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 Fri, 07. Jun. 2024   Finance & Banking

New publication at the Chair of Finance and Banking

The working paper “Who cares about ESG?” has been accepted for publication in the Journal of Climate Finance. In the paper, Matthias Horn, Andreas Oehler, and Matthias Pelster study the ESG-related posting and trading behavior of a large sample of retail investors. Investors significantly increased both their ESG-related posting activities and their ESG investments after the COP21 conference. The increase in ESG-consistent activity correlates with concerns about climate change expressed in the media. Overall, posts with ESG content receive more likes and investors who post about ESG have portfolios with a higher investment-weighted ESG rating. We find no evidence of consistent out- or underperformance by investors who focus on stocks with high ESG ratings. Paper