The two classes of investors "investors are rational" and profit seeking (think "smart money" institutions), or "investors are emotional, running on greed and fear". This study points out a third school, investors who maximize for other purposes. Charity, ESG, local businesses, etc. Thanks for pointing out this study to that third dimension.
The two classes of investors "investors are rational" and profit seeking (think "smart money" institutions), or "investors are emotional, running on greed and fear". This study points out a third school, investors who maximize for other purposes. Charity, ESG, local businesses, etc. Thanks for pointing out this study to that third dimension.