Dear Ishwar, Lucas, Eman and Mohd.

Thank you for your comments.

The paper has within it a link to a more detailed analysis that provides more granular detail that you might find useful. I have provided that link below here

http://highpointecapital.com/docs/ESG.Investing.A.Constraint.or.An.Oppo…

Also, your idea that the analysis adjust for sectors does indeed have merit; however, to do that the ESG dataset must be based on absolute scores, not relative to industry peers. The Refinitiv data for Environment and Social factors is relative to industry peers. Refinitiv has some valid reasons for using this methodology, but it makes it not useful for sector adjustments.

There are many different ways we are parsing the ESG data and will be publishing more of our results in the coming months.