Investor Valuation for Socially Responsible Assets: A Willingness to Pay Experiment

The authors thank Elena Asparouhova, Bruno Biais, Peter Bossaerts, Henning Cordes, Christian Dreyer, Michael Goedde-Menke, Gunnar Gutsche, Thomas Langer, Thomas Mariotti, Martin Nerlinger, Sven Nolte, and Paul Smeets, as well as participants at the 2019 Experiments in Corporate and Entrepreneurial Finance Workshop in Lyon, the 2nd Annual Conference of the Global Research Alliance for Sustainable Finance and Investment at the University of Oxford, the Conference on Markets, Morality and Social Responsibility at the Toulouse School of Economics, 2nd Workshop on Empirical Sustainable Finance at the University of Kassel, 2020 Experimental Finance North American Regional Conference at the University of Utah, Workshop Sustainable Finance 2021 at the University of Liechtenstein, the 38th International Conference of the French Finance Association, the 12th Annual Meeting of the Society for Experimental Finance, Paris December Finance Meeting 2022, the 2022 North American Economic Science Association Meeting, and the Muenster PhD Seminar series for helpful comments and suggestions; the LIFE Climate Foundation Liechtenstein for the 2021 Impact Award; Tetiana Tmenova for excellent research assistance; and three referees, the associate editor, and the editor for comments and suggestions that significantly improved the quality of our paper. A previous version of this paper circulated under the title “The Valuation of Corporate Social Responsibility: A Willingness to Pay Experiment.”