398	1	jacobs	jacobs	PROPN
cjfa-63113	398	2	,	,	PUNCT
cjfa-63113	398	3	h.	h.	PROPN
cjfa-63113	398	4	,	,	PUNCT
cjfa-63113	398	5	müller	müller	PROPN
cjfa-63113	398	6	,	,	PUNCT
cjfa-63113	398	7	s.	s.	PROPN
cjfa-63113	398	8	,	,	PUNCT
cjfa-63113	398	9	&	&	CCONJ
cjfa-63113	398	10	weber	weber	PROPN
cjfa-63113	398	11	,	,	PUNCT
cjfa-63113	398	12	m.	m.	NOUN
cjfa-63113	398	13	(	(	PUNCT
cjfa-63113	398	14	2014	2014	NUM
cjfa-63113	398	15	)	)	PUNCT
cjfa-63113	398	16	.	.	PUNCT
cjfa-63113	399	1	how	how	SCONJ
cjfa-63113	399	2	should	should	AUX
cjfa-63113	399	3	individual	individual	ADJ
cjfa-63113	399	4	investors	investor	NOUN
cjfa-63113	399	5	diversify	diversify	VERB
cjfa-63113	399	6	?	?	PUNCT
cjfa-63113	400	1	an	an	DET
cjfa-63113	400	2	empirical	empirical	ADJ
cjfa-63113	400	3	evaluation	evaluation	NOUN
cjfa-63113	400	4	of	of	ADP
cjfa-63113	400	5	alternative	alternative	ADJ
cjfa-63113	400	6	asset	asset	NOUN
cjfa-63113	400	7	allocation	allocation	NOUN
cjfa-63113	400	8	policies	policy	NOUN
cjfa-63113	400	9	.	.	PUNCT
cjfa-63113	401	1	journal	journal	NOUN
cjfa-63113	401	2	of	of	ADP
cjfa-63113	401	3	financial	financial	ADJ
cjfa-63113	401	4	markets	market	NOUN
cjfa-63113	401	5	,	,	PUNCT
cjfa-63113	401	6	19	19	NUM
cjfa-63113	401	7	,	,	PUNCT
cjfa-63113	401	8	62–85	62–85	NUM
cjfa-63113	401	9	.	.	PUNCT
cjfa-63113	402	1	https://doi.org/10.1016/j.finmar.2013.07.004	https://doi.org/10.1016/j.finmar.2013.07.004	NOUN
cjfa-63113	402	2	.	.	PUNCT
cjfa-63113	403	1	jaquier	jaquier	NOUN
cjfa-63113	403	2	,	,	PUNCT
cjfa-63113	403	3	j.b	j.b	PROPN
cjfa-63113	403	4	.	.	PUNCT
cjfa-63113	403	5	(	(	PUNCT
cjfa-63113	403	6	2016	2016	NUM
cjfa-63113	403	7	)	)	PUNCT
cjfa-63113	403	8	.	.	PUNCT
cjfa-63113	404	1	catalyzing	catalyze	VERB
cjfa-63113	404	2	wealth	wealth	NOUN
cjfa-63113	404	3	for	for	ADP
cjfa-63113	404	4	change	change	NOUN
cjfa-63113	404	5	:	:	PUNCT
cjfa-63113	404	6	guide	guide	VERB
cjfa-63113	404	7	to	to	PART
cjfa-63113	404	8	impact	impact	VERB
cjfa-63113	404	9	investing	investing	NOUN
cjfa-63113	404	10	,	,	PUNCT
cjfa-63113	404	11	https://	https://	PROPN
cjfa-63113	404	12	www.guidetoimpactinvesting.net/	www.guidetoimpactinvesting.net/	NOUN
cjfa-63113	404	13	(	(	PUNCT
cjfa-63113	404	14	accessed	access	VERB
cjfa-63113	404	15	:	:	PUNCT
cjfa-63113	404	16	27.09.2022	27.09.2022	NUM
cjfa-63113	404	17	)	)	PUNCT
cjfa-63113	404	18	.	.	PUNCT
cjfa-63113	405	1	johnson	johnson	PROPN
cjfa-63113	405	2	,	,	PUNCT
cjfa-63113	405	3	k.	k.	PROPN
cjfa-63113	405	4	,	,	PUNCT
cjfa-63113	405	5	&	&	CCONJ
cjfa-63113	405	6	lee	lee	PROPN
cjfa-63113	405	7	,	,	PUNCT
cjfa-63113	405	8	h.	h.	PROPN
cjfa-63113	405	9	(	(	PUNCT
cjfa-63113	405	10	2013	2013	NUM
cjfa-63113	405	11	)	)	PUNCT
cjfa-63113	405	12	.	.	PUNCT
cjfa-63113	406	1	impact	impact	NOUN
cjfa-63113	406	2	investing	investing	NOUN
cjfa-63113	406	3	.	.	PUNCT
cjfa-63113	407	1	a	a	DET
cjfa-63113	407	2	framework	framework	NOUN
cjfa-63113	407	3	for	for	ADP
cjfa-63113	407	4	decision	decision	NOUN
cjfa-63113	407	5	making	making	NOUN
cjfa-63113	407	6	.	.	PUNCT
cjfa-63113	408	1	arlington	arlington	PROPN
cjfa-63113	408	2	:	:	PUNCT
cjfa-63113	408	3	cambridge	cambridge	PROPN
cjfa-63113	408	4	associates	associates	PROPN
cjfa-63113	408	5	llc	llc	PROPN
cjfa-63113	408	6	.	.	PUNCT
cjfa-63113	409	1	juddoo	juddoo	PROPN
cjfa-63113	409	2	,	,	PUNCT
cjfa-63113	409	3	k.	k.	PROPN
cjfa-63113	409	4	,	,	PUNCT
cjfa-63113	409	5	malki	malki	PROPN
cjfa-63113	409	6	,	,	PUNCT
cjfa-63113	409	7	i.	i.	PROPN
