کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
973926 | 932903 | 2006 | 16 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Ethical investing in Australia: Is there a financial penalty? Ethical investing in Australia: Is there a financial penalty?](/preview/png/973926.png)
This study provides new evidence on the performance and investment style of retail ethical funds in Australia. By applying a conditional multi-factor model and after controlling for investment style, time-variation in betas and home bias, we observe no evidence of significant differences in risk-adjusted returns between ethical and conventional funds during 1992–2003. This result however is sensitive to the chosen time period. During 1992–1996 domestic ethical funds under-performed their conventional counterparts significantly, whereas during 1996–2003 ethical funds matched the performance of conventional funds more closely. This suggests that ethical mutual funds underwent a catching up phase, before delivering returns similar to those of conventional mutual funds.
Journal: Pacific-Basin Finance Journal - Volume 14, Issue 1, January 2006, Pages 33–48