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SRI Funds: Nomen est OmenAlexander KempfUniversity of Cologne - Department of Finance & Centre for Financial Research (CFR) Peer C. OsthoffUniversity of Cologne - Centre for Financial Research (CFR) 2008-06 Journal of Business Finance & Accounting, Vol. 35, Issue 9-10, pp. 1276-1294, November/December 2008 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 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: 19 Accepted Paper SeriesDate posted: November 21, 2008Suggested CitationContact Information
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