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SUMMARY:On ESG Investing: Heterogeneous Preferences\, Information\, and As
 set Prices
DTSTART:20221111T103000
DTEND:20221111T120000
DTSTAMP:20260930T185351Z
UID:ad37a60651d9f632b44381e4754d1035d510d41d7df3f4703fd5d569
CATEGORIES:Conferences - Seminars
DESCRIPTION:Lin Shen\, Insead \nWe study how environmental\, social and go
 vernance (ESG) investing reshapes information aggregation by prices. We de
 velop a rational expectations equilibrium model in which traditional and g
 reen investors are informed about financial and ESG risks but have differe
 nt preferences over them. Because of the preference heterogeneity\, tradit
 ional and green investors trade in the opposite directions based on the sa
 me information. We show that the equilibrium price may not be uniquely det
 ermined. An increase in the fraction of green investors and an improvement
  in the ESG information quality can reduce price informativeness about the
  financial payoff and raise the cost of capital.
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STATUS:CONFIRMED
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