SRI Funds: Nomen est Omen

被引：55
|
作者：
Kempf, Alexander
Osthoff, Peer [1 ]
机构：
[1] Univ Cologne, Dept Finance, D-50923 Cologne, Germany
来源：
JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2008年 / 35卷 / 9-10期
关键词：
socially responsible mutual funds; socially responsible investing; ethical investment;
D O I：
10.1111/j.1468-5957.2008.02107.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We test the frequently made claim that SRI funds are conventional funds in disguise. For this purpose, we compare the portfolio holdings of SRI funds to conventional funds with respect to their social and environmental standards. Our empirical study of US equity funds shows that SRI funds have a significantly higher ethical ranking than standard funds, i.e., they are not conventional funds in disguise. This result holds for all ethical criteria we investigate. It is stable over time and holds after controlling for several fund characteristics. Finally, we find no evidence that our result is generated by window dressing strategies of SRI funds.
引用
收藏
页码：1276 / 1294
页数：19
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