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The performance of socially responsible investments : a meta-analysis
Hornuf, Lars; Yüksel, Gülistan - 2022
In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a … thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on … average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we …
Persistent link: https://www.econbiz.de/10013186761
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What do you think about climate finance?
Stroebel, Johannes; Wurgler, Jeffrey - 2021
We survey 861 finance academics, professionals, and public sector regulators and policy economists about climate finance topics. They identify regulatory risk as the top climate risk to businesses and investors over the next five years, but they view physical risks as the top risk over the next...
Persistent link: https://www.econbiz.de/10012643549
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Are sustainability-oriented investors different? : evidence from equity crowdfunding
Hornuf, Lars; Stenzhorn, Eliza; Vintis, Tim - 2020
In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate...
Persistent link: https://www.econbiz.de/10012226560
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Do retail investors value environmental impact? : a lab-in-the-field experiment with crowdfunders
Siemroth, Christoph; Hornuf, Lars - 2021
Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose...
Persistent link: https://www.econbiz.de/10012597881
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The environmental and macroeconomic effects of socially responsible investment
Dam, Lammertjan (contributor); Heijdra, Ben J. (contributor) - 2008
We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy in a continuous-time dynamic growth model featuring optimizing households and firms. Environmental quality is modelled as a renewable resource. Consumers can invest in...
Persistent link: https://www.econbiz.de/10003730310
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The standard portfolio choice problem in Germany
Huck, Steffen; Schmidt, Tobias; Weizsäcker, Georg - 2015
We study an investment experiment conducted with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable...
Persistent link: https://www.econbiz.de/10011298558
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Protecting investors in equity crowdfunding : an empirical analysis of the small investor protection act
Göthner, Maximilian; Hornuf, Lars; Regner, Tobias - 2020
During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In Germany, the Small Investor Protection Act became binding in July 2015, with the legislative goal to protect investors engaging in this new asset class. Since then, investors...
Persistent link: https://www.econbiz.de/10012226836
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Are equity crowdfunding investors active investors?
Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019
It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd...
Persistent link: https://www.econbiz.de/10012119946
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The trading response of individual investors to local bankruptcies
Laudenbach, Christine; Loos, Benjamin; Pirschel, Jenny; … - 2020
We use data from a German online brokerage and a survey to show that retail investors sharply reduce risk-taking in response to nearby firm bankruptcies, which are not predictive of returns. The effects on trading are spatially highly concentrated, immediate and not persistent. They seem to...
Persistent link: https://www.econbiz.de/10012195959
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The dynamics of households' stock market beliefs
Gaudecker, Hans-Martin von; Wogrolly, Axel - 2019
We analyse a long panel of households' stock market beliefs to gain insights into the nature of their expectations formation processes. We classify respondents into one of five groups based on their data and estimate group-wise models of expectations formation. Two of the groups are at opposite...
Persistent link: https://www.econbiz.de/10011996781