108348 20231023123343.0 doi 10.3390/su13158142 sideral 124820 ART-2021-124820 eng Boumda, Beatrice Universidad de Zaragoza (orcid)0000-0001-9525-9530 Do socially responsible investment funds sell losses and ride gains? The disposition effect in SRI funds 2021 Access copy available to the general public Unrestricted An increasing percentage of the total net assets under professional management is devoted to ethical investments. Socially responsible investment (SRI) funds have a dual objective: building an investment strategy based on environmental, social, and corporate governance (ESG) screens and providing financial returns to investors. In the current study, we investigate whether this dual objective has an influence on the behavior of mutual fund managers in the realization of gains and losses. Evidence has shown that most investors in SRI funds invest in those funds primarily because of their social concerns. If the motivations of SRI managers align with those of SRI investors, SRI managers might then have more incentives than conventional managers to hold onto losing stocks if they feel their social value compensates for the economic loss. We hypothesize that SRI managers would be less prone to the disposition effect than conventional managers. Pertaining to the disposition effect, we do not find evidence of a difference in the behavior of SRI fund managers compared with that of conventional fund managers. Our results hold, even when considering market trends, management structure, gender, and prior performance. info:eu-repo/grantAgreement/ES/DGA/S38-17R info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 3.889 2021 ENVIRONMENTAL SCIENCES 133 / 279 = 0.477 2021 Q2 T2 ENVIRONMENTAL STUDIES 57 / 128 = 0.445 2021 Q2 T2 GREEN & SUSTAINABLE SCIENCE & TECHNOLOGY 35 / 47 = 0.745 2021 Q3 T3 GREEN & SUSTAINABLE SCIENCE & TECHNOLOGY 7 / 9 = 0.778 2021 Q4 T3 0.664 2021 Energy Engineering and Power Technology 2021 Q1 Renewable Energy, Sustainability and the Environment 2021 Q1 Management, Monitoring, Policy and Law 2021 Q1 Geography, Planning and Development 2021 Q1 5.0 2021 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Duxbury, Darren Ortiz, Cristina Universidad de Zaragoza (orcid)0000-0003-3275-5814 Vicente Gimeno, Luis Alfonso Universidad de Zaragoza (orcid)0000-0003-4778-5960 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 13, 15 (2021), 8142 [14 pp.] Sustainability (Basel) Sustainability (Switzerland) 2071-1050 287842 http://zaguan.unizar.es/record/108348/files/texto_completo.pdf Versión publicada 2810154 http://zaguan.unizar.es/record/108348/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:108348 articulos driver 2023-10-23-12:21:47 ARTICLE