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

N. Kreander, Rob Gray, D. M. Power, C. D. Sinclair

    Research output: Contribution to journalArticle

    144 Citations (Scopus)

    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 & Accounting
    Volume32
    Issue number7-8
    DOIs
    Publication statusPublished - 2005

    Fingerprint

    Management fees
    Evaluation
    Performance measures
    European funds

    Keywords

    • Ethical funds
    • Non-ethical funds
    • Fund performance
    • Matched pair approach

    Cite this

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    Evaluating the performance of ethical and non-ethical funds: a matched pair analysis. / Kreander, N.; Gray, Rob; Power, D. M.; Sinclair, C. D.

    In: Journal of Business Finance & Accounting, Vol. 32, No. 7-8, 2005, p. 1465-1493.

    Research output: Contribution to journalArticle

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