{"title":"社会筛选对基金绩效的影响:欧洲股票型基金的经验证据","authors":"J. L. Fernández Sánchez, Ladislao Luna Sotorrio","doi":"10.1080/02102412.2014.890828","DOIUrl":null,"url":null,"abstract":"The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"43 1","pages":"109 - 91"},"PeriodicalIF":0.9000,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2014.890828","citationCount":"10","resultStr":"{\"title\":\"Effect of social screening on funds’ performance: empirical evidence of European equity funds\",\"authors\":\"J. L. Fernández Sánchez, Ladislao Luna Sotorrio\",\"doi\":\"10.1080/02102412.2014.890828\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.\",\"PeriodicalId\":45271,\"journal\":{\"name\":\"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad\",\"volume\":\"43 1\",\"pages\":\"109 - 91\"},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2014-01-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/02102412.2014.890828\",\"citationCount\":\"10\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1080/02102412.2014.890828\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/02102412.2014.890828","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Effect of social screening on funds’ performance: empirical evidence of European equity funds
The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.
期刊介绍：
The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.
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