SRI Funds: Nomen est Omen
University of Cologne - Department of Finance & Centre for Financial Research (CFR)
Peer C. Osthoff
University of Cologne - Centre for Financial Research (CFR)
Journal of Business Finance & Accounting, Vol. 35, Issue 9-10, pp. 1276-1294, November/December 2008
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 with respect to 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.
Number of Pages in PDF File: 19Accepted Paper Series
Date posted: November 21, 2008
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