Машинный перевод (opus-mt-en-ru@int8). Оригинал
Зеленые вкусы, убеждения и портфели: свидетельства от синтетических инвесторов - Синди Хе, Лубос Пастор
Мы используем МЛМ в качестве респондентов синтетического обследования для выявления " зеленых вкусов " , оценок доходности, портфельных ассигнований и инвестиционных мотивов у 480 розничных и 60 институциональных инвесторов. По сравнению с розничной торговлей учреждения сообщают о более слабом вкусе, но о более зеленом наклоне портфеля, ссылаясь на внешнее давление. Поэтому более зеленый наклон не должен указывать на более сильный вкус к зелености. Розничные вкусы в основном зависят от политической принадлежности, институциональных вкусов от типа и географии. Мнения различаются в зависимости от ситуации
7 ноября 2026 г. · Источник: NBER new working papers

We use LLMs as synthetic survey respondents to elicit green tastes, return beliefs, portfolio allocations, and investment motives from 480 retail and 60 institutional investor identities. Compared with retail, institutions report weaker tastes yet greener portfolio tilts, citing outside pressure. A greener tilt therefore need not indicate a stronger taste for greenness. Retail tastes depend mostly on political affiliation, institutional tastes on type and geography. Beliefs differ across the three ESG dimensions, with high-governance portfolios expected to outperform. We reconstruct survey responses under 2014--2025 information environments using date-masked information modules shuffled across years. Tastes vary little over time, but beliefs about green portfolios become more pessimistic after 2020. The two reconstructed series relate to different real-world data: tastes to measures of green demand, beliefs to measures of attention. Acknowledgements and Disclosures Pastor serves as an independent director and trustee of Vanguard. The views expressed here do not necessarily reflect those of Vanguard or its funds. We thank Alessandro Dodon for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Pastor serves as an independent director and trustee of Vanguard. The views expressed here do not necessarily reflect those of Vanguard or its funds. We thank Alessandro Dodon for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Citation and Citation Data Copy Citation Xindi He and Lubos Pastor, "Green Tastes, Beliefs, and Portfolios: Evidence from Synthetic Investors," NBER Working Paper 35982 (2026), https://doi.org/10.3386/w35982. Copy to Clipboard Download Citation MARC RIS BibTeΧ Download Citation Data In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals—the NBER Reporter, the NBER Digest, the Bulletin on Health, the Bulletin on the Economics of Alzheimer's, and the Bulletin on Entrepreneurship—as well as research spotlights, lectures, and panel videos. Presenters: Melissa Dell & Ashesh Rambachan Presenter: Paul Goldsmith-Pinkham