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6 mai 2025
- ISIDORE Id: 10670/1.5c18dd...
- hal: hal-05058334
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
sustainable finance behavioral finance experimental finance green assets C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C91 - Laboratory, Individual Behavior G - Financial Economics/G.G1 - General Financial Markets/G.G1.G11 - Portfolio Choice • Investment Decisions G - Financial Economics -fin]/General Finance [q-fin.GN]Sujets proches
Funds Funding Finance, commerce, confiscations, etcCiter ce document
Sébastien Duchêne et al., « Risk-return-environment trade-offs: a lab-in-the-field experiment with finance professionals », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.5c18dd...
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Résumé
We present a lab-in-the-field experiment on portfolio choices involving finance professionals, complemented by a sample of undergraduate students, where green and brown assets generate environmental externalities. Building on an extension of the Markowitz (1952) mean-variance model (Gasser et al., 2017), we examine how return, risk, and environmental preferences interact. Participants exhibit pro-environmental behavior, showing stronger aversion to brown assets than attraction to green ones. Environmental concerns drive a return-externality trade-off but do not induce greater risk-taking for greener assets. Professionals display stronger environmental preferences than students, who remain more return-sensitive. Despite individual deviations, the model offers a good first-order approximation at the aggregate level. Our findings challenge the assumption that ESG preferences can be accommodated simply by adjusting risk-return profiles, revealing that sustainable finance may struggle without risk-mitigating mechanisms when environmental impact implies elevated financial risk.
