| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29647 |
| 来源ID | Working Paper 29647 |
| The Moral Preferences of Investors: Experimental Evidence | |
| Jean-François Bonnefon; Augustin Landier; Parinitha R. Sastry; David Thesmar | |
| 发表日期 | 2022-01-17 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We characterize investors’ moral preferences in a parsimonious experimental setting, where we auction stocks with various ethical features. We find strong evidence that investors seek to align their investments with their social values (“value alignment”), and find no evidence of behavior driven by the social impact of investment decisions (“impact-seeking preferences”). First, the willingness to pay for a stock is a linear function of corporate externalities, and is symmetric for positive or negative externalities. Second, whether charity transfers are contingent or independent on investors buying the auctioned stock does not affect their WTP. Our results are thus compatible with a utility model where non-pecuniary benefits of firms’ externalities only accrue through stock ownership, not through the actual impact of investment decisions. Finally, non-pecuniary preferences are linear and additive: willingness to pay for social externalities is proportional to the expected sum of charity transfers made by firms (even if some of these donations are negative). |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w29647 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587321 |
| 推荐引用方式 GB/T 7714 | Jean-François Bonnefon,Augustin Landier,Parinitha R. Sastry,et al. The Moral Preferences of Investors: Experimental Evidence. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29647.pdf（869KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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