Retail investors and ESG news: A discussion

被引：4

作者：

Sloan, Richard G. ^{[1
]}

机构：

[1] Univ Southern Calif, Marshall Sch Business, Los Angeles, CA 90007 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2024年 / 78卷 / 2-3期

关键词：

Retail investors; ESG news; Financial materiality; Nonpecuniary preferences;

D O I：

10.1016/j.jacceco.2024.101730

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页数：6