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Zoltán Nagy
Executive Director, MSCI Research
About the Contributor
Zoltán Nagy is a member of the Equity Core Research team. In this role, he focuses on questions related to the integration of factors and ESG considerations into the equity portfolio management process. Zoltan joined MSCI in 2008, and first worked on the development of new index methodologies and on other index-related research. Prior to entering finance, Zoltan was a post-doctoral researcher at the University of Algarve, Faro, Portugal, where his area of research was Quantum Integrable Systems. Zoltan holds a PhD degree in Theoretical Physics from the University of Cergy-Pontoise, France, and an engineering degree from the Ecole Polytechnique, France. He is also a CFA® charterholder.
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Blog posts by Zoltán Nagy
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BLOG
How Have Stocks Responded to Changes in Climate Policy?
Mar 1, 2021 Guido Giese , Zoltán Nagy , Bruno RauisTo what extent has climate risk been priced into equity markets? Is there a “brown” discount and a “green” premium? Has this shifted over time? How can we model such risks as the world moves toward net-zero targets? We examine the financial impact of climate transition risk on global equity markets.
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Is ESG Investing a Price Bubble? Probably Not.
Dec 9, 2020 Guido Giese , Navneet Kumar , Zoltán NagyInflows into ESG funds have soared in recent years and months, in part motivated by outperformance since the COVID-19 pandemic erupted. But have these inflows become a self-fulfilling prophecy, creating an ESG bubble?
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Managing Climate Risk in Equity Portfolios: A Case Study
Jul 15, 2020 Bruno Rauis , Zoltán NagyInstitutional investors are increasingly focused on mitigating their climate-related risks. How could a “typical” active global equity manager have managed these exposures without disturbing the portfolio’s risk and return characteristics?
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ESG Ratings: How the Weighting Scheme Affected Performance
Jun 29, 2020 Zoltán Nagy , Linda-Eling Lee , Guido GieseOur recent research suggests that environmental and social issues were more industry specific and tended to show up in financial measures over a longer time frame compared to governance issues. How can E, S and G issues be combined?
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Which ESG Issues Mattered Most? Defining Event and Erosion Risks
Jun 22, 2020 Guido Giese , Zoltán Nagy , Linda-Eling LeeVery different ESG issues can be material for different industries. Our research suggests that risks can be divided into two main types: “event” risks and “erosion” risks to companies’ long-term competitiveness. Which ones mattered most for E, S and G?
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Welche ESG-Kriterien waren die wichtigsten? Definition von Ereignis- und Erosionsrisiken
Jun 22, 2020 Guido Giese , Zoltán Nagy , Linda-Eling Lee -
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Geht es bei ESG nur um das „G“? Das hängt von Ihrem Zeithorizont ab
Jun 15, 2020 Linda-Eling Lee , Guido Giese , Zoltán Nagy -
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Is ESG All About the ‘G’? That Depends on Your Time Horizon.
Jun 15, 2020 Linda-Eling Lee , Guido Giese , Zoltán NagyThe conventional wisdom has it that governance is the most dominant of the three E, S and G pillars. But our analysis finds different results when looking at contribution to performance over different time horizons.
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MSCI ESG Indexes during the coronavirus crisis
Apr 22, 2020 Zoltán Nagy , Guido GieseThe COVID-19 outbreak is the first real-world test since the 2008 global financial crisis of the resilience of companies with high MSCI ESG Ratings. We analyze the performance of four standard MSCI ESG Indexes over Q1 2020 and longer periods.
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Despite strong headwinds, including renewed divestment pressure,1 the tobacco industry has proved quite resilient financially and outperformed the stock market over the past 18-1/2 years. So much so, that some institutional investors are now thinking of lifting tobacco bans in their investment policies. We found that most of the gains associated with holding tobacco stocks over this period were not specific to the tobacco industry, and could have been obtained in other ways. We also show it would have been possible to divest from tobacco without taking a hit to portfolio performance during our sample period.
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We see a growing number of institutional investors seeking to avoid financial risks associated with environmental, social and governance (ESG) factors, or even to enhance returns by investing in companies that have strong ESG track records. As we wrote in an earlier blog post, these investors are typically looking to limit the number of companies excluded from their portfolios, both to avoid sacrificing diversification and to be active owners able to engage with corporate management.
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