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来源类型Working Paper
规范类型报告
DOI10.3386/w29288
来源IDWorking Paper 29288
The Asymmetry in Responsible Investing Preferences
Jacquelyn Humphrey; Shimon Kogan; Jacob Sagi; Laura Starks
发表日期2021-09-27
出版年2021
语种英语
摘要We design an experiment to understand how social preferences affect investment decisions through stock allocations and probability assessments. The major preference channel is asymmetric in social outcomes – although negative and positive responsible investment (RI) externalities have the same magnitudes, negative externalities have greater impact on investment choices. The effect is persistent, but heterogenous. We also find asymmetries in belief formation and learning constitute a secondary channel. Overall, our results are consistent with important stylized empirical facts and the predictions of recent RI theories that social preferences lead to different investment choices, but our analyses also suggest important future modeling directions.
主题Econometrics ; Experimental Design ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance
URLhttps://www.nber.org/papers/w29288
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586962
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Jacquelyn Humphrey,Shimon Kogan,Jacob Sagi,et al. The Asymmetry in Responsible Investing Preferences. 2021.
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