In this paper, we discuss the attractiveness of green and sustainable assets, from an investor perspective. Inspired by the current state of the art, with researchers positively (re)considering the added value of stocks associated with the fulfilment of sustainable development goals, we analyze whether such stocks demonstrated: (1) a different and (2) an outperforming dynamic during various stages of the COVID-19 pandemic. In particular, we examine sustainable-indexed assets and companies with a fully bio-based production system, against a counterfactual group of non-indexed activities operating in the same sectors. Asset connectivity is investigated by means of a correlation network, and portfolio optimization is applied to measure profitability. The results show: (1) fewer connections between bio-based assets and the “rest of the world,” suggesting that, given their potential long-term resilience, investors might consider them capable of mitigating COVID-19 systemic risk, and therefore a valid investment to hold; and (2) the effectiveness and profitability of bio-based assets in portfolios. Considering the latter finding, we document a switching effect after the hard lockdown phase, during which rational investors (seeking an optimal mean–variance) may have inferred the efficacy of capital re-allocation from simply sustainable assets to bio-based companies. Here, we discuss the potential role of the pandemic as an accelerator of the sustainable green transition, considering the welfare implications in terms of socio-economic wellbeing and reduction of negative environmental externalities deriving from the conversion of the traditional production and management system. The profitability of the returns investments might increase the attractiveness of sustainable management organizations, causing the diffusion of these virtuous systems to increase further.

在本文中，我们从投资者的角度讨论绿色和可持续资产的吸引力。受当前技术水平的启发，研究人员积极（重新）考虑与实现可持续发展目标相关的股票的附加值，我们分析了这些股票是否表现出：（1）不同的和（2）表现优异的动态COVID-19 大流行的不同阶段。特别是，我们将具有完全基于生物的生产系统的可持续索引资产和公司与在同一行业运营的一组反事实的非索引活动进行比较。通过关联网络研究资产连通性，并应用投资组合优化来衡量盈利能力。结果表明：（1）生物基资产与“世界其他地区，” 这表明，鉴于它们潜在的长期弹性，投资者可能会认为它们有能力减轻 COVID-19 系统性风险，因此是一种有效的投资；(2) 生物基资产在投资组合中的有效性和盈利能力。考虑到后一个发现，我们记录了硬锁定阶段之后的转换效应，在此期间，理性投资者（寻求最佳均值方差）可能已经推断出资本从简单的可持续资产重新分配到生物基公司的效果。在这里，我们讨论了大流行作为可持续绿色转型加速器的潜在作用，考虑了社会经济福祉和减少因传统生产和管理系统转变而产生的负面环境外部性方面的福利影响。