Behavioural analysis of socially responsible investment managers: specialists versus non-specialists

Alda, Mercedes (Universidad de Zaragoza) ; Vicente, Ruth (Universidad de Zaragoza)

Resumen: We analyse the performance and performance persistence of US socially responsible investment (SRI) managers from a managers’ perspective, differentiating between specialist managers (only running SRI mutual funds) and non-specialists (running SRI and conventional mutual funds). We find that the SRI fund nature has a significantly negative influence on the non-specialist performance. Furthermore, top managers of both groups persistently outperform SRI funds. However, non-specialist managers obtain superior performance to specialist managers, perhaps because of learning synergies in both fund niches. Results also show more persistence with non-specialists, especially with regard to conventional mutual funds.

Idioma: Inglés

DOI: 10.1016/j.ribaf.2020.101303

Año: 2020

Publicado en: RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 54 (2020), 101303 [13 pp.]
ISSN: 0275-5319

Factor impacto JCR: 4.091 (2020)

Categ. JCR: BUSINESS, FINANCE rank: 17 / 108 = 0.157 (2020) - Q1 - T1

Factor impacto SCIMAGO: 0.767 - Finance (Q1) - Business, Management and Accounting (miscellaneous) (Q1)

Financiación: info:eu-repo/grantAgreement/ES/DGA/S38-17R
Financiación: info:eu-repo/grantAgreement/ES/MCIU-AEI-FEDER/RTI2018-093483-B-I00
Financiación: info:eu-repo/grantAgreement/ES/UZ/JIUZ-2018-SOC-13

Tipo y forma: Article (PostPrint)

Área (Departamento): Área Economía Finan. y Contab. (Dpto. Contabilidad y Finanzas)