Publication: Responsible Investors and Stock Market Feedback
Responsible Investors and Stock Market Feedback
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Chen, H., & Schneemeier, J. (2025). Responsible Investors and Stock Market Feedback. The Accounting Review, 101(1), 137–168. https://doi.org/10.2308/tar-2023-0561
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We examine how stock market feedback affects corporate investment when responsible investors are active in the market. These investors experience disutility when the firm’s investment decisions are misaligned with their nonfinancial preferences. A manager chooses between two projects that are ex ante financially equivalent: a “green” one aligned with investor preferences and a “brown” one that is not (e.g., due to environmental or social concerns). The success of the project depends on matching the investment with the state of nature.
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Chen, H., & Schneemeier, J. (2025). Responsible Investors and Stock Market Feedback. The Accounting Review, 101(1), 137–168. https://doi.org/10.2308/tar-2023-0561