cjfa-63113	409	8	,	,	PUNCT
cjfa-63113	409	9	mathew	mathew	PROPN
cjfa-63113	409	10	,	,	PUNCT
cjfa-63113	409	11	s.	s.	PROPN
cjfa-63113	409	12	,	,	PUNCT
cjfa-63113	409	13	&	&	CCONJ
cjfa-63113	409	14	sivaprasad	sivaprasad	PROPN
cjfa-63113	409	15	,	,	PUNCT
cjfa-63113	409	16	s.	s.	PROPN
cjfa-63113	409	17	(	(	PUNCT
cjfa-63113	409	18	2023	2023	NUM
cjfa-63113	409	19	)	)	PUNCT
cjfa-63113	409	20	.	.	PUNCT
cjfa-63113	410	1	an	an	DET
cjfa-63113	410	2	impact	impact	NOUN
cjfa-63113	410	3	investment	investment	NOUN
cjfa-63113	410	4	strategy	strategy	NOUN
cjfa-63113	410	5	.	.	PUNCT
cjfa-63113	411	1	review	review	NOUN
cjfa-63113	411	2	of	of	ADP
cjfa-63113	411	3	quantitative	quantitative	ADJ
cjfa-63113	411	4	finance	finance	NOUN
cjfa-63113	411	5	and	and	CCONJ
cjfa-63113	411	6	accounting	accounting	NOUN
cjfa-63113	411	7	,	,	PUNCT
cjfa-63113	411	8	61	61	NUM
cjfa-63113	411	9	,	,	PUNCT
cjfa-63113	411	10	177–211	177–211	NUM
cjfa-63113	411	11	.	.	PUNCT
cjfa-63113	412	1	https://doi.org/10.1007/	https://doi.org/10.1007/	PROPN
cjfa-63113	412	2	s11156	s11156	PROPN
cjfa-63113	412	3	-	-	PUNCT
cjfa-63113	412	4	023	023	NUM
cjfa-63113	412	5	-	-	PUNCT
cjfa-63113	412	6	01149	01149	NUM
cjfa-63113	412	7	-	-	PUNCT
cjfa-63113	412	8	0	0	NUM
cjfa-63113	412	9	.	.	PUNCT
cjfa-63113	413	1	la	la	PROPN
cjfa-63113	413	2	torre	torre	PROPN
cjfa-63113	413	3	,	,	PUNCT
cjfa-63113	413	4	m.	m.	NOUN
cjfa-63113	413	5	,	,	PUNCT
cjfa-63113	413	6	mango	mango	PROPN
cjfa-63113	413	7	,	,	PUNCT
cjfa-63113	413	8	f.	f.	PROPN
cjfa-63113	413	9	,	,	PUNCT
cjfa-63113	413	10	&	&	CCONJ
cjfa-63113	413	11	chiappini	chiappini	PROPN
cjfa-63113	413	12	,	,	PUNCT
cjfa-63113	413	13	h.	h.	PROPN
cjfa-63113	413	14	(	(	PUNCT
cjfa-63113	413	15	2017	2017	NUM
cjfa-63113	413	16	)	)	PUNCT
cjfa-63113	413	17	.	.	PUNCT
cjfa-63113	414	1	do	do	AUX
cjfa-63113	414	2	impact	impact	VERB
cjfa-63113	414	3	investments	investment	NOUN
cjfa-63113	414	4	contribute	contribute	VERB
cjfa-63113	414	5	to	to	ADP
cjfa-63113	414	6	portfolio	portfolio	NOUN
cjfa-63113	414	7	performance	performance	NOUN
cjfa-63113	414	8	?	?	PUNCT
cjfa-63113	414	9	:	:	PUNCT
cjfa-63113	414	10	a	a	DET
cjfa-63113	414	11	preliminary	preliminary	ADJ
cjfa-63113	414	12	investigation	investigation	NOUN
cjfa-63113	414	13	.	.	PUNCT
cjfa-63113	415	1	journal	journal	NOUN
cjfa-63113	415	2	of	of	ADP
cjfa-63113	415	3	business	business	NOUN
cjfa-63113	415	4	and	and	CCONJ
cjfa-63113	415	5	economics	economic	NOUN
cjfa-63113	415	6	,	,	PUNCT
cjfa-63113	415	7	8(8	8(8	NUM
cjfa-63113	415	8	)	)	PUNCT
cjfa-63113	415	9	,	,	PUNCT
cjfa-63113	415	10	249–259	249–259	NUM
cjfa-63113	415	11	.	.	PUNCT
cjfa-63113	416	1	https://doi.org/10.15341/jbe(2155-7950)/10.08.2017/001	https://doi.org/10.15341/jbe(2155-7950)/10.08.2017/001	NUM
cjfa-63113	416	2	.	.	PUNCT
cjfa-63113	417	1	markowitz	markowitz	PROPN
cjfa-63113	417	2	,	,	PUNCT
cjfa-63113	417	3	h.	h.	PROPN
cjfa-63113	417	4	(	(	PUNCT
cjfa-63113	417	5	1952	1952	NUM
cjfa-63113	417	6	)	)	PUNCT
cjfa-63113	417	7	.	.	PUNCT
cjfa-63113	418	1	portfolio	portfolio	NOUN
cjfa-63113	418	2	selection	selection	NOUN
cjfa-63113	418	3	.	.	PUNCT
cjfa-63113	419	1	the	the	DET
cjfa-63113	419	2	journal	journal	PROPN
cjfa-63113	419	3	of	of	ADP
cjfa-63113	419	4	finance	finance	NOUN
cjfa-63113	419	5	,	,	PUNCT
cjfa-63113	419	6	7(1	7(1	NUM
cjfa-63113	419	7	)	)	PUNCT
cjfa-63113	419	8	,	,	PUNCT
cjfa-63113	419	9	77–91	77–91	NUM
cjfa-63113	419	10	.	.	PUNCT
cjfa-63113	420	1	https://	https://	PROPN
