Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment
References
- (2020) Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. Rev. Corporate Financial Stud. 9(3):593–621.Crossref, Google Scholar
- (2023) An economic view of corporate social impact. NBER Working Paper No. 31803, National Bureau of Economic Research, Cambridge, MA.Google Scholar
- (2015) A joint experimental analysis of investor behavior in ipo pricing methods. Rev. Admin. Empresas 55(1):14–25.Crossref, Google Scholar
- (2018) Multiattribute utility theory, intertemporal utility, and correlation aversion. Internat. Econom. Rev. (Philadelphia) 59(2):537–555.Crossref, Google Scholar
- (2001) Which is the fair sex? Gender differences in altruism. Quart. J. Econom. 116(1):293–312.Crossref, Google Scholar
- (2003) Charitable giving by married couples: Who decides and why does it matter? J. Human Resources 38(1):111–133.Crossref, Google Scholar
- (2017) Avoiding the ask: A field experiment on altruism, empathy, and charitable giving. J. Political Econom. 125(3):625–653.Crossref, Google Scholar
- (1982) The comparison of multi-dimensioned distributions of economic status. Rev. Econom. Stud. 49(2):183–201.Crossref, Google Scholar
- (2019) Measuring multivariate risk preferences in the health domain. J. Health Econom. 64:15–24.Crossref, Google Scholar
- (2021) Impact investing. J. Financial Econom. 139(1):162–185.Crossref, Google Scholar
- (2001) Private politics, corporate social responsibility, and integrated strategy. J. Econom. Management Strategy 10(1):7–45.Crossref, Google Scholar
- (2007) Corporate social responsibility and social entrepreneurship. J. Econom. Management Strategy 16(3):683–717.Crossref, Google Scholar
- (2011) Measuring investors’ socially responsible preferences in mutual funds. J. Bus. Ethics 103(2):305–330.Crossref, Google Scholar
- (2021) Get real! Individuals prefer more sustainable investments. Rev. Financial Stud. 34(8):3976–4043.Crossref, Google Scholar
- (2006) A measure of long-term orientation: Development and validation. J. Acad. Marketing Sci. 34(3):456–467.Crossref, Google Scholar
- (1964) Measuring utility by a single-response sequential method. Behav. Sci. 9(3):226–232.Crossref, Google Scholar
- (2010) Individual and corporate social responsibility. Economica 77(305):1–19.Crossref, Google Scholar
- (2003) Factors underlying the inclination to donate to particular types of charity. Internat. J. Nonprofit Voluntary Sector Marketing 8(1):12–29.Crossref, Google Scholar
- (2020) Tax-exempt lobbying: Corporate philanthropy as a tool for political influence. Amer. Econom. Rev. 110(7):2065–2102.Crossref, Google Scholar
- (2016) The happiness of giving: Evidence from the German Socioeconomic Panel that happier people are more generous. J. Happiness Stud. 17(5):1825–1846.Crossref, Google Scholar
- (2014) Are voters more likely to contribute to other public goods? Evidence from a large–scale randomized policy experiment. Amer. J. Political Sci. 58(1):17–30.Crossref, Google Scholar
- (2005) Risk aversion, intertemporal elasticity of substitution and correlation aversion. Technical report, ETH Zurich, Zurich.Google Scholar
- (2013) A, b or c? Experimental tests of IPO mechanisms. Eur. Financial Management 19(2):304–344.Crossref, Google Scholar
- (2025) The moral preferences of investors: Experimental evidence. J. Financial Econom. 163:103955.Crossref, Google Scholar
- (2005) Corporate reputation and philanthropy: An empirical analysis. J. Bus. Ethics 61:29–44.Crossref, Google Scholar
- (2008) Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management J. 29(12):1325–1343.Crossref, Google Scholar
- (2013) Dictating the risk: Experimental evidence on giving in risky environments. Amer. Econom. Rev. 103(1):415–437.Crossref, Google Scholar
- (2019) Altruism and egoism in investment decisions. Rev. Financial Econom. 37(1):118–148.Crossref, Google Scholar
- (2013) Just luck: An experimental study of risk-taking and fairness. Amer. Econom. Rev. 103(4):1398–1413.Crossref, Google Scholar
