论文标题
环境社会政府的偏好和加密资产的投资
Environmental-Social-Governance Preferences and Investments in Crypto-Assets
论文作者
论文摘要
个人投资于环境社会政府（ESG） - 资产不仅是因为（更高）预期的回报，而且还受到道德和社会考虑的驱动。关于具有加密资产的具有ESG意识的投资者的主观信念，与传统资产相比，知之甚少。围绕某些加密资产类别的ESG足迹的争议（主要是基于它们的能源密集型加密矿山）提供了一个潜在的信息询问对象。利用对奥地利人口的独特代表性家庭财务调查，我们研究了投资者的ESG偏好是否可以解释个人投资组合对加密资产的横断面差异。我们发现投资者的ESG偏好与加密投资曝光之间有着密切的关联。与传统资产类别（如债券和股票）相比，对Crypto-Assets的注重投资者对加密资产的关注更高。
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.
