Do Managers Do Good with Other People's Money?
---- 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.