标题： 评估欧洲市场动荡时期ESG投资的韧性 显示英文标题

标题： Evaluating the resilience of ESG investments in European Markets during turmoil periods

摘要： 本研究调查了环境、社会和治理（ESG）投资在金融不稳定时期的韧性，并将其与主要欧洲市场（德国、法国和意大利）的传统股票指数进行比较。利用2021年10月至2024年2月的每日收益率数据，分析探讨了全球重大干扰事件（如新冠疫情和俄乌冲突）对市场表现的影响。采用混合两成分广义正态分布（MGND）和EGARCH-in-mean模型来识别市场动荡时期并评估波动性动态。结果显示，在危机期间，ESG投资在德国和意大利比在法国表现出更高的波动性。尽管存在一些地区差异，但ESG投资组合显示出比传统投资组合更大的韧性，在市场冲击下提供潜在的风险缓解作用。这些结果强调了将ESG因素纳入长期投资策略的重要性，特别是在面对不可预测的金融动荡时。 显示英文摘要

摘要： This study investigates the resilience of Environmental, Social, and Governance (ESG) investments during periods of financial instability, comparing them with traditional equity indices across major European markets-Germany, France, and Italy. Using daily returns from October 2021 to February 2024, the analysis explores the effects of key global disruptions such as the Covid-19 pandemic and the Russia-Ukraine conflict on market performance. A mixture of two generalised normal distributions (MGND) and EGARCH-in-mean models are used to identify periods of market turmoil and assess volatility dynamics. The findings indicate that during crises, ESG investments present higher volatility in Germany and Italy than in France. Despite some regional variations, ESG portfolios demonstrate greater resilience compared to traditional ones, offering potential risk mitigation during market shocks. These results underscore the importance of integrating ESG factors into long-term investment strategies, particularly in the face of unpredictable financial turmoil.