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Retail investors- preference on esg funds: evidence from robinhood users
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This paper tried to identify whether investors on the fintech brokerage Robinhood favor investing in sustainable funds. Using data from Robinhood and Morningstar, I find that Robinhood users are more likely to choose funds who are rated higher in sustainability contrary to a fund rater lower even though an ESG estimator, such as the Morningstar globe rating used in this paper, is not readily available on the platform. This result can be explained by a rising concern for climate change, especially among the younger population, its young userbase, and outside influence.
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Fintech Exchange-traded funds Trading Esg funds Robinhood Retail investors