Evaluating the performance of ethical and non-ethical funds: A matched pair analysis

N Kreander, Robert Hugh Gray, DM Power, CD Sinclair

    Research output: Contribution to journalArticlepeer-review

    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 Mallin et al. (1995) 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.

    Original languageEnglish
    Pages (from-to)1465-1493
    Number of pages29
    JournalJournal of Business Finance and Accounting
    Volume32
    Issue number7/8
    Publication statusPublished - Sept 2005

    Keywords

    • ethical funds
    • fund performance
    • matched pair approach
    • PERSISTENCE
    • BENCHMARKS
    • RETURNS

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