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http://hdl.handle.net/10419/57726
  
Title:SRI funds: Nomen est omen PDF Logo
Authors:Kempf, Alexander
Osthoff, Peer
Issue Date: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
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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