The role of non-financial disclosure in financial markets. The impact of sustainability reporting

Purpose: Sustainability reports are voluntarily released by companies that usually publish them on corporate websites or in other specialised digital sources to make them available to stakeholders and, specifically, investors. Since the latter are increasingly asking for credible non-financial data to make informed decision, this study investigates the effect sustainability reports publication has had, in the last years, on securities of European companies ,. Design/methodology/approach This paper examines market reactions (in terms of abnormal returns) to the sustainability report publication on the company web site. It focuses on companies listed on the Down Jones Sustainability index as company inclusion in stock indexes based on sustainability screening represents an important signal that reduces the uncertainty on the quality of sustainability information. Findings Authors expected to exhibit that financial markets present a reaction toward the publication of sustainability reports and the reaction remains constant over the years. Empirical findings indicate that investors do not change their investments decisions in most cases, instead. Research limitations/implications This study has two main limitations: it is based on a small number of firms and it does not account for the presence of other events occurring the same day of the announcement that may have potential effect to yield excess returns. Practical implications This research shows how sustainability disclosure influences the market value of companies included in Dow Jones Sustainability World. Originality/value Longitudinal analysis is highly original in providing a framework for studying of the impact of sustainability disclosure in companies that have a social and environmental impact

Second-harmonic generation from plasmon polariton excitation on silver diffraction gratings: Comparisons of theory and experiment

We present a comparison between experimental and theoretical results for the diffraction efficiencies of the second harmonic light produced in the orders of silver diffraction gratings. The gratings considered are sinusoidal, havedepths of a few nanometers, and can produce significant surface plasmon polariton excitation at fundamental and second-harmonic frequencies. The calculations are based on a general expression for the nonlinear polarization ofthe surface of a homogeneous and isotropic medium, and the diffraction problems at the fundamental and harmonic frequencies are solved using a Rayleigh method. The silver gratings were fabricated using holographic lithographyand evaporative metal deposition techniques. The samples were illuminated with picosecond pulses of wavelength 1064 nm, and photon-counting techniques were used to study the diffracted orders at 532 nm, with absolutenormalization provided by a quartz reference. The diffracted orders exhibit anomalies and other features, many of which are related to plasmon polariton excitation at both fundamental and second-harmonic frequencies.Employing previously measured values for the nonlinear susceptibilities of a flat silver surface, remarkably good comparisons of theory and experiment are obtained for the second-harmonic order efficiencies.Fil: Inchaussandague, Marina Elizabeth. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad de Buenos Aires; ArgentinaFil: Gigli, Miriam L.. Universidad de Buenos Aires; ArgentinaFil: O'donnell, Kevin A.. Centro de Investigacion Cientifica y de Educacion Superior de Ensenada; MéxicoFil: Méndez, Eugenio R.. Centro de Investigacion Cientifica y de Educacion Superior de Ensenada; MéxicoFil: Torre, Renato. Lens European Laboratory For Non-linear Spectroscopy; AlemaniaFil: Valencia, Claudio I.. Universidad Autonoma de Baja California; Méxic