---
title: Romania's Roadmap to a Greener Financial System: An analysis of Environmental, Social and Governance Reporting on the Bucharest Exchange Trading Index
url: https://www.ml-quant.com/papers/ssrn/4440516/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4440516
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4440516
featured: 2025-12-19
citations: 3
topic: Trading, Microstructure & Execution
---


# Romania's Roadmap to a Greener Financial System: An analysis of Environmental, Social and Governance Reporting on the Bucharest Exchange Trading Index

Romania struggles to attract sustainable investments because its major companies have low transparency and high greenhouse gas emissions.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4440516
- Identifier: SSRN 4440516
- Released: 2023-05-19
- First featured: Quant Letter No. 123 (2025-12-19): https://www.ml-quant.com/issues/2025-12-19/
- Citations (Semantic Scholar): 3
- Published in: not yet
- Topic: Trading, Microstructure & Execution

## Related

- [Unveiling the Liquidity Greenium: Exploring Patterns in the Liquidity of Green versus Conventional Bonds](https://www.ml-quant.com/papers/ssrn/4503175/): Green bonds from governments and energy companies are more liquid than traditional bonds, particularly if they are externally verified or meet international standards.
- [Pattern Recognition of Aluminium Arbitrage in Global Trade Data](https://www.ml-quant.com/papers/arxiv/2512.14410/): A study found that efforts to reduce carbon emissions in the aluminum industry have led to illegal trade practices, highlighting the need for new customs enforcement strategies.
- [ESG Mania and Trading](https://www.ml-quant.com/papers/ssrn/5278151/): The study explores the motivations and economic outcomes of institutional investors flocking to the ESG stock market, uncovering evidence of impact-washing rather than impact-chasing.
- [Multifrequency Data Fusion Model for Carbon Price Prediction](https://www.ml-quant.com/papers/repec/wly-jforec-v-44-y-2025-i-2-p-436-458/): The newly introduced MFF-CPPM model in China has demonstrated higher accuracy and flexibility in predicting carbon trading prices compared to current models.
- [Carbon Offset Markets](https://www.ml-quant.com/papers/ssrn/4975481/): The research explores the relationship between prices in Australia's renewable energy certificate market, carbon offsets market, and electricity market from May 2018 to June 2023, using a portfolio approach for backtesting.
- [Mutual Fund Trading](https://www.ml-quant.com/papers/ssrn/4943397/): A new method reveals that individual mutual funds strategically trade ESG stocks, particularly around the extreme ESG rating categories' cutoffs.