Retail investors and ESG news: A discussion

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics Pub Date : 2024-11-01 DOI:10.1016/j.jacceco.2024.101730

Richard G. Sloan

引用次数: 0

Abstract

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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散户投资者与 ESG 新闻：讨论

Li、Watts 和 Zhu（2024 年）提供的证据表明，散户投资者会对具有财务重要性的 ESG 新闻进行交易。这些证据表明，散户投资者会根据 ESG 相关信息的财务影响进行交易，就像他们会根据其他信息的财务影响进行交易一样。作者认为，他们的证据与散户投资者根据其非金钱偏好做出投资决策不一致。我认为，他们的研究设计是为了识别出于财务动机的交易，并不适合推断散户投资者的非金钱投资决策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Accounting & Economics Multiple-

CiteScore

8.70

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting and Economics encourages the application of economic theory to the explanation of accounting phenomena. It provides a forum for the publication of the highest quality manuscripts which employ economic analyses of accounting problems. A wide range of methodologies and topics are encouraged and covered: * The role of accounting within the firm; * The information content and role of accounting numbers in capital markets; * The role of accounting in financial contracts and in monitoring agency relationships; * The determination of accounting standards; * Government regulation of corporate disclosure and/or the Accounting profession; * The theory of the accounting firm.