Product differentiation in the socially responsible mutual fund industry

Alda, M. (Universidad de Zaragoza) ; Muñoz, F. (Universidad de Zaragoza) ; Vargas, M. (Universidad de Zaragoza)
Product differentiation in the socially responsible mutual fund industry
Resumen: In this study, we analyse the effect of product differentiation on prices and clients’ attraction in the socially responsible (SR) mutual fund industry. Using three proxies for differentiation, including a text-based indicator, a return-based indicator, and a portfolio-holding indicator, we analyse a sample of US SR equity mutual funds in the period 1999–2019. Our findings show that the text differentiation measure better explains the product differentiation impact on prices and flows than the measures based on funds’ characteristics. Our text differentiation results indicate that younger SR funds and funds belonging to smaller families are more differentiated. In addition, differentiation allows SR funds to charge higher fees and attract more money flows. Finally, our results indicate that SR fund investors are sensitive to differentiation regarding other funds implementing the same SR strategies, but not in relation to other funds in the same Morningstar financial style category.
Idioma: Inglés
DOI: 10.1016/j.mulfin.2022.100730
Año: 2022
Publicado en: Journal of Multinational Financial Management 64, 100730 (2022), [28 pp.]
ISSN: 1042-444X

Factor impacto JCR: 4.2 (2022)
Categ. JCR: BUSINESS, FINANCE rank: 31 / 111 = 0.279 (2022) - Q2 - T1
Factor impacto CITESCORE: 6.6 - Economics, Econometrics and Finance (Q1)

Factor impacto SCIMAGO: 0.937 - Finance (Q1) - Economics and Econometrics (Q2)

Financiación: info:eu-repo/grantAgreement/ES/DGA-FEDER/S38-20R-CIBER
Financiación: info:eu-repo/grantAgreement/ES/MCIU/RTI2018-093483-B-I00
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ-2018-SOC-13
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ-2020-SOC-02
Tipo y forma: Article (Published version)
Área (Departamento): Área Economía Finan. y Contab. (Dpto. Contabilidad y Finanzas)

Creative Commons You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. If you remix, transform, or build upon the material, you may not distribute the modified material.


Exportado de SIDERAL (2023-09-13-11:11:33)


Este artículo se encuentra en las siguientes colecciones:
Articles



 Record created 2022-02-10, last modified 2023-09-14


Versión publicada:
 PDF
Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)