Authors: Fatima Zahra Filali Adib (Copenhagen Business School), Steffen Andersen (Danmarks Nationalbank), Dmitry Chebotarev (Indiana University Kelley School of Business) and Kasper Meisner Nielsen (Copenhagen Business School)
Presenter: Kasper Meisner Nielsen (Copenhagen Business School)
Are investors’ preferences for responsible investing affected by their idiosyncratic personal experiences? Using a comprehensive dataset for hospital visits and the information on portfolio holdings by retail investors in Denmark, we show that when an investor’s child is diagnosed with a respiratory disease, the investor decreases (increases) portfolio weights of “brown” (“green”) stocks but does not alter their holdings of ESG funds. Consistent with parents attributing respiratory diseases to air pollution, we find no effects for non-respiratory diseases. The results are stronger for more severe diseases and are entirely driven by parents who live with their children.
Authors: Quyen Nguyen (University of Otago), Ivan Diaz-Rainey (Griffith University), Adam Kitto (University of New South Wales), Nicholas Pittman (EMMI), Renzhu Zhang (University of Otago)
