Green and Good? The Investment Performance of US Environmental Mutual Funds

被引：198

作者：

Climent, Francisco ^{[1
]}

Soriano, Pilar ^{[1
]}

机构：

[1] Univ Valencia, Valencia 46022, Spain

来源：

JOURNAL OF BUSINESS ETHICS | 2011年 / 103卷 / 02期

关键词：

socially responsible investments; mutual funds; performance evaluation; ethical investing; corporate social responsibility; STOCKS; PERSISTENCE; RISK;

D O I：

10.1007/s10551-011-0865-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This article examines the performance and risk sensitivities of US green mutual funds vis-A -vis their conventional peers. We also analyze and compare this performance relative to other socially responsible investing (SRI) mutual funds. In order to implement this analysis, we apply a CAPM-based methodology and find that in the 1987-2009 period, environ- mental funds had lower performance than conventional funds with similar characteristics. However, if we focus on a more recent period (2001-2009), green funds achieved adjusted returns not significantly different from the rest of SRI and conventional mutual funds.

引用

页码：275 / 287

页数：13

共 28 条

[1] The ethical mutual fund performance debate: New evidence from Canada [J].