- (2010) Why volunteer? Evidence on the role of altruism, image, and incentives. J. Public Econom. 94(11–12):911–920.Crossref, Google Scholar
- (2009) Households’ willingness to pay for “green” goods: Evidence from Patagonia’s introduction of organic cotton sportswear. J. Econom. Management Strategy 18(1):203–233.Crossref, Google Scholar
- (2014) Misconceptions and game form recognition: Challenges to theories of revealed preference and framing. J. Political Econom. 122(6):1235–1270.Crossref, Google Scholar
- (2017) Giving in the face of risk. J. Risk Uncertainty 55(2):95–118.Crossref, Google Scholar
- (2016) Experimental methods: Pay one or pay all. J. Econom. Behav. Organ. 131(C):141–150.Crossref, Google Scholar
- (2018) What makes a good trader? On the role of intuition and reflection on trader performance. J. Finance 73(3):1113–1137.Crossref, Google Scholar
- (2017) Health and portfolio choices: A diffidence approach. Eur. J. Oper. Res. 259(1):273–279.Crossref, Google Scholar
- (2015) The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors. J. Corporate Finance 30:168–194.Crossref, Google Scholar
- (2008) An experimental test of warm glow giving. J. Public Econom. 92(5–6):1011–1021.Crossref, Google Scholar
- (1979) Weather, mood, and helping behavior: Quasi experiments with the sunshine samaritan. J. Personality Soc. Psych. 37(11):1947–1956.Crossref, Google Scholar
- (2011) Social preferences and political participation. J. Politics 73(3):845–856.Crossref, Google Scholar
- (2012) Testing for altruism and social pressure in charitable giving. Quart. J. Econom. 127(1):1–56.Crossref, Google Scholar
- (2013) The importance of being marginal: Gender differences in generosity. Amer. Econom. Rev. 103(3):586–590.Crossref, Google Scholar
- (2011) Individual risk attitudes: Measurement, determinants, and behavioral consequences. J. Eur. Econom. Assoc. 9(3):522–550.Crossref, Google Scholar
- (2014) Profiling German-speaking socially responsible investors. Qualitative Res. Financial Markets 6(2):118–156.Crossref, Google Scholar
- (2016) Investing with brain or heart? A field experiment on responsible investment. Management Sci. 62(6):1632–1644.Link, Google Scholar
- (2022) Risk-return trade-offs in the context of environmental impact: A lab-in-the-field experiment with finance professionals. Preprint, submitted December, https://cnrs.hal.science/hal-03883121/.Google Scholar
- (1980) Taxation, human capital, and uncertainty. Amer. Econom. Rev. 70(4):705–715.Google Scholar
- (1996) Altruism in anonymous dictator games. Games Econom. Behav. 16(2):181–191.Crossref, Google Scholar
- (1998) Are women less selfish than men? Evidence from dictator experiments. Econom. J. 108(448):726–735.Google Scholar
- (2003) Rebate versus matching: Does how we subsidize charitable contributions matter? J. Public Econom. 87(3–4):681–701.Crossref, Google Scholar
- (2007) A good sign for multivariate risk taking. Management. Sci. 53(1):117–124.Link, Google Scholar
- (2010) A greater price for a greater good? Evidence that consumers pay more for charity-linked products. Amer. Econom. J. Econom. Policy 2(2):28–60.Crossref, Google Scholar
- (1980) Increasing generalized correlation: A definition and some economic consequences. Canadian J. Econom. 13(1):16–34.Crossref, Google Scholar
- (2016) Excusing selfishness in charitable giving: The role of risk. Rev. Econom. Stud. 83(2):587–628.Crossref, Google Scholar
- (2021) How do risk attitudes affect pro-social behavior? Theory and experiment. Theory Decision 91(1):101–122.Crossref, Google Scholar
- (2007) Disagreement, tastes, and asset prices. J. Financial Econom. 83(3):667–689.Crossref, Google Scholar
- (2017) Does a long–term orientation create value? Evidence from a regression discontinuity. Strategic Management J. 38(9):1827–1847.Crossref, Google Scholar
- (2006) Altruism and turnout. J. Politics 68(3):674–683.Crossref, Google Scholar
- (2020) Underpricing of initial public offerings in experimental asset markets. Experiment. Econom. 23(4):1002–1029.Crossref, Google Scholar