cjfa-63113	420	2	doi.org/10.2307/2975974	doi.org/10.2307/2975974	PROPN
cjfa-63113	420	3	.	.	PUNCT
cjfa-63113	421	1	martin	martin	PROPN
cjfa-63113	421	2	,	,	PUNCT
cjfa-63113	421	3	m.	m.	NOUN
cjfa-63113	421	4	(	(	PUNCT
cjfa-63113	421	5	2013	2013	NUM
cjfa-63113	421	6	)	)	PUNCT
cjfa-63113	421	7	.	.	PUNCT
cjfa-63113	422	1	making	make	VERB
cjfa-63113	422	2	impact	impact	NOUN
cjfa-63113	422	3	investible	investible	ADJ
cjfa-63113	422	4	.	.	PUNCT
cjfa-63113	423	1	impact	impact	NOUN
cjfa-63113	423	2	economy	economy	NOUN
cjfa-63113	423	3	working	work	VERB
cjfa-63113	423	4	papers	paper	NOUN
cjfa-63113	423	5	.	.	PUNCT
cjfa-63113	424	1	http://	http://	PROPN
cjfa-63113	424	2	dx.doi.org/10.2139/ssrn.2272553	dx.doi.org/10.2139/ssrn.2272553	PROPN
cjfa-63113	424	3	.	.	PUNCT
cjfa-63113	425	1	msci	msci	PROPN
cjfa-63113	425	2	.	.	PUNCT
cjfa-63113	425	3	(	(	PUNCT
cjfa-63113	425	4	2024a	2024a	NUM
cjfa-63113	425	5	)	)	PUNCT
cjfa-63113	425	6	.	.	PUNCT
cjfa-63113	426	1	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52	PROPN
cjfa-63113	426	2	eaf0397539d1	eaf0397539d1	NOUN
cjfa-63113	426	3	(	(	PUNCT
cjfa-63113	426	4	accessed	access	VERB
cjfa-63113	426	5	:	:	PUNCT
cjfa-63113	426	6	08.11.2024	08.11.2024	NUM
cjfa-63113	426	7	)	)	PUNCT
cjfa-63113	426	8	.	.	PUNCT
cjfa-63113	427	1	msci	msci	PROPN
cjfa-63113	427	2	.	.	PUNCT
cjfa-63113	427	3	(	(	PUNCT
cjfa-63113	427	4	2024b	2024b	NUM
cjfa-63113	427	5	)	)	PUNCT
cjfa-63113	427	6	.	.	PUNCT
cjfa-63113	428	1	https://www.msci.com/index/methodology/latest/si	https://www.msci.com/index/methodology/latest/si	ADP
cjfa-63113	428	2	(	(	PUNCT
cjfa-63113	428	3	accessed	access	VERB
cjfa-63113	428	4	:	:	PUNCT
cjfa-63113	428	5	08.11	08.11	NUM
cjfa-63113	428	6	.	.	NOUN
cjfa-63113	428	7	2024	2024	NUM
cjfa-63113	428	8	)	)	PUNCT
cjfa-63113	428	9	.	.	PUNCT
cjfa-63113	429	1	nerlinger	nerling	ADJ
cjfa-63113	429	2	,	,	PUNCT
cjfa-63113	429	3	m.	m.	NOUN
cjfa-63113	429	4	(	(	PUNCT
cjfa-63113	429	5	2020	2020	NUM
cjfa-63113	429	6	)	)	PUNCT
cjfa-63113	429	7	.	.	PUNCT
cjfa-63113	430	1	will	will	AUX
cjfa-63113	430	2	the	the	DET
cjfa-63113	430	3	dax	dax	PROPN
cjfa-63113	430	4	50	50	NUM
cjfa-63113	430	5	esg	esg	NOUN
cjfa-63113	430	6	establish	establish	VERB
cjfa-63113	430	7	the	the	DET
cjfa-63113	430	8	standard	standard	NOUN
cjfa-63113	430	9	for	for	ADP
cjfa-63113	430	10	german	german	ADJ
cjfa-63113	430	11	sustainable	sustainable	ADJ
cjfa-63113	430	12	investments	investment	NOUN
cjfa-63113	430	13	?	?	PUNCT
cjfa-63113	431	1	a	a	DET
cjfa-63113	431	2	sustainability	sustainability	NOUN
cjfa-63113	431	3	and	and	CCONJ
cjfa-63113	431	4	financial	financial	ADJ
cjfa-63113	431	5	performance	performance	NOUN
cjfa-63113	431	6	analysis	analysis	NOUN
cjfa-63113	431	7	.	.	PUNCT
cjfa-63113	432	1	credit	credit	NOUN
cjfa-63113	432	2	and	and	CCONJ
cjfa-63113	432	3	capital	capital	NOUN
cjfa-63113	432	4	markets	market	NOUN
cjfa-63113	432	5	,	,	PUNCT
cjfa-63113	432	6	53(4	53(4	NOUN
cjfa-63113	432	7	)	)	PUNCT
cjfa-63113	432	8	,	,	PUNCT
cjfa-63113	432	9	461–491	461–491	NUM
cjfa-63113	432	10	.	.	PUNCT
cjfa-63113	433	1	http://dx.doi.org/10.3790/ccm.53.4.461	http://dx.doi.org/10.3790/ccm.53.4.461	NOUN
cjfa-63113	433	2	.	.	PUNCT
cjfa-63113	434	1	pawłowski	pawłowski	PROPN
cjfa-63113	434	2	,	,	PUNCT
cjfa-63113	434	3	j.	j.	PROPN
cjfa-63113	434	4	(	(	PUNCT
cjfa-63113	434	5	2018	2018	NUM
cjfa-63113	434	6	)	)	PUNCT
cjfa-63113	434	7	.	.	PUNCT
cjfa-63113	435	1	individual	individual	ADJ
