Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Autor:	Abigail B. Sussman, Samuel M. Hartzmark
Rok vydání:	2019
Předmět:	Finance Economics and Econometrics 050208 finance Natural experiment Salience (language) Public economics Manager of managers fund business.industry 05 social sciences Closed-end fund Shock (economics) Investment decisions Ranking Fund administration Accounting Open-end fund 0502 economics and business Value (economics) Sustainability Economics Income fund 050207 economics business Mutual fund
Zdroj:	The Journal of Finance. 74:2789-2837
ISSN:	1540-6261 0022-1082
DOI:	10.1111/jofi.12841
Popis:	Examining a shock to the salience of the sustainability of the U.S. mutual fund market, we present causal evidence that investors marketwide value sustainability: being categorized as low sustainability resulted in net outflows of more than $12 billion while being categorized as high sustainability led to net inflows of more than $24 billion. Experimental evidence suggests that sustainability is viewed as positively predicting future performance, but we do not find evidence that high‐sustainability funds outperform low‐sustainability funds. The evidence is consistent with positive affect influencing expectations of sustainable fund performance and nonpecuniary motives influencing investment decisions.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::94bef296244ac2c54b0c33d0f5517634 https://doi.org/10.1111/jofi.12841 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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