Environmental-Social-Governance Preferences and Investments in Crypto-Assets

• Tác giả: Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d'Artis Kancs
• Ngôn ngữ: eng
• Ký hiệu phân loại: 261.88 Environment
• Thông tin xuất bản: 2022
• Bộ sưu tập: Metadata
• ID: 195530

Tóm tắt

Individuals invest in Environmental-Social-Governance (ESG)-assets not only because of (higher) expected returns but also driven by ethical and social considerations. Less is known about ESG-conscious investor subjective beliefs about crypto-assets and how do these compare to traditional assets. Controversies surrounding the ESG footprint of certain crypto-asset classes - mainly on grounds of their energy-intensive crypto mining - offer a potentially informative object of inquiry. Leveraging a unique representative household finance survey for the Austrian population, we examine whether investors' ESG preferences can explain cross-sectional differences in individual portfolio exposure to crypto-assets. We find a strong association between investors' ESG preferences and the crypto-investment exposure. The ESG-conscious investor attention is higher for crypto-assets compared to traditional asset classes such as bonds and shares.