cjfa-63113	435	2	investors	investor	NOUN
cjfa-63113	435	3	on	on	ADP
cjfa-63113	435	4	the	the	DET
cjfa-63113	435	5	financial	financial	ADJ
cjfa-63113	435	6	markets	market	NOUN
cjfa-63113	435	7	in	in	ADP
cjfa-63113	435	8	poland	poland	PROPN
cjfa-63113	435	9	.	.	PUNCT
cjfa-63113	436	1	copernican	copernican	PROPN
cjfa-63113	436	2	journal	journal	PROPN
cjfa-63113	436	3	of	of	ADP
cjfa-63113	436	4	finance	finance	PROPN
cjfa-63113	436	5	&	&	CCONJ
cjfa-63113	436	6	accounting	accounting	PROPN
cjfa-63113	436	7	,	,	PUNCT
cjfa-63113	436	8	7(1	7(1	NUM
cjfa-63113	436	9	)	)	PUNCT
cjfa-63113	436	10	,	,	PUNCT
cjfa-63113	436	11	51–66	51–66	NUM
cjfa-63113	436	12	.	.	PUNCT
cjfa-63113	437	1	http://dx.doi.org/10.12775/	http://dx.doi.org/10.12775/	PROPN
cjfa-63113	437	2	cjfa.2018.004	cjfa.2018.004	PROPN
cjfa-63113	437	3	.	.	PUNCT
cjfa-63113	438	1	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	PROPN
cjfa-63113	438	2	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/giin-impact-investing-guide.pdf	PROPN
cjfa-63113	438	3	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	PROPN
cjfa-63113	438	4	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	https://s3.amazonaws.com/giin-web-assets/giin/assets/publication/post/core-characteristics-webfile.pdf	PRON
cjfa-63113	438	5	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review2018.3.28.pdf	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review2018.3.28.pdf	PROPN
cjfa-63113	438	6	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review2018.3.28.pdf	https://www.gsi-alliance.org/wp-content/uploads/2019/03/gsir_review2018.3.28.pdf	PROPN
cjfa-63113	438	7	http://dx.doi.org/10.2139/ssrn.3874437	http://dx.doi.org/10.2139/ssrn.3874437	NOUN
cjfa-63113	438	8	.	.	PUNCT
cjfa-63113	439	1	https://doi.org/10.1007/s11156-023-01149-0	https://doi.org/10.1007/s11156-023-01149-0	NUM
cjfa-63113	439	2	https://doi.org/10.1007/s11156-023-01149-0	https://doi.org/10.1007/s11156-023-01149-0	NUM
cjfa-63113	439	3	https://doi.org/10.2307/2975974	https://doi.org/10.2307/2975974	NUM
cjfa-63113	439	4	https://doi.org/10.2307/2975974	https://doi.org/10.2307/2975974	NOUN
cjfa-63113	439	5	http://dx.doi.org/10.2139/ssrn.2272553	http://dx.doi.org/10.2139/ssrn.2272553	NOUN
cjfa-63113	439	6	http://dx.doi.org/10.2139/ssrn.2272553	http://dx.doi.org/10.2139/ssrn.2272553	NOUN
cjfa-63113	439	7	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52-eaf0397539d1	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52-eaf0397539d1	NOUN
cjfa-63113	439	8	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52-eaf0397539d1	https://www.msci.com/documents/10199/6d2b3e68-90e0-448e-bd52-eaf0397539d1	NOUN
cjfa-63113	439	9	https://www.msci.com/index/methodology/latest/si	https://www.msci.com/index/methodology/latest/si	ADP
cjfa-63113	439	10	http://dx.doi.org/10.3790/ccm.53.4.461	http://dx.doi.org/10.3790/ccm.53.4.461	NOUN
cjfa-63113	439	11	impact	impact	NOUN
cjfa-63113	439	12	investing	invest	VERB
cjfa-63113	439	13	from	from	ADP
cjfa-63113	439	14	a	a	DET
cjfa-63113	439	15	european	european	ADJ
cjfa-63113	439	16	perspective	perspective	NOUN
cjfa-63113	439	17	…	…	PUNCT
cjfa-63113	439	18	109109	109109	NUM
cjfa-63113	439	19	quinn	quinn	NOUN
cjfa-63113	439	20	,	,	PUNCT
cjfa-63113	439	21	q.c	q.c	PROPN
cjfa-63113	439	22	.	.	PROPN
cjfa-63113	439	23	,	,	PUNCT
cjfa-63113	439	24	&	&	CCONJ
cjfa-63113	439	25	munir	munir	PROPN
cjfa-63113	439	26	,	,	PUNCT
cjfa-63113	439	27	k.a	k.a	PROPN
