Green and Good? The Investment Performance of US Environmental Mutual Funds |
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Authors: | Francisco Climent Pilar Soriano |
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Institution: | (1) Accounting, University of Sydney, Cnr Codrington and Rose St, Darlington, Sydney, NSW, 2006, Australia |
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Abstract: | Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in
promoting responsible environmental attitudes. This article examines the performance and risk sensitivities of US green mutual
funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other socially responsible
investing (SRI) mutual funds. In order to implement this analysis, we apply a CAPM-based methodology and find that in the
1987–2009 period, environ- mental funds had lower performance than conventional funds with similar characteristics. However,
if we focus on a more recent period (2001–2009), green funds achieved adjusted returns not significantly different from the
rest of SRI and conventional mutual funds. |
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Keywords: | |
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