Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Professor Yong Kim

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© 2021 Aryam Mohan


In this paper, I perform textual analysis of the Form 10-K of the largest U.S. financial services companies by market capitalization and study the degree to which the relative term frequencies of words associated with different Environmental, Social and Governance (ESG) endeavors help explain cumulative abnormal returns. While I find that there is no statistically significant relationship between any of these sub-groups’ term frequencies and cumulative abnormal returns, this research helps identify the sort of ESG disclosure the market does and does not respond to. As such, this paper helps make progress to identify what the much-needed standardized ESG guidelines that the United States Securities and Exchange Commission is striving to implement should look like.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.