The Macroeconomics Seminar:
Time: 12:15 pm – 13:30 pm
Date: 18 th of February 2022

Zoom

Milo BIANCHI ( TSE) “Are We Becoming Greener? Life-time Experiences and Responsible Investment”

Abstract : We study the determinants and the patterns of ESG investing by exploiting account-level data from the Shanghai Stock Exchange, which provide detailed information on individual investors’ characteristics and trading over time. We show that investors’ pro-social attitudes affect ESG demand and that these attitudes are shaped by economic and non-economic life-time experiences, such as growing up in a region with more pro-social values, being exposed to an increased level of pollution or to a natural disaster. Recent experiences tend to matter more, and non-economic experiences are particularly important to explain how investors change their attitudes during their trading life. We also show that investors display distinct trading patterns between their ESG and non-ESG stocks, which helps explaining stock market dynamics.

Joint work : Gang Wang (Shanghai University), Zhengkai Liu (Fudan University)

Organizers:
Alessandro RIBONI (Polytechnique)

Sponsors:
CREST