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The Asymmetry in Responsible Investing Preferences / Jacquelyn Humphrey, Shimon Kogan, Jacob Sagi, Laura Starks.
- Format:
- Book
- Author/Creator:
- Humphrey, Jacquelyn.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w29288.
- NBER working paper series no. w29288
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- 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.
- Notes:
- Print version record
- September 2021.
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