| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29839 |
| 来源ID | Working Paper 29839 |
| On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices | |
| Itay Goldstein; Alexandr Kopytov; Lin Shen; Haotian Xiang | |
| 发表日期 | 2022-04-11 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study how environmental, social and governance (ESG) investing reshapes information aggregation by prices. We develop a rational expectations equilibrium model in which traditional and green investors are informed about financial and ESG risks but have different preferences over them. Because of the preference heterogeneity, traditional and green investors trade in the opposite directions based on the same information. We show that the equilibrium price may not be uniquely determined. An increase in the fraction of green investors and an improvement in the ESG information quality can reduce price informativeness about the financial payoff and raise the cost of capital. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w29839 |
| 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/587586 |
| 推荐引用方式 GB/T 7714 | Itay Goldstein,Alexandr Kopytov,Lin Shen,et al. On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices. 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 | ||
| w29839.pdf（854KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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