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Panos Seretis

Panos Seretis
Executive Director, ESG Research

About the Contributor

Panos Seretis serves as the Head of ESG Research in EMEA. Previously, he was Director of HOLT Equity Research at Credit Suisse and has held financial analyst and corporate finance roles at GE Capital in London and Procter & Gamble in Athens. Panos holds an MBA from University of Cambridge and a BA in Finance from University of Piraeus.

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Contributions by Panos Seretis

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  1. Recent studies by MSCI ESG Research LLC have shown historical positive links between environmental, social and governance considerations and corporate financial performance. Because investors might still question whether ESG historically added value in emerging markets, where companies’ consideration of ESG risks is a more recent phenomenon, we compared the performance of four ESG indexes to their MSCI emerging-market parent. Overall, we found that despite emerging-market companies’ tending to have lower MSCI ESG Ratings than global peers on average, ESG characteristics measured by MSCI ESG Ratings had contributed to performance overall.

  2. Recent studies by MSCI ESG Research have shown an historical link between environmental, social and governance (ESG) factors and stronger corporate financial performance. However, investors may question whether the relationship between ESG and stronger financial characteristics also applied to banks. For spread businesses such as banks, profitability, returns and valuation are typically driven by balance-sheet strength, rather than by the transmission channels such as operational efficiency and oversight that apply to other industries. In this analysis, we show how ESG has further differentiated performance for such businesses.

  3. PAPER

    Taking Stock: Share Buybacks and Shareholder Value 

    Jul 31, 2018 Ric Marshall , Panos Seretis , Agnes Grunfeld

    Investing (Investment Management) , Responsible Investing

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    Contrary to concerns expressed by many observers, we found no compelling evidence of a negative impact from share buybacks on long-term value creation for investors overall. We did find, however, that buybacks can impact long-term investment returns differently for active and index investors. Over the periods we observed, Companies where index investors were the largest shareholders included a much wider range of buyback impacts, good and bad, than companies where the largest shareholders were buy-and-hold investors; on average, total returns for companies where buy-and-hold investor were the largest shareholders were 18% higher than for index investor companies from 2007 to 2016.

  4. BLOG

    “G” is just one part of the ESG story 

    Jun 26, 2018 Meggin Thwing Eastman , Panos Seretis , Meggin Eastman

    ESG Research

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    When it comes to ESG (environmental, social and governance) investing, conventional wisdom holds that G is the only part that really matters, as a window into overall management quality and providing insights and value for investors. Our analysis suggests this has not been true; that the E and S aspects of ESG did help sort the truly outstanding firms from a group that already shares an array of robust financial traits.

  5. PAPER

    Enhancing Economic Value With ESG 

    Apr 19, 2018 Meggin Eastman , Panos Seretis

    Responsible Investing

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    In this paper we apply an ESG filter to a highly selective universe of 100 companies that have already been screened for value creation as measured by ROIC, economic spread, margins and asset turnover ratio. We found that those with higher ESG Ratings had higher average ROIC and were valued at a premium compared to companies with lower ESG ratings.

  6. PAPER

    Women on Boards and the Human Capital Connection 

    Mar 6, 2018 Meggin Eastman , Panos Seretis

    Investing (Investment Management) , Responsible Investing

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    Studies have asked whether having multiple women on a board of directors has translated into better financial performance. But is that the whole story? Does the number of women on boards relate to a company’s overall human capital policies and its financial performance? Our findings suggest that the whole is greater than the sum of the parts. Companies with both a more diverse board and stronger talent management practices enjoyed higher growth in employee productivity compared to companies with a diverse board only and to companies with strong talent management practices only.

    Women on Boards Infographic

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