This paper examines the impact of both socially responsible (SR) and conventional entrant funds on SR incumbent funds using an overlap in portfolio holdings to measure the impact of competition of mutual fund industry in United States. This paper’s findings indicate that over the past decade competition, between SR funds has had a negative impact on capital flow and fees. Moreover, our findings suggest that SR fund performance over the past decade had been affected by the competition of new SR funds entering the market. This finding implies that due to increasing numbers of new SR funds entering the market, competition between SR funds is beginning to have a negative impact on fund performance. Our study concludes that SR funds cannot outperform conventional funds