cjfa-63113	439	28	.	.	PROPN
cjfa-63113	439	29	(	(	PUNCT
cjfa-63113	439	30	2017	2017	NUM
cjfa-63113	439	31	)	)	PUNCT
cjfa-63113	439	32	.	.	PUNCT
cjfa-63113	440	1	hybrid	hybrid	ADJ
cjfa-63113	440	2	categories	category	NOUN
cjfa-63113	440	3	as	as	ADP
cjfa-63113	440	4	political	political	ADJ
cjfa-63113	440	5	devices	device	NOUN
cjfa-63113	440	6	:	:	PUNCT
cjfa-63113	440	7	the	the	DET
cjfa-63113	440	8	case	case	NOUN
cjfa-63113	440	9	of	of	ADP
cjfa-63113	440	10	impact	impact	NOUN
cjfa-63113	440	11	investing	invest	VERB
cjfa-63113	440	12	in	in	ADP
cjfa-63113	440	13	frontier	frontier	NOUN
cjfa-63113	440	14	markets	market	NOUN
cjfa-63113	440	15	.	.	PUNCT
cjfa-63113	441	1	in	in	ADP
cjfa-63113	441	2	r.	r.	PROPN
cjfa-63113	441	3	durand	durand	PROPN
cjfa-63113	441	4	,	,	PUNCT
cjfa-63113	441	5	n.	n.	NOUN
cjfa-63113	441	6	granqvist	granqvist	NOUN
cjfa-63113	441	7	,	,	PUNCT
cjfa-63113	441	8	n.	n.	NOUN
cjfa-63113	441	9	tyllström	tyllström	NOUN
cjfa-63113	441	10	(	(	PUNCT
cjfa-63113	441	11	eds	ed	NOUN
cjfa-63113	441	12	.	.	PUNCT
cjfa-63113	441	13	)	)	PUNCT
cjfa-63113	441	14	.	.	PUNCT
cjfa-63113	442	1	from	from	ADP
cjfa-63113	442	2	categories	category	NOUN
cjfa-63113	442	3	to	to	ADP
cjfa-63113	442	4	categorization	categorization	NOUN
cjfa-63113	442	5	,	,	PUNCT
cjfa-63113	442	6	studies	study	NOUN
cjfa-63113	442	7	in	in	ADP
cjfa-63113	442	8	sociology	sociology	NOUN
cjfa-63113	442	9	,	,	PUNCT
cjfa-63113	442	10	organizations	organization	NOUN
cjfa-63113	442	11	and	and	CCONJ
cjfa-63113	442	12	strategy	strategy	NOUN
cjfa-63113	442	13	at	at	ADP
cjfa-63113	442	14	the	the	DET
cjfa-63113	442	15	crossroads	crossroad	NOUN
cjfa-63113	442	16	.	.	PUNCT
cjfa-63113	443	1	emerald	emerald	PROPN
cjfa-63113	443	2	publishing	publishing	PROPN
cjfa-63113	443	3	limited	limit	VERB
cjfa-63113	443	4	,	,	PUNCT
cjfa-63113	443	5	http://dx.doi.org/10.1108/	http://dx.doi.org/10.1108/	NOUN
cjfa-63113	443	6	s0733	s0733	PROPN
cjfa-63113	443	7	-	-	PUNCT
cjfa-63113	443	8	558x20170000051002	558x20170000051002	NUM
cjfa-63113	443	9	.	.	PUNCT
cjfa-63113	444	1	quontigo	quontigo	PROPN
cjfa-63113	444	2	.	.	PUNCT
cjfa-63113	445	1	(	(	PUNCT
cjfa-63113	445	2	n.d.(a	n.d.(a	PROPN
cjfa-63113	445	3	)	)	PUNCT
cjfa-63113	445	4	)	)	PUNCT
cjfa-63113	445	5	.	.	PUNCT
cjfa-63113	446	1	https://qontigo.com/index/sx5p/	https://qontigo.com/index/sx5p/	PRON
cjfa-63113	446	2	(	(	PUNCT
cjfa-63113	446	3	accessed	access	VERB
cjfa-63113	446	4	:	:	PUNCT
cjfa-63113	446	5	08.11.2022	08.11.2022	NUM
cjfa-63113	446	6	)	)	PUNCT
cjfa-63113	446	7	.	.	PUNCT
cjfa-63113	447	1	quontigo	quontigo	PROPN
cjfa-63113	447	2	.	.	PUNCT
cjfa-63113	448	1	(	(	PUNCT
cjfa-63113	448	2	n.d.(b	n.d.(b	PROPN
cjfa-63113	448	3	)	)	PUNCT
cjfa-63113	448	4	)	)	PUNCT
cjfa-63113	448	5	.	.	PUNCT
cjfa-63113	449	1	https://qontigo.com/index/sxxesgp/	https://qontigo.com/index/sxxesgp/	PROPN
cjfa-63113	449	2	(	(	PUNCT
cjfa-63113	449	3	accessed	access	VERB
cjfa-63113	449	4	:	:	PUNCT
cjfa-63113	449	5	08.11.2022	08.11.2022	NUM
cjfa-63113	449	6	)	)	PUNCT
cjfa-63113	449	7	.	.	PUNCT
cjfa-63113	450	1	renneboog	renneboog	NOUN
cjfa-63113	450	2	,	,	PUNCT
cjfa-63113	450	3	l.	l.	PROPN
cjfa-63113	450	4	,	,	PUNCT
cjfa-63113	450	5	horst	horst	PROPN
cjfa-63113	450	6	,	,	PUNCT
cjfa-63113	450	7	j.t	j.t	PROPN
cjfa-63113	450	8	.	.	PROPN
cjfa-63113	450	9	,	,	PUNCT
cjfa-63113	450	10	&	&	CCONJ
cjfa-63113	450	11	zhang	zhang	PROPN
cjfa-63113	450	12	,	,	PUNCT
cjfa-63113	450	13	c.	c.	PROPN
cjfa-63113	450	14	(	(	PUNCT
