Do investors pay a premium for going green? Evidence from alternative energy mutual funds

被引：55

作者：

Reboredo, Juan C. ^{[1
]}

Quintela, Miguel ^{[1
]}

Otero, Luis A. ^{[2
]}

机构：

[1] Univ Santiago de Compostela, Dept Econ, La Coruna, Spain

[2] Univ Santiago de Compostela, Dept Finance, La Coruna, Spain

来源：

RENEWABLE & SUSTAINABLE ENERGY REVIEWS | 2017年 / 73卷

关键词：

Alternative energy mutual fund; Renewables; Jensen's alpha; Downside risk; SOCIALLY RESPONSIBLE INVESTMENT; FINANCIAL PERFORMANCE; MARKET; STYLE;

D O I：

10.1016/j.rser.2017.01.158

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

We studied the financial performance of alternative energy mutual funds using multifactor models and propensity score matching techniques. For a sample of alternative energy mutual funds quoted in EUR and in USD for the period 2010-2016, we found that alternative energy funds underperformed corporate and socially responsible mutual funds in terms of returns and downside risk protection. Our results are consistent with the idea that investors are paying a premium for going green via renewable energies.

引用

页码：512 / 520

页数：9

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