Aaron Yoon


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Doctoral Student

Aaron S. Yoon is a doctoral candidate in the Accounting & Management Unit at Harvard Business School. His research interests are in the capital markets, valuation, and empirical asset pricing. 

Aaron earned his M.A. and B.A. in Economics along with a B.A. in Mathematical Methods in the Social Sciences with honors in four years from Northwestern University. Prior to his doctoral studies, Aaron was an equity trader and a quantitative research analyst at Credit Suisse. He also controlled air traffic in the Eighth Army for two years.


Journal Articles

  1. Corporate Sustainability: First Evidence on Materiality

    Mozaffar Khan, George Serafeim and Aaron Yoon

    Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence on the value implications of sustainability investments. Using both calendar-time portfolio stock return regressions and firm-level panel regressions we find that firms with good ratings on material sustainability issues significantly outperform firms with poor ratings on these issues. In contrast, firms with good ratings on immaterial sustainability issues do not significantly outperform firms with poor ratings on the same issues. These results are confirmed when we analyze future changes in accounting performance. The results have implications for asset managers who have committed to the integration of sustainability factors in their capital allocation decisions.

    Keywords: sustainability; Investments; corporate social responsibility; accounting; corporate reporting; regulation; Corporate Social Responsibility and Impact; Integrated Corporate Reporting; Investment; Corporate Governance;


    Khan, Mozaffar, George Serafeim, and Aaron Yoon. "Corporate Sustainability: First Evidence on Materiality."Accounting Review (forthcoming). View Details

        Area of Study

        • Accounting and Management