NO.PZ2024021801000080
问题如下：
The relatively low correlation of ESG ratings by the various providers most likely:
选项：
A.facilitates empirical research and decision making.
B.motivates companies to improve their ESG performance.
C.results in ESG performance not being fully reflected in corporate security prices.
解释：
A. Incorrect because the divergence of ratings poses a challenge for empirical research, as using one rater versus another may alter a study’s results and conclusions. Taken together, the ambiguity around ESG ratings represents a challenge for decision-makers.
B. Incorrect because the divergence hampers the ambition of companies to improve their ESG performance, because they receive mixed signals from rating agencies about which actions are expected and will be valued by the market.
C. Correct because ESG performance is less likely to be reflected in corporate stock and bond prices, as investors face a challenge when trying to identify outperformers and laggards. Investor tastes can influence asset prices, but only when a large enough fraction of the market holds and implements a uniform nonfinancial preference. Therefore, even if a large fraction of investors have a preference for ESG performance, the divergence of the ratings disperses the effect of these preferences on asset prices.
前边有一道题说c是结果，这里为什么又说是原因呢
