Renneboog, Luc; ter Horst, Jenke; Zhang, C. - Tilburg University, Center for Economic Research - 2006
Little is known about how investors select socially responsible investment (SRI) funds.Investors in SRI funds may care …-flows into and out of the SRI funds around the world.We find that ethical money chases past returns.In contrast to conventional … funds' investors, SRI investors care less about the funds' riskiness and fees.Funds characterized by shareholder activism …