distortion effect

嗨，努力学习的PZer你好：

同学可以参考一下思维导图和教材原话：“ESG ratings and indicators like those of the World Bank tend to be structurally lower for emerging countries relative to developed economies, which enjoy higher standards of transparency, rule of law, regulatory authority and anti-corruption. For instance, an emerging markets debt portfolio will benefit from a higher ESG score if it is underweight with emerging markets and overweight with defensive positions, like US treasuries or German bunds. Hence, it is critical to understand that this developed-emerging weighting is driving the overall ESG score.” 

发达国家由于披露标准高，监管完善等，会有更高的ESG评级。在新兴市场债券组合中给发达国家主权债更高的权重就会使得组合评级提高。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！