The Price of Ethics and Stakeholder Governance: Evidence from Socially Responsible Mutual Funds

机译：道德与利益相关者治理的价格：来自对社会负责的共同基金的证据

获取原文

获取原文并翻译 | 示例

页面导航

摘要
著录项
相似文献
相关主题

摘要

This paper estimates the price of ethics by studying the risk-return relation in socially responsible investment (SRI) funds. Consistent with investors paying a price for ethics, SRI funds in many European and Asia-Pacific countries strongly underperform both domestic benchmarks and conventional peers by about 5% per annum, although UK and US SRI funds do not significantly underperform their benchmarks. The underperformance of SRI funds is not driven by loadings on an 'ethics' style factor. There is mixed evidence of a smart money effect: SRI investors are unable to identify the funds that will outperform in the future, whereas they show some fund-selection ability in identifying ethical funds that will perform poorly. Furthermore, the screening activities of SRI funds have a significant impact on funds' riskadjusted returns and loadings on risk factors. Interestingly, corporate governance and social screens yield lower risk-adjusted returns.

机译：本文通过研究社会责任投资（SRI）基金中的风险收益关系来估计道德的价格。与投资者为道德付出代价相一致，许多欧洲和亚太国家的SRI基金每年都大大落后于国内基准和传统同行约5％，尽管英国和美国的SRI基金并没有明显低于其基准。 SRI基金表现不佳的原因不是“道德”风格因素的负担。有各种各样的证据表明，有一种精明的货币效应：SRI投资者无法确定将来会跑赢大盘的基金，而他们却能在确定业绩不佳的道德基金时表现出一定的基金选择能力。此外，SRI基金的筛选活动对基金经风险调整后的收益和风险因素的负担有重大影响。有趣的是，公司治理和社交网络产生的风险调整后收益较低。

著录项

来源
《2008 China international conference in finance》|2008年|p.1-41|共41页
会议地点 Dalian(CN);Dalian(CN)
作者
Luc Renneboog; Jenke Ter Horst; Chendi Zhang;
展开▼
作者单位

Department of Finance and CentER,Tilburg University,P.O.Box 90153,5000 LE Tilburg,the Netherlands,and European Corporate Governance Institute (ECGI);

Department of Finance and CentER,Tilburg University,P.O.Box 90153,5000 LE Tilburg,the Netherlands;

Finance Group,Warwick Business School,University of Warwick,CV4 7AL Coventry,UK;

展开▼
会议组织
原文格式 PDF
正文语种 eng
中图分类财政、金融;
关键词
ethics; mutual funds; socially responsible investing; investment screens; smart money; risk loadings;

机译：道德;共同基金;社会责任投资;投资筛选;精明的钱;风险负担;

相似文献

外文文献
中文文献
专利

1. The performance of socially responsible equity mutual funds: Evidence from Sweden [J] . Leite Carlos, Cortez Maria Ceu, Silva Florinda, Business Ethics . 2018,第2期

机译：社会责任型股票共同基金的业绩：来自瑞典的证据
2. Who Pays Attention to Indigenous Peoples in Sustainable Development and Why? Evidence From Socially Responsible Investment Mutual Funds in North America [J] . Nikolakis William, Nelson Harry W., Cohen David H. Organization & environment . 2014,第4期

机译：谁在可持续发展中关注土著人民？为什么？北美社会责任投资共同基金的证据
3. The Role of Mutual Funds in Corporate Governance: Evidence from Mutual Funds' Proxy Voting and Trading Behavior [J] . Duan Ying, Jiao Yawen Journal of Financial and Quantitative Analysis . 2016,第2期

机译：共同基金在公司治理中的作用：共同基金代理投票和交易行为的证据
4. The Price of Ethics and Stakeholder Governance: Evidence from Socially Responsible Mutual Funds [C] . Luc Renneboog, Jenke Ter Horst, Chendi Zhang China international conference in finance . 2008

机译：道德和利益攸关方治理的价格：来自社会负责的共同基金的证据
5. Effectiveness of mutual fund governance: Evidence from mutual funds that advertise. [D] . Chonglerttham, Supasith. 2010

机译：共同基金治理的有效性：来自做广告的共同基金的证据。
6. The Ethics Ecosystem: Personal Ethics Network Governance and Regulating Actors Governing the Use of Social Media Research Data [O] . Gabrielle Samuel, Gemma E. Derrick, Thed van Leeuwen -1

机译：道德生态系统：个人道德网络治理和规范使用社交媒体研究数据的行为主体
7. The Price of Ethics: Evidence from Socially Responsible Mutual Funds [O] . Jenke R. ter Horst, Chendi Zhang, Luc Renneboog 2007

机译：道德价格：来自社会负责的共同基金的证据

The Price of Ethics and Stakeholder Governance: Evidence from Socially Responsible Mutual Funds

摘要

著录项

相似文献

相关主题

期刊订阅