The Irrelevance of Environmental, Social, and Governance Disclosure to Retail Investors

The authors appreciate the helpful comments from Suraj Srinivasan (department editor), the associate editor, two anonymous reviewers, and participants at the Early Insights in Accounting Webinar, Harvard University, Hong Kong University of Science and Technology, Nanyang Technological University, Santa Clara University, the University of Alberta, the University of St. Gallen, the 2022 University of Illinois Chicago Accounting Conference, and the Wolfe Research Virtual Natural Language Processing Conference. The authors also thank Casey Primozic from Robintrack, Jason Zhong from Wolfe Research, and Garet Moses from RavenPack for providing institutional information on the data.