- Giannikos CI, Kakolyris A, Suen TS (2024) On correlation aversion and insurance demand. J. Risk Financial Management 17(4):136.Google Scholar
- (2009) Understanding socially responsible investing: The effect of decision frames and trade-off options. J. Bus. Ethics 87:41–55.Crossref, Google Scholar
- (1997) An experiment on risk taking and evaluation periods. Quart. J. Econom. 112(2):631–645.Crossref, Google Scholar
- (2010) Shared social responsibility: A field experiment in pay-what-you-want pricing and charitable giving. Science (1979) 329(5989):325–327.Google Scholar
- (2010) Ecological discounting. J. Econom. Theory 145(2):812–829.Crossref, Google Scholar
- (2022) Investment strategies and corporate behaviour with socially responsible investors: A theory of active ownership. Economica 89(356):997–1023.Crossref, Google Scholar
- (1996) Collusion in uniform-price auctions: Experimental evidence and implications for treasury auctions. Rev. Financial Stud. 9(3):757–785.Crossref, Google Scholar
- (2019) Which private investors are willing to pay for sustainable investments? Empirical evidence from stated choice experiments. J. Banking Finance 102:193–214.Crossref, Google Scholar
- (1983) The effects of positive and negative experiences on helping behavior. Japanese Psych. Res. 25(1):47–51.Google Scholar
- (2019) Do investors value sustainability? A natural experiment examining ranking and fund flows. J. Finance 74(6):2789–2837.Crossref, Google Scholar
- (2023) Do investors care about impact? Rev. Financial Stud. 36(5):1737–1787.Crossref, Google Scholar
- (2002) Risk aversion and incentive effects. Amer. Econom. Rev. 92(5):1644–1655.Crossref, Google Scholar
- (2020) The asymmetry in responsible investing preferences and beliefs. Preprint, submitted May 21, https://doi.org/10.2139/ssrn.3583862.Google Scholar
- (1970) Success, failure, attention, and reaction to others: The warm glow of success. J. Personality Soc. Psych. 15(4):294–301.Crossref, Google Scholar
- (1972) Effect of feeling good on helping: Cookies and kindness. J. Personality Soc. Psych. 21(3):384–388.Crossref, Google Scholar
- (1973) Effects of success and failure on children’s generosity. J. Personality Soc. Psych. 27(2):239–247.Crossref, Google Scholar
- (1977) The art of assessing multiattribute utility functions. Organ. Behav. Human Performance 19(2):267–310.Crossref, Google Scholar
- (2012) Economic perspectives on corporate social responsibility. J. Econom. Literature 50(1):51–84.Crossref, Google Scholar
- (2020) The importance of climate risks for institutional investors. Rev. Financial Stud. 33(3):1067–1111.Crossref, Google Scholar
- (2011) Religious beliefs, gambling attitudes, and financial market outcomes. J. Financial Econom. 102(3):671–708.Crossref, Google Scholar
- (2005) Pay one or pay all: Random selection of one choice for payment. Preprint, submitted January, https://doi.org/10.2139/ssrn.894271.Google Scholar
- (2005) Wealth effects on self-insurance and self-protection against monetary and nonmonetary losses. Geneva Risk Insurance Rev. 30(2):147–159.Crossref, Google Scholar
- Leland HE (1968) Saving and uncertainty: The precautionary demand for saving. Quart. J. Econom. 82(3):465–473.Google Scholar
- (2000) Morals, money, ethical investing and economic psychology. Human Relations 53(2):179–191.Crossref, Google Scholar
- (2017) Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. J. Finance 72(4):1785–1824.Crossref, Google Scholar
- (2005) Do fair trade and eco-labels in coffee wake up the consumer conscience? Ecological Econom. 53(1):129–138.Crossref, Google Scholar
- (2016) Managers’ green investment disclosures and investors’ reaction. J. Accounting Econom. 61(1):239–254.Crossref, Google Scholar
- (2016) Betting your favorite to win: Costly reluctance to hedge desired outcomes. Management Sci. 64(3):997–1014.Link, Google Scholar
- (2019) Corporate provision of public goods. Management Sci. 65(10):4489–4504.Link, Google Scholar
