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No reliable evidence that ESG investing produces above-average returns

The investment industry should provide reliable information about the performance of ESG-focused investment products.

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Costs of mandatory ESG disclosure likely would outweigh benefits

Individual rating services change their rankings of the same companies over short periods of time, sometimes dramatically.

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The proposed TMX-London Stock Exchange merger and the more recently announced acquisition of NYSE Euronext by Deutche Boerse AG follow a trend of cross-border mergers of exchanges as capital markets become more integrated globally. The benefits of this trend are clear: Companies have access to more investors, investors have easier access to foreign stocks, and larger exchanges may be able to achieve economies of scale, with the cost savings passed on to both companies and investors.