Responsible Investing and Stock Allocation

28 Pages Posted: 26 May 2021

See all articles by Marie Briere

Marie Briere

Amundi Asset Management; Paris Dauphine University; Université Libre de Bruxelles

Stefano Ramelli

University of St. Gallen - School of Finance; Swiss Finance Institute

Date Written: May 25, 2021


We analyze the portfolio choices of approximately 913,000 active participants in
employee saving plans in France. Looking at the cross-section of equity exposure, we
find that the inclusion of responsible equity options in the menu of available funds
is associated with a 2.1% higher equity allocation by plan participants. Compared
to an average equity asset allocation of 12.1%, it represents a material increase (17%
in relative terms). Difference-in-differences analyses confirm that the introduction
of a responsible equity option to a saving plan is followed by an increase of 7.2% in
participants' appetite for stocks, contrary to what happens with conventional equity

Keywords: Behavioral finance, household finance, investor preferences, socially responsible investments, sustainable finance

JEL Classification: A13, D14, G11, G41, G50

Suggested Citation

Briere, Marie and Ramelli, Stefano, Responsible Investing and Stock Allocation (May 25, 2021). Available at SSRN: or

Marie Briere (Contact Author)

Amundi Asset Management ( email )

90 Boulevard Pasteur
Paris, 75015

Paris Dauphine University ( email )

Université Libre de Bruxelles ( email )


Stefano Ramelli

University of St. Gallen - School of Finance ( email )

Unterer Graben 21
St. Gallen, 9000

Swiss Finance Institute ( email )

c/o University of Geneva
40, Bd du Pont-d'Arve
CH-1211 Geneva 4

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