Product differentiation in the socially responsible mutual fund industry

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI:10.1016/j.mulfin.2022.100730

Mercedes Alda , Fernando Muñoz , María Vargas

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引用次数: 3

Abstract

In this study, we analyse the effect of product differentiation on prices and client attraction in the socially responsible (SR) mutual fund industry. Using three proxies for differentiation, including a text-based indicator, a return-based indicator, and a portfolio-holding indicator, we analyse a sample of US SR equity mutual funds in the period 1999–2019. Our findings show that the text differentiation measure better explains the product differentiation impact on prices and flows than the measures based on fund characteristics. Our text differentiation results indicate that younger SR funds and funds belonging to smaller families are more differentiated. In addition, differentiation allows SR funds to charge higher fees and attract more money flows. Finally, our results indicate that SR fund investors are sensitive to differentiation regarding other funds implementing the same SR strategies, but not in relation to other funds in the same Morningstar financial style category.

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社会责任共同基金行业的产品差异化

在本研究中，我们分析了社会责任(SR)共同基金行业的产品差异化对价格和客户吸引力的影响。我们使用基于文本的指标、基于回报的指标和投资组合持有指标三种指标进行差异化分析，分析了1999-2019年期间美国SR股票共同基金的样本。我们的研究结果表明，文本差异化测度比基于基金特征的测度更能解释产品差异化对价格和流量的影响。我们的文本分化结果表明，年龄较小的SR基金和属于较小家族的基金的差异更大。此外，差异化使得SR基金收取更高的费用，吸引更多的资金流。最后，我们的研究结果表明，SR基金投资者对实施相同SR策略的其他基金的差异敏感，但对晨星同一金融风格类别的其他基金的差异不敏感。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.