Behavioural analysis of socially responsible investment managers: specialists versus non-specialists |
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Affiliation: | 1. Department of Accounting and Finance, Faculty of Economics and Business, University of Zaragoza, C/Gran Vía, 2, C.P.50005, Zaragoza, Spain;2. Department of Accounting and Finance, Faculty of Economics and Business, University of Zaragoza, C/Gran Vía, 2, C.P.50005, Zaragoza, Spain |
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Abstract: | 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. |
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Keywords: | specialist managers non-specialist managers SRI funds |
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