Li, Watts, and Zhu (2024) provide evidence that retail investors trade in response to financially material ESG news. This evidence is consistent with retail investors trading in response to the financial implications of ESG-related information in much the same way that they trade in response to the financial implications of other information. The authors suggest that their evidence is inconsistent with retail investors making investment decisions based on their nonpecuniary preferences. I suggest that their research design is constructed to identify financially motivated trading and is not well suited to drawing inferences about retail investors’ nonpecuniary investment decisions.

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散户投资者和 ESG 新闻：讨论


Li、Watts 和 Zhu （2024） 提供了证据表明，散户投资者的交易是为了响应具有财务重大意义的 ESG 新闻。这一证据与散户投资者应对 ESG 相关信息的财务影响进行交易的方式一致，这与他们应对其他信息的财务影响进行交易的方式大致相同。作者认为，他们的证据与散户投资者根据其非金钱偏好做出投资决策不一致。我认为他们的研究设计是为了识别出于财务动机的交易而构建的，并且不太适合对散户投资者的非金钱投资决策进行推断。