2006
DOI: 10.2139/ssrn.887162
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Is Ethical Money Financially Smart?

Abstract: Little is known about how investors select socially responsible investment (SRI) funds. Investors in SRI funds may care more about social or ethical issues in their investment decisions than about fund performance. This paper studies the money-flows into and out of the SRI funds around the world.We find that ethical money chases past returns. In contrast to conventional funds' investors, SRI investors care less about the funds' riskiness and fees. Funds characterized by shareholder activism and by in-house SRI… Show more

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Cited by 12 publications
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References 47 publications
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