Voting in the Stock Market–Retail Investor Preferences During COVID‐19
利用Robinhood数据，研究了新冠疫情期间散户投资者对不同环境、社会和治理评分证券的买卖行为，发现投资者偏好高环境评分证券并非出于财务回报或风险考虑。
ABSTRACT Using data from Robinhood, this study investigates retail investors' movement towards/from securities with different environmental, social and governance scores during the COVID‐19 pandemic. Although the number of retail investors holding securities with low environmental scores declined, the number holding high‐score securities remained steady. We also find heterogeneity in investors' reactions to different subcategory scores. The equal‐weighted buy‐and‐hold portfolio of high‐score securities did not outperform that of low‐score securities in either volatility or return, suggesting neither financial return nor risk drove retail investors' preference for high environmental score securities. Thus, such ‘voting’ by investment choice is independent of pecuniary indicators.