Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/280963 
Year of Publication: 
2023
Series/Report no.: 
SAFE Working Paper No. 412
Publisher: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Abstract: 
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 information 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 additional 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.
Subjects: 
Household Finance
Sustainable Finance
Experimental Finance
Financial Advice
JEL: 
D14
G11
C93
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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