Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57726
Authors: 
Kempf, Alexander
Osthoff, Peer
Year of Publication: 
2007
Series/Report no.: 
CFR Working Paper 07-13
Abstract: 
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 concerning 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.
Subjects: 
Socially Responsible Mutual Funds
Socially Responsible Investing
Ethical Investment
JEL: 
G11
G20
M14
Document Type: 
Working Paper

Files in This Item:
File
Size
610.97 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.