  Our main contribution is that we are using AI to discern the key drivers of
variation of ESG mentions in the corporate filings. With AI, we are able to
separate "dimensions" along which the corporate management presents their ESG
policies to the world. These dimensions are 1) diversity, 2) hazardous
materials, and 3) greenhouse gasses. We are also able to identify separate
"background" dimensions of unofficial ESG activity in the firms, which provide
more color into the firms and their shareholders' thinking about their ESG
processes. We then measure investors' response to the ESG activity "factors".
The AI techniques presented can assist in building better, more reliable and
useful ESG ratings systems.
