This paper provides a penetrating view into some of the motivational dynamics in play for individual investors who select sustainability-related investments, and implications for financial intermediaries who manufacture and sell such products.

The WallStreetBets phenomenon - and the sensational short squeeze of Gamestop in 2021 in particular - demonstrated the potentially dramatic influence of collective retail behaviour on financial markets.

The authors of this paper propose that it's not just confirmation bias, but the way it interacts with a specific set of fundamental beliefs that generates a surprisingly wide array of bias effects.

The bulk of the research on sustainable investing has concentrated on returns. These two papers look beyond that to whether investors are so committed to sustainability that they will continue to invest irrespective of returns or fees.

The most recent evolution in index investing has been a drift into the active world. Until recently, active passive investing has not been subject to much analysis. The two papers considered here begin to make some inroads.