Professor Ben Marshall from Massey University will present his research on Friday, 21st August 2020, at 14.00 PM via Zoom.
Joint Dept. of Accountancy and Finance, and CEFGroup Seminar
Details below:
Abstract
We consider the degree to which climate disasters influence investor behavior. Using data on events such as hurricanes and floods, we show that disasters cause investors to pay more attention to socially responsible investing and to invest more in mutual funds with an environmental focus. This effect is more pronounced for disasters that attract the most attention which supports a salience explanation. The funds receiving the increased inflows do not have higher risk-adjusted returns prior to climate disasters so there is no evidence to support a return chasing explanation. Moreover, investors do not make excess returns from their climate disaster induced investment decisions.
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