After experiencing an ESG scandal in their portfolios, active mutual funds (but not passive ones) are both more likely to vote in favor of ESG proposals and to reduce their stakes (and thus their votes) in high-ESG risk stocks, suggesting they prioritize managing portfolio-level ESG risks over impact. 

Google searches for sport proxy for investors' inattention to the stock market. In an international sample of 36 countries, they correlate negatively with trading activity and idiosyncratic volatility.