cjfa-63113	450	15	2008	2008	NUM
cjfa-63113	450	16	)	)	PUNCT
cjfa-63113	450	17	.	.	PUNCT
cjfa-63113	451	1	socially	socially	ADV
cjfa-63113	451	2	responsible	responsible	ADJ
cjfa-63113	451	3	investments	investment	NOUN
cjfa-63113	451	4	:	:	PUNCT
cjfa-63113	451	5	institutional	institutional	ADJ
cjfa-63113	451	6	aspects	aspect	NOUN
cjfa-63113	451	7	,	,	PUNCT
cjfa-63113	451	8	performance	performance	NOUN
cjfa-63113	451	9	,	,	PUNCT
cjfa-63113	451	10	and	and	CCONJ
cjfa-63113	451	11	investor	investor	NOUN
cjfa-63113	451	12	behavior	behavior	NOUN
cjfa-63113	451	13	.	.	PUNCT
cjfa-63113	452	1	journal	journal	PROPN
cjfa-63113	452	2	of	of	ADP
cjfa-63113	452	3	banking	banking	NOUN
cjfa-63113	452	4	&	&	CCONJ
cjfa-63113	452	5	finance	finance	NOUN
cjfa-63113	452	6	,	,	PUNCT
cjfa-63113	452	7	32(9	32(9	NUM
cjfa-63113	452	8	)	)	PUNCT
cjfa-63113	452	9	,	,	PUNCT
cjfa-63113	452	10	1723–1742	1723–1742	NUM
cjfa-63113	452	11	.	.	PUNCT
cjfa-63113	453	1	https://doi.org/10.1016/j.jbankfin.2007.12.039	https://doi.org/10.1016/j.jbankfin.2007.12.039	NOUN
cjfa-63113	453	2	.	.	PUNCT
cjfa-63113	454	1	roundy	roundy	PROPN
cjfa-63113	454	2	,	,	PUNCT
cjfa-63113	454	3	p.	p.	NOUN
cjfa-63113	454	4	,	,	PUNCT
cjfa-63113	454	5	holzhauer	holzhauer	PROPN
cjfa-63113	454	6	,	,	PUNCT
cjfa-63113	454	7	h.	h.	PROPN
cjfa-63113	454	8	,	,	PUNCT
cjfa-63113	454	9	&	&	CCONJ
cjfa-63113	454	10	dai	dai	PROPN
cjfa-63113	454	11	y.	y.	PROPN
cjfa-63113	454	12	(	(	PUNCT
cjfa-63113	454	13	2017	2017	NUM
cjfa-63113	454	14	)	)	PUNCT
cjfa-63113	454	15	.	.	PUNCT
cjfa-63113	455	1	finance	finance	NOUN
cjfa-63113	455	2	or	or	CCONJ
cjfa-63113	455	3	philanthropy	philanthropy	NOUN
cjfa-63113	455	4	:	:	PUNCT
cjfa-63113	455	5	exploring	explore	VERB
cjfa-63113	455	6	the	the	DET
cjfa-63113	455	7	motivations	motivation	NOUN
cjfa-63113	455	8	and	and	CCONJ
cjfa-63113	455	9	criteria	criterion	NOUN
cjfa-63113	455	10	of	of	ADP
cjfa-63113	455	11	impact	impact	NOUN
cjfa-63113	455	12	investors	investor	NOUN
cjfa-63113	455	13	.	.	PUNCT
cjfa-63113	456	1	social	social	ADJ
cjfa-63113	456	2	responsibility	responsibility	NOUN
cjfa-63113	456	3	journal	journal	NOUN
cjfa-63113	456	4	,	,	PUNCT
cjfa-63113	456	5	13(3	13(3	NUM
cjfa-63113	456	6	)	)	PUNCT
cjfa-63113	456	7	,	,	PUNCT
cjfa-63113	456	8	491–512	491–512	NUM
cjfa-63113	456	9	.	.	PUNCT
cjfa-63113	457	1	https://doi.org/10.1108/srj-08-2016-0135	https://doi.org/10.1108/srj-08-2016-0135	NOUN
cjfa-63113	457	2	.	.	PUNCT
cjfa-63113	458	1	schmidt	schmidt	PROPN
cjfa-63113	458	2	,	,	PUNCT
cjfa-63113	458	3	r.	r.	PROPN
cjfa-63113	458	4	(	(	PUNCT
cjfa-63113	458	5	2023	2023	NUM
cjfa-63113	458	6	)	)	PUNCT
cjfa-63113	458	7	.	.	PUNCT
cjfa-63113	458	8	are	be	AUX
cjfa-63113	458	9	business	business	NOUN
cjfa-63113	458	10	ethics	ethic	NOUN
cjfa-63113	458	11	effective	effective	ADJ
cjfa-63113	458	12	?	?	PUNCT
cjfa-63113	459	1	a	a	DET
cjfa-63113	459	2	market	market	NOUN
cjfa-63113	459	3	failures	failure	NOUN
cjfa-63113	459	4	approach	approach	VERB
cjfa-63113	459	5	to	to	ADP
cjfa-63113	459	6	impact	impact	NOUN
cjfa-63113	459	7	investing	investing	NOUN
cjfa-63113	459	8	.	.	PUNCT
cjfa-63113	460	1	journal	journal	PROPN
cjfa-63113	460	2	of	of	ADP
cjfa-63113	460	3	business	business	NOUN
cjfa-63113	460	4	ethics	ethic	NOUN
cjfa-63113	460	5	,	,	PUNCT
cjfa-63113	460	6	184(2	184(2	NUM
cjfa-63113	460	7	)	)	PUNCT
cjfa-63113	460	8	,	,	PUNCT
cjfa-63113	460	9	505–524	505–524	NUM
cjfa-63113	460	10	.	.	PUNCT
