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Nudging Investors towards Sustainability: A Field Experiment with a Robo-Advisor
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Nudging Investors towards Sustainability: A Field Experiment with a Robo-Advisor (2025)Nudging Investors towards Sustainability:…Dissecting green returns (2022)Dissecting green returnsAggregate Confusion: The Divergence of ESG Ratings (2022)Aggregate Confusion: The Dive…Sustainable investing in equilibrium (2020)Sustainable investing in equi…Responsible Investing: The ESG-Efficient Frontier (2019)Responsible Investing: The ES…Do Investors Care about Carbon Risk? (2019)Do Investors Care about Carbo…Why Do Investors Hold Socially Responsible Mutual Funds? (2017)Why Do Investors Hold Sociall…Do Investors Value Sustainability? 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(1979)Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis (2017)Content Analysis: An Introduction to Its Methodology (2019)Climate Risks and Financial Stability (2020)Sustainable investing with ESG rating uncertainty (2021)On the Measurement of Poverty (1987)An Engine, Not a Camera (2006)Bank activity and funding strategies: The impact on risk and returns☆ (2010)Mental accounting matters (1999)Experimental Tests of the Endowment Effect and the Coase Theorem (2000)Mental Accounting and Consumer Choice (2008)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)A gradient of childhood self-control predicts health, wealth, and public safety (2011)The behaviour change wheel: A new method for characterising and designing behaviour change interventions (2011)Misinformation and Its Correction (2012)Conditional value-at-risk for general loss distributions (2002)Optimal Versus Naive Diversification: How Inefficient is the 1/ N Portfolio Strategy? (2007)The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis (2008)
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References

  • 1952PORTFOLIO SELECTION*13,480 cited
  • 2008Nudge: Improving Decisions About Health, Wealth and Happiness5,544 cited
  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 2022Aggregate Confusion: The Divergence of ESG Ratings3,411 cited
  • 2019Do Investors Care about Carbon Risk?3,361 cited
  • 2001The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior2,732 cited
  • 1952Safety First and the Holding of Assets2,537 cited
  • 2004Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving2,490 cited
  • 1990Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice2,378 cited
  • 2009Individual and Corporate Social Responsibility2,238 cited
  • 2020Sustainable investing in equilibrium2,229 cited
  • 2019Responsible Investing: The ESG-Efficient Frontier2,100 cited
  • 2017Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows1,602 cited
  • 2017Why Do Investors Hold Socially Responsible Mutual Funds?1,378 cited
  • 2022Dissecting green returns1,129 cited
  • 2001

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What Experimental Protocol Influence Disparities Between Actual and Hypothetical Stated Values?
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