1{2 "validation_errors": [],3 "doc_id": "jof_12547",4 "ontology_version": "1.0",5 "prompt_version": "1.0",6 "model": "claude-opus-5-5",7 "effort": "medium",8 "annotated_at": "2026-11-03T22:59:36+00:00",9 "source_sha256": "828f889d3544eed23d0d9bb805daf0b7f7cbdc3a8050e0fb419ec0f9b8ac5f8a",10 "parser": "pymupdf-jof-heuristics-1.3",11 "payload_chars": 24085,12 "usage": {13 "input": 8190,14 "output": 2262,15 "cache_read": 3968,16 "cache_write": 017 },18 "cost_usd": 0.078794,19 "request_id": "req_011CggpknVcEJitikcjo7wVj",20 "annotation": {21 "genre": "empirical",22 "subfield": "behavioral_finance",23 "subfield_secondary": "household_finance",24 "primary_method": "reduced_form_regression",25 "identification": {26 "estimand": "Association between investor motives (intrinsic social preferences from a trust game, social signaling, return and risk expectations) and the probability and share of holding SRI equity funds",27 "strategy": "Probit and OLS cross-sectional regressions that link administrative brokerage holdings to survey answers and incentivized experimental measures, with a battery of controls",28 "key_assumptions": [29 "Second-mover behavior in an anonymous one-shot trust game cleanly measures intrinsic social preferences, free of reputation or image concerns",30 "Survey responses on expectations and signaling reflect true beliefs and behavior"31 ],32 "threats_addressed": [33 "Strategic reputation or social image contamination of the preference measure, handled by an anonymous one-shot experiment",34 "Investors who regard SRI as a marketing trick (excluded in appendix)",35 "Inattentive experiment participants who failed practice questions (excluded in appendix)",36 "Inconsistent respondents (excluded in appendix)"37 ],38 "causal_language_strength": 2,39 "uses_causal_claim": false40 },41 "abstract_moves": {42 "question": {43 "present": true,44 "sentence_index": 045 },46 "gap": {47 "present": false,48 "sentence_index": -149 },50 "method": {51 "present": true,52 "sentence_index": 053 },54 "results": {55 "present": true,56 "sentence_index": 157 },58 "magnitude": {59 "present": false,60 "sentence_index": -161 },62 "contribution": {63 "present": false,64 "sentence_index": -165 }66 },67 "introduction": {68 "moves": [69 {70 "paragraph_index": 0,71 "move": "motivation"72 },73 {74 "paragraph_index": 0,75 "move": "tension_or_puzzle"76 },77 {78 "paragraph_index": 0,79 "move": "literature_gap"80 },81 {82 "paragraph_index": 1,83 "move": "preview_of_approach"84 },85 {86 "paragraph_index": 1,87 "move": "identification_defense"88 },89 {90 "paragraph_index": 2,91 "move": "preview_of_results"92 },93 {94 "paragraph_index": 3,95 "move": "preview_of_results"96 },97 {98 "paragraph_index": 4,99 "move": "preview_of_results"100 },101 {102 "paragraph_index": 5,103 "move": "policy_or_broader_implication"104 },105 {106 "paragraph_index": 6,107 "move": "roadmap"108 }109 ],110 "contribution_paragraph_index": -1,111 "contribution_types": [112 "new_evidence",113 "new_data_or_measure"114 ],115 "roadmap_present": true,116 "literature_positioning_location": "inside_introduction"117 },118 "section_roles": [119 {120 "idx": 0,121 "role": "introduction"122 },123 {124 "idx": 1,125 "role": "data"126 },127 {128 "idx": 2,129 "role": "data"130 },131 {132 "idx": 3,133 "role": "results"134 },135 {136 "idx": 4,137 "role": "results"138 },139 {140 "idx": 5,141 "role": "results"142 },143 {144 "idx": 6,145 "role": "results"146 },147 {148 "idx": 7,149 "role": "conclusion"150 },151 {152 "idx": 8,153 "role": "appendix"154 },155 {156 "idx": 9,157 "role": "appendix"158 },159 {160 "idx": 10,161 "role": "appendix"162 },163 {164 "idx": 11,165 "role": "appendix"166 },167 {168 "idx": 12,169 "role": "appendix"170 },171 {172 "idx": 13,173 "role": "robustness"174 },175 {176 "idx": 14,177 "role": "robustness"178 },179 {180 "idx": 15,181 "role": "robustness"182 },183 {184 "idx": 16,185 "role": "robustness"186 }187 ],188 "results_presentation": {189 "economic_significance_discussed": true,190 "statistical_significance_language": "stars_and_tstats",191 "magnitude_statements_in_intro": true192 },193 "robustness": {194 "location": "appendix",195 "types": [196 "subsample",197 "alternative_specification"198 ]199 },200 "tables": {201 "convention_notes": "Notes state whether each specification reports probit marginal effects or OLS coefficients and define dependent variables. They point to an appendix table of variable definitions, give robust standard errors in parentheses, and mark significance with stars at the 10/5/1% levels.",202 "units_stated_in_notes": false,203 "standard_errors_description": "robust"204 },205 "figures": {206 "uncertainty_shown": "no"207 },208 "conclusion": {209 "bounded_claims": true,210 "policy_implications": true,211 "open_questions": true,212 "restates_contribution": true213 },214 "hedging": {215 "level": "moderate",216 "typical_devices": [217 "suggests",218 "indicates",219 "perhaps",220 "may",221 "explicit disclaimer that causal effects cannot be addressed",222 "discussion of generalizability beyond Dutch sample"223 ]224 },225 "claim_evidence": [226 {227 "claim": "Investors with stronger intrinsic social preferences (trust game second-mover returns) are substantially more likely to hold SRI equity funds",228 "evidence_type": "table",229 "evidence_ref": "Table III"230 },231 {232 "claim": "More frequent talking about investments (social signaling) is associated with SRI holding",233 "evidence_type": "table",234 "evidence_ref": "Table III; Table IV"235 },236 {237 "claim": "Most SRI investors expect SRI funds to underperform conventional funds",238 "evidence_type": "figure",239 "evidence_ref": "Figure 1"240 },241 {242 "claim": "Risk perceptions of SRI funds are unrelated to holding them",243 "evidence_type": "figure",244 "evidence_ref": "Figure 2; Table III"245 },246 {247 "claim": "SRI investors donate more to charity, so SRI is not a substitute for donations",248 "evidence_type": "table",249 "evidence_ref": "Table VII"250 },251 {252 "claim": "Social preferences show few demographic covariates",253 "evidence_type": "table",254 "evidence_ref": "Table VI"255 },256 {257 "claim": "Dutch environmental attitudes resemble those in other countries, supporting generalizability",258 "evidence_type": "descriptive_statistic",259 "evidence_ref": "World Values Survey, ERNOP figures in conclusion"260 }261 ],262 "structural_summary": "Opens with SRI growth framed as a finance puzzle and lists competing motives: social preferences, financial beliefs and signaling. It justifies an experimental measure of preferences, then previews results with magnitudes and links them to asset pricing via a taste-versus-beliefs argument, followed by a roadmap. Data and variable sections precede descriptive characteristics, the main regression analysis of motives, covariates of preferences and the charity-substitution test. The conclusion restates findings, draws asset-pricing implications and discusses generalizability. Appendix sample exclusions serve as robustness checks.",263 "writing_profile_keywords": [264 "administrative data linked to survey",265 "incentivized experiment",266 "trust game",267 "probit marginal effects",268 "social preferences",269 "social signaling",270 "household portfolio choice",271 "associational framing"272 ],273 "confidence": 0.8,274 "notes": "No explicit contribution paragraph is visible, so contribution_paragraph_index is set to -1. The causal-sounding wording ('determining', 'effect') is tempered by an explicit statement that causality cannot be addressed. 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