I examine investors' within ESG investment preferences during the COVID-19 pandemic by investigating the return spillover effects across the three different corporate bonds and equities-based investment strategies. Investors prefer making investments in ESG leaders in the investment-grade corporate bond market over ESG leaders in the equity and high yield corporate bond markets during times of uncertainty. It suggests that capital flows away from high yield corporate bond and equity markets to the investment-grade corporate bond market. Investors find refuge in firms with relatively higher ESG ratings and creditworthiness in the fixed income market over the equity market during crisis periods.

中文翻译：

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COVID-19 和 ESG 偏好：公司债券与股票

我通过调查三种不同公司债券和基于股票的投资策略的回报溢出效应来检验投资者在 COVID-19 大流行期间的 ESG 投资偏好。在不确定时期，投资者更愿意投资于投资级公司债券市场的 ESG 领先企业，而不是股票和高收益公司债券市场的 ESG 领先企业。这表明资本从高收益公司债券和股票市场流向投资级公司债券市场。在危机期间，投资者在固定收益市场的 ESG 评级和信用度相对较高的公司避难。