| Description |
This paper investigates the behavior of millennial investors in response to socially responsible announcements made by select S&P 500 companies. This research was conducted using the event study method, gathering the dates of significant social or environment-related press-releases and examining the percent change in the number of investors before and after the event. In order to capture a predominantly millennial investor sample, the data looks specifically at investors who use the Robinhood trading platform. The results indicate that there is a positive percent change in Robinhood investors after an environmental or social-related announcement was made. The detailed findings could be used by firms, regulators, and asset managers to better understand the preferences of millennial investors and implement appropriate changes in corporate strategy, regulatory measures, and portfolio construction. |
