Do Politicians “Put Their Money Where Their Mouth Is?” Ideology and Portfolio Choice
通过研究美国国会议员的个人资产配置，发现意识形态相似的议员持有相似的投资组合，自由派更倾向社会责任投资，且意识形态影响投资决策的伦理层面。
We examine the role of political ideology in portfolio formation by studying a unique set of investors whose ideology can be precisely captured by a well-defined, continuous measure and whose personal asset allocation decisions are mandatorily disclosed, namely, the members of the U.S. Congress. As such, we overcome important methodological issues facing previous work in this area. We find that politicians with similar beliefs hold similar portfolios and that more liberal members engage in more socially responsible investing (SRI), even within political parties. Politicians disproportionately favor the SRI categories that reflect their favorite issues, while salience plays an important role in activating their ideologically based preferences for SRI. In addition, more ideological investors are less likely to engage in quid pro quo behavior. We conclude that ideology is a pervasive psychological factor that governs decisions across the domains of politics, investing, and, even, ethics. This paper was accepted by Lauren Cohen, finance.