Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis
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 <link rid="b35">Mallin et al. (1995)</link> 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 <link rid="b6">Chen et al. (1992)</link> and <link rid="b25">Grinblatt and Titman (1994)</link> suggested. Copyright Blackwell Publishers Ltd, 2005.
Year of publication: |
2005-09
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Authors: | Kreander, N. ; Gray, R.H. ; Power, D.M. ; Sinclair, C.D. |
Published in: |
Journal of Business Finance & Accounting. - Wiley Blackwell, ISSN 0306-686X. - Vol. 32.2005-09, 7-8, p. 1465-1493
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Publisher: |
Wiley Blackwell |
Saved in:
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