کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959580 929327 2012 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Red and blue investing: Values and finance
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Red and blue investing: Values and finance
چکیده انگلیسی

Using data on the political contributions and stock holdings of U.S. investment managers, we find that mutual fund managers who make campaign donations to Democrats hold less of their portfolios (relative to non-donors or Republican donors) in companies that are deemed socially irresponsible (e.g., tobacco, guns, or defense firms or companies with bad employee relations or diversity records). Although explicit socially responsible investing (SRI) funds are more likely to be managed by Democratic managers, this result holds for non-SRI funds and after controlling for other fund and manager characteristics. The effect is more than one-half of the underweighting observed for SRI funds.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 103, Issue 1, January 2012, Pages 1–19
نویسندگان
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