This paper summarizes and discusses Cohen et al. (2023), including how their results fit into a larger set of open questions about how sustainability-oriented information gets used in capital markets. Two key messages emerge. The first is that investors are not a monolith. The second message is that the information environment in which investors have been operating has changed dramatically over the past two decades and is likely to continue to evolve for the foreseeable future. Both messages have important implications for researchers when thinking about how to design empirical tests of theoretical relationships.

中文翻译：

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一切都在改变：随着时间的推移，可持续投资和披露的审视以及对“机构投资者、气候披露和碳排放”的讨论

本文总结并讨论了 Cohen 等人。（2023），包括他们的结果如何适应更多关于如何在资本市场中使用可持续发展信息的开放问题。出现了两个关键信息。首先，投资者并不是铁板一块。第二个信息是，投资者所处的信息环境在过去二十年中发生了巨大变化，并且在可预见的未来可能会继续发展。当研究人员思考如何设计理论关系的实证检验时，这两个信息对研究人员都有重要的意义。