We study asset prices in an economy where some investors categorize risky assets into different styles and move funds among these styles depending on their relative performance. In our economy, assets in the same style comove too much, assets in different styles comove too little, and reclassifying an asset into a new style raises its correlation with that style. We also predict that style retu...

Impact investing and ESG are specific “ethical” types integrating social, environmental, moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact is largely unexamined, it not clear how they differ from conventional investment. To explain differences ESG, impact, investing, this paper draws on a dataset of over 8000 private market invest...

To explain the reason why momentum effect in emerging markets is much weaker than that in developed markets. We divide the traditional momentum returns into intra-style momentum and inter-style momentum effect on the basis of style investing. According to the result, intra-style momentum effect spreads widely in all of the twelve emerging markets, as the primary driving factor for the overall m...