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- Title
Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis.
- Authors
Kreander, N.; Gray, R. H.; Power, D. M.; Sinclair, C. D.
- Abstract
This paper studies the performance of 60 European funds from four countries. The paper extends the UK matched pair approach for fund evaluation developed by to a European setting. The findings suggest that there is no difference between ethical and non-ethical funds according to the performance measures employed. Neither type of fund displayed any ability to time the market. Finally, the results indicate that the management fee is a significant explanatory variable for the Jensen measure as Chen et al. (1992) and Grinblatt and Titman (1994) suggested.
- Subjects
MUTUAL funds; INVESTMENTS; BUSINESS ethics; SECURITIES; FINANCIAL instruments; CAPITAL
- Publication
Journal of Business Finance & Accounting, 2005, Vol 32, Issue 7/8, p1465
- ISSN
0306-686X
- Publication type
Article
- DOI
10.1111/j.0306-686X.2005.00636.x