- (2011) Doing good deeds in times of need: A strategic perspective on corporate disaster donations. Strategic Management J. 32(9):911–929.Crossref, Google Scholar
- (1988) Why do corporations give to charity? J. Bus. 61(1):65–93.Crossref, Google Scholar
- (2008) Investment with a conscience: Examining the impact of pro-social attitudes and perceived financial performance on socially responsible investment behavior. J. Bus. Ethics 83(2):307–325.Crossref, Google Scholar
- (2009) Segmenting socially responsible mutual fund investors: The influence of financial return and social responsibility. Internat. J. Bank Marketing 27(1):5–31.Crossref, Google Scholar
- (2014) Socially responsible funds and market crises. J. Banking Finance 48(C):180–193.Crossref, Google Scholar
- (2011) Warm glow, information, and inefficient charitable giving. J. Public Econom. 95(5–6):455–465.Crossref, Google Scholar
- (2001) Risk aversion in international relations theory. Internat. Stud. Quart. 45(4):617–640.Crossref, Google Scholar
- (2010) It’s a matter of principle: The role of personal values in investment decisions. J. Bus. Ethics 93(2):237–253.Crossref, Google Scholar
- (2021) Sustainable investing in equilibrium. J. Financial Econom. 142(2):550–571.Crossref, Google Scholar
- (2021) Responsible investing: The ESG-efficient frontier. J. Financial Econ. 142(2):572–597.Crossref, Google Scholar
- (2010) Morality in the financial market? A look at religiously affiliated mutual funds in the USA. Socioeconom. Rev. 9(2):1–25.Google Scholar
- (1982) Efficiency of experimental security markets with insider information: An application of rational-expectations models. J. Political Econom. 90(4):663–698.Crossref, Google Scholar
- (2004) Health and wealth: How do they affect individual preferences? Geneva Papers Risk Insurance Theory 29(1):43–54.Crossref, Google Scholar
- (1975) Multivariate risk aversion, utility independence and separable utility functions. Management Sci. 22(1):12–21.Link, Google Scholar
- (2017) Why do investors hold socially responsible mutual funds? J. Finance 72(6):2505–2550.Crossref, Google Scholar
- (1992) Universals in the content and structure of values: Theoretical advances and empirical tests in 20 countries. Adv. Experiment. Soc. Psych. 25:1–65.Crossref, Google Scholar
- (2017) The role of short-termism and uncertainty avoidance in organizational inaction on climate change. Bus. Soc. 56(2):253–282.Crossref, Google Scholar
- (2015) Giving behavior of millionaires. Proc. Natl Acad. Sci. USA 112(34):10641–10644.Crossref, Google Scholar
- Statista (2017) Nettoeinkommen und verfügbares Nettoeinkommen privater Haushalte in Deutschland nach sozialer Stellung in Euro. https://www.destatis.de/DE/Themen/Querschnitt/Jahrbuch/statistisches-jahrbuch-2019-dl.pdf?__blob=publicationFile&v=13.Google Scholar
- (2001) Volunteer work and well-being. J. Health Soc. Behav. 42(2):115–131.Crossref, Google Scholar
- (1980) Labor supply and wage rate uncertainty. J. Econom. Theory 23(3):425–436.Crossref, Google Scholar
- (2014) The role of the beneficiary in willingness to pay for socially responsible products: A meta-analysis. J. Retailing 90(2):255–274.Crossref, Google Scholar
- UNPRI (2021) What are the Principles for Responsible Investment? https://www.unpri.org/about-us/what-are-the-principles-for-responsible-investment.Google Scholar
- U.S. SIF (2024) Trends report. https://www.ussif.org/research/trends-reports.Google Scholar
- (2013) What are investors willing to pay to customize their investment product? Management Sci. 59(8):1855–1870.Link, Google Scholar
- (2008) Too little or too much? Untangling the relationship between corporate philanthropy and firm financial performance. Organ. Sci. 19(1):143–159.Link, Google Scholar
- (2001) Commitment among ethical investors: An experimental approach. J. Econom. Psych. 22(1):27–42.Crossref, Google Scholar
- (2009) Are debt and incentive compensation substitutes in controlling the free cash flow agency problem? Financial Management 38(3):507–541.Crossref, Google Scholar

