為什麼不是A？

问题如下：

In ESG integration, materiality assessment is typically performed at the:

选项：

A.research stage.

B.valuation stage.

C.portfolio construction stage.

解释：

A is correct because ""firms...use ESG techniques within investment processes. These can run alongside a financial analysis or have integrated aspects to the analysis. The stages typically are: a research stage; a valuation stage; and a porfolio construction stage...the research stage typically contains a materiality assessment to identify the ESG issues that are likely to have an impact on the company's financial performance."

B is incorrect because ""firms...use ESG techniques within investment processes. These can run alongside a financial analysis or have integrated aspects to the analysis. The stages typically are: a research stage; a valuation stage; and a porfolio construction stage...the research stage typically contains a materiality assessment to identify the ESG issues that are likely to have an impact on the company's financial performance."

C is incorrect because ""firms...use ESG techniques within investment processes. These can run alongside a financial analysis or have integrated aspects to the analysis. The stages typically are: a research stage; a valuation stage; and a porfolio construction stage...the research stage typically contains a materiality assessment to identify the ESG issues that are likely to have an impact on the company's financial performance."