Dirty air and green investments: The impact of pollution information on portfolio allocations

• 成果类型: Article
• 署名作者: Fisman, Raymond; Ghosh, Pulak; Sarkar, Arkodipta; Zhang, Jian
• 署名单位: Boston University; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; National University of Singapore; University of Hong Kong
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104309
• 发表日期: 2026-08
• 页码: 104309
• 关键词: esg; Sustainable investing; Pollution information; SALIENCE; mortality; HEALTH; belief

摘要

We study whether access to local pollution information causes investors to make greener portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework on the trading records of 19 million investors, we show that retail investors' holdings in brown stocks become more negatively related to local pollution after a nearby station appears. This effect is more pronounced on alert dates when air quality is reported to be harmful. The effect is strongest among tech-savvy investors likely treated by real-time pollution data, and younger investors, who may be more sensitive to environmental concerns.