cjfa-63113	461	1	http://dx.doi.org/10.1007/	http://dx.doi.org/10.1007/	PROPN
cjfa-63113	461	2	s10551	s10551	PROPN
cjfa-63113	461	3	-	-	PUNCT
cjfa-63113	461	4	022	022	NUM
cjfa-63113	461	5	-	-	PUNCT
cjfa-63113	461	6	05133	05133	NUM
cjfa-63113	461	7	-	-	PUNCT
cjfa-63113	461	8	x.	x.	NOUN
cjfa-63113	461	9	schramade	schramade	PROPN
cjfa-63113	461	10	,	,	PUNCT
cjfa-63113	461	11	w.	w.	PROPN
cjfa-63113	461	12	(	(	PUNCT
cjfa-63113	461	13	2017	2017	NUM
cjfa-63113	461	14	)	)	PUNCT
cjfa-63113	461	15	.	.	PUNCT
cjfa-63113	462	1	investing	invest	VERB
cjfa-63113	462	2	in	in	ADP
cjfa-63113	462	3	the	the	DET
cjfa-63113	462	4	un	un	PROPN
cjfa-63113	462	5	sustainable	sustainable	ADJ
cjfa-63113	462	6	development	development	NOUN
cjfa-63113	462	7	goals	goal	NOUN
cjfa-63113	462	8	:	:	PUNCT
cjfa-63113	462	9	opportunities	opportunity	NOUN
cjfa-63113	462	10	for	for	ADP
cjfa-63113	462	11	companies	company	NOUN
cjfa-63113	462	12	and	and	CCONJ
cjfa-63113	462	13	investors	investor	NOUN
cjfa-63113	462	14	.	.	PUNCT
cjfa-63113	463	1	journal	journal	PROPN
cjfa-63113	463	2	of	of	ADP
cjfa-63113	463	3	applied	apply	VERB
cjfa-63113	463	4	corporate	corporate	ADJ
cjfa-63113	463	5	finance	finance	NOUN
cjfa-63113	463	6	,	,	PUNCT
cjfa-63113	463	7	29(2	29(2	NUM
cjfa-63113	463	8	)	)	PUNCT
cjfa-63113	463	9	,	,	PUNCT
cjfa-63113	463	10	87–99	87–99	NUM
cjfa-63113	463	11	.	.	PUNCT
cjfa-63113	464	1	https://doi.org/10.1111/jacf.12236	https://doi.org/10.1111/jacf.12236	NOUN
cjfa-63113	464	2	.	.	PUNCT
cjfa-63113	464	3	schueth	schueth	PROPN
cjfa-63113	464	4	,	,	PUNCT
cjfa-63113	464	5	s.	s.	PROPN
cjfa-63113	464	6	(	(	PUNCT
cjfa-63113	464	7	2003	2003	NUM
cjfa-63113	464	8	)	)	PUNCT
cjfa-63113	464	9	.	.	PUNCT
cjfa-63113	465	1	socially	socially	ADV
cjfa-63113	465	2	responsible	responsible	ADJ
cjfa-63113	465	3	investing	investing	NOUN
cjfa-63113	465	4	in	in	ADP
cjfa-63113	465	5	the	the	DET
cjfa-63113	465	6	united	united	PROPN
cjfa-63113	465	7	states	states	PROPN
cjfa-63113	465	8	.	.	PUNCT
cjfa-63113	466	1	journal	journal	PROPN
cjfa-63113	466	2	of	of	ADP
cjfa-63113	466	3	business	business	NOUN
cjfa-63113	466	4	ethics	ethic	NOUN
cjfa-63113	466	5	,	,	PUNCT
cjfa-63113	466	6	43(3	43(3	NUM
cjfa-63113	466	7	)	)	PUNCT
cjfa-63113	466	8	,	,	PUNCT
cjfa-63113	466	9	189–194	189–194	NUM
cjfa-63113	466	10	.	.	PUNCT
cjfa-63113	466	11	https://doi.org/10.1023/a:1022981828869	https://doi.org/10.1023/a:1022981828869	PROPN
cjfa-63113	466	12	.	.	PUNCT
cjfa-63113	467	1	sharpe	sharpe	PROPN
cjfa-63113	467	2	,	,	PUNCT
cjfa-63113	467	3	w.	w.	PROPN
cjfa-63113	467	4	(	(	PUNCT
cjfa-63113	467	5	1992	1992	NUM
cjfa-63113	467	6	)	)	PUNCT
cjfa-63113	467	7	.	.	PUNCT
cjfa-63113	468	1	asset	asset	NOUN
cjfa-63113	468	2	allocation	allocation	NOUN
cjfa-63113	468	3	.	.	PUNCT
cjfa-63113	469	1	the	the	DET
cjfa-63113	469	2	journal	journal	PROPN
cjfa-63113	469	3	of	of	ADP
cjfa-63113	469	4	portfolio	portfolio	NOUN
cjfa-63113	469	5	management	management	NOUN
cjfa-63113	469	6	,	,	PUNCT
cjfa-63113	469	7	18(2	18(2	NUM
cjfa-63113	469	8	)	)	PUNCT
cjfa-63113	469	9	,	,	PUNCT
cjfa-63113	469	10	7–19	7–19	NOUN
cjfa-63113	469	11	.	.	PUNCT
cjfa-63113	470	1	http://dx.doi.org/10.3905/jpm.1992.409394	http://dx.doi.org/10.3905/jpm.1992.409394	NOUN
cjfa-63113	470	2	.	.	PUNCT
cjfa-63113	471	1	stoxx	stoxx	PROPN
cjfa-63113	471	2	.	.	PUNCT
cjfa-63113	472	1	(	(	PUNCT
cjfa-63113	472	2	2024	2024	NUM
cjfa-63113	472	3	):	):	PUNCT
cjfa-63113	472	4	https://www.stoxx.com/document/indices/common/indexguide/stoxx	https://www.stoxx.com/document/indices/common/indexguide/stoxx	SYM
cjfa-63113	472	5	_	_	NOUN
cjfa-63113	472	6	index_guide.pdf	index_guide.pdf	NOUN
cjfa-63113	472	7	(	(	PUNCT
cjfa-63113	472	8	accessed	access	VERB
cjfa-63113	472	9	:	:	PUNCT
cjfa-63113	472	10	08.11.2024	08.11.2024	NUM
cjfa-63113	472	11	)	)	PUNCT
cjfa-63113	472	12	.	.	PUNCT
cjfa-63113	473	1	then	then	ADV
cjfa-63113	473	2	,	,	PUNCT
cjfa-63113	473	3	v.	v.	ADV
cjfa-63113	473	4	,	,	PUNCT
cjfa-63113	473	5	&	&	CCONJ
cjfa-63113	473	6	schmidt	schmidt	PROPN
cjfa-63113	473	7	,	,	PUNCT
cjfa-63113	473	8	t.	t.	PROPN
cjfa-63113	473	9	(	(	PUNCT
cjfa-63113	473	10	2020	2020	NUM
cjfa-63113	473	11	)	)	PUNCT
cjfa-63113	473	12	.	.	PUNCT
cjfa-63113	474	1	impact	impact	NOUN
cjfa-63113	474	2	investing	invest	VERB
cjfa-63113	474	3	in	in	ADP
cjfa-63113	474	4	germany	germany	PROPN
cjfa-63113	474	5	2020	2020	NUM
cjfa-63113	474	6	–	–	PUNCT
cjfa-63113	474	7	a	a	DET
cjfa-63113	474	8	dynamic	dynamic	ADJ
cjfa-63113	474	9	growth	growth	NOUN
cjfa-63113	474	10	market	market	NOUN
cjfa-63113	474	11	.	.	PUNCT
cjfa-63113	475	1	full	full	ADJ
cjfa-63113	475	2	markt	markt	PROPN
cjfa-63113	475	3	study	study	NOUN
cjfa-63113	475	4	,	,	PUNCT
cjfa-63113	475	5	working	working	NOUN
cjfa-63113	475	6	paper	paper	NOUN
cjfa-63113	475	7	csi	csi	PROPN
cjfa-63113	475	8	universität	universität	PROPN
cjfa-63113	475	9	heidelberg	heidelberg	PROPN
cjfa-63113	475	10	.	.	PUNCT
cjfa-63113	476	1	unctad	unctad	PROPN
cjfa-63113	476	2	.	.	PUNCT
cjfa-63113	477	1	(	(	PUNCT
cjfa-63113	477	2	2014	2014	NUM
cjfa-63113	477	3	)	)	PUNCT
cjfa-63113	477	4	.	.	PUNCT
cjfa-63113	478	1	world	world	NOUN
cjfa-63113	478	2	investment	investment	PROPN
cjfa-63113	478	3	report	report	NOUN
cjfa-63113	478	4	2014	2014	NUM
cjfa-63113	478	5	.	.	PUNCT
cjfa-63113	479	1	investing	invest	VERB
cjfa-63113	479	2	in	in	ADP
cjfa-63113	479	3	the	the	DET
cjfa-63113	479	4	sdgs	sdgs	NOUN
cjfa-63113	479	5	:	:	PUNCT
cjfa-63113	479	6	an	an	DET
cjfa-63113	479	7	action	action	NOUN
cjfa-63113	479	8	plan	plan	NOUN
cjfa-63113	479	9	,	,	PUNCT
cjfa-63113	479	10	https://unctad.org/system/files/official-document/wir2014_en.pdf	https://unctad.org/system/files/official-document/wir2014_en.pdf	NOUN
cjfa-63113	479	11	(	(	PUNCT
cjfa-63113	479	12	accessed	access	VERB
cjfa-63113	479	13	05.07	05.07	NUM
cjfa-63113	479	14	.	.	PUNCT
cjfa-63113	479	15	2022	2022	NUM
cjfa-63113	479	16	)	)	PUNCT
cjfa-63113	479	17	.	.	PUNCT
cjfa-63113	480	1	united	united	PROPN
cjfa-63113	480	2	nations	nations	PROPN
cjfa-63113	480	3	.	.	PUNCT
cjfa-63113	481	1	(	(	PUNCT
cjfa-63113	481	2	2015	2015	NUM
cjfa-63113	481	3	)	)	PUNCT
cjfa-63113	481	4	.	.	PUNCT
cjfa-63113	482	1	resolution	resolution	NOUN
cjfa-63113	482	2	of	of	ADP
cjfa-63113	482	3	the	the	DET
cjfa-63113	482	4	general	general	ADJ
cjfa-63113	482	5	assembly	assembly	NOUN
cjfa-63113	482	6	,	,	PUNCT
cjfa-63113	482	7	25th	25th	NOUN
cjfa-63113	482	8	september	september	PROPN
cjfa-63113	482	9	2015	2015	NUM
cjfa-63113	482	10	,	,	PUNCT
cjfa-63113	482	11	new	new	PROPN
cjfa-63113	482	12	york	york	PROPN
cjfa-63113	482	13	.	.	PUNCT
cjfa-63113	483	1	united	united	PROPN
cjfa-63113	483	2	nations	nations	PROPN
cjfa-63113	483	3	.	.	PUNCT
cjfa-63113	484	1	(	(	PUNCT
cjfa-63113	484	2	2016	2016	NUM
cjfa-63113	484	3	)	)	PUNCT
cjfa-63113	484	4	the	the	DET
cjfa-63113	484	5	paris	paris	PROPN
cjfa-63113	484	6	agreement	agreement	NOUN
cjfa-63113	484	7	,	,	PUNCT
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