Nofsinger, John. "Individual Investors and Social Values Characteristics." Presentation to the Value of Values Conference, Santa Clara University. May 15, 2010.

(Rough notes by Lloyd Kurtz, I apologize for inaccuracies or errors of emphasis. - lk)

Nofsinger is a leading expert on behavioral finance, and has authored two textbooks on the topic. His study is based on brokerage fund data from the 1990s, which he cross referenced by zip code and census tract to try and infer what different types of social screens were being applied. Key points:

- Female investors tend to tilt away from military stocks and toward companies with progressive hiring practices

- Younger investors tend to avoid “environmentally bad companies, nuclear power, and unproductive products.”

- Surprisingly, higher-income investors also seemed to exhibit environmental awareness, and overweighted stocks with “progressive policies towards minorities, women, gays, and lesbians.”

Probably not surprisingly, Nofsinger also found that political views matter – Democratic counties tend to under-own sin stocks and over-own companies with progressive employment practices. The study is not conclusive, but offers some clues as to how pervasive social preferences are in individual portfolio construction, and reminds us that there is a lot of diversity within social investing.