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SRI Funds: Investor Demand, Exogenous Shocks and ESG Profiles

Jedrzej Bialkowski () and Laura T. Starks
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Jedrzej Bialkowski: University of Canterbury,

Working Papers in Economics from University of Canterbury, Department of Economics and Finance

Abstract: We provide evidence that investor demand for socially responsible or sustainable and responsible (SRI) mutual funds differs from that of conventional funds in that flows to SRI funds have shown greater growth and more persistence than flows to conventional funds. More importantly, using a differences-in-differences approach we provide evidence that these attributes appear to result from investors’ nonfinancial considerations. However, as these funds have become more mainstream, there has been convergence in investor resilience. We also find a high level of persistence in SRI funds' ESG profiles, which are generally different from those of conventional funds, consistent with their charters.

Keywords: Socially responsible investment funds; Mutual fund flows; Investor clienteles; Investment screens; Environmental; Social and Governance (ESG) investing (search for similar items in EconPapers)
JEL-codes: G10 G12 G23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme
Date: 2016-03-01
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