TY  - UNPD
A1  - Grossmann, Max
A1  - Hackethal, Andreas
A1  - Laudi, Marten
A1  - Pauls, Thomas
T1  - Conform to the norm. Peer information and sustainable investments
N2  - We conduct a field experiment with clients of a German universal bank to explore the impact of peer information on sustainable retail investments. Our results show that infor-mation about peers’ inclination towards sustainable investing raises the amount allocated to stock funds labeled sustainable, when communicated during a buying decision. This effect is primarily driven by participants initially underestimating peers’ propensity to invest sustainably. Further, treated individuals indicate an increased interest in addi-tional information on sustainable investments, primarily on risk and return expectations. However, when analyzing account-level portfolio holding data over time, we detect no spillover effects of peer information on later sustainable investment decisions.
T3  - SAFE working paper - 412 
KW  - Household Finance
KW  - Sustainable Finance
KW  - Experimental Finance
KW  - Financial Advice
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/71554
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-715541
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4673139
N1  - We gratefully acknowledge research support from the Leibniz Institute for Financial Research SAFE.
PB  - SAFE
CY  - Frankfurt am Main
ER  -