Retail investors and ESG news: A discussion
成果类型：
Article
署名作者：
Sloan, Richard G.
署名单位：
University of Southern California
刊物名称：
JOURNAL OF ACCOUNTING & ECONOMICS
ISSN/ISSBN：
0165-4101
DOI：
10.1016/j.jacceco.2024.101730
发表日期：
2024
关键词：
摘要：
Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors' nonpecuniary investment decisions.
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