NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do Managers Do Good with Other People's Money?

Ing-Haw Cheng, Harrison Hong, Kelly Shue

NBER Working Paper No. 19432
Issued in September 2013

---- Acknowledgements -----

Hong acknowledges support from the National Science Foundation through grant SES-0850404. We thank Jeremy Stein, Vicente Cuñat, Uday Rajan, E. Han Kim, Amy Dittmar, Nadja Guenster and seminar participants at the Swedish Institute for Financial Research, St. Gallen, the Berkeley-ECGI Conference on CSR, U of Texas at Dallas, 2013 Meetings of the American Finance Association, 2013 UC Davis-CalPERS Sustainability Symposium and Gamma Foundation Conference for helpful comments. Online appendix available at http://www.dartmouth.edu/~icheng/. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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