Financial researchers agree that allocating money to employer stock in a 401(k) plan is a poor strategy, yet many employees do so. Not only does this investment strategy bear unrewarded idiosyncratic risk, but it also correlates employees' retirement portfolios with their human capital. I find...

Institutional investors located in cities with social norms friendlier towards the environment (“green” cities) are sensitive to corporate environmental practices. Their portfolios are tilted away from stocks exhibiting negative environmental practices, particularly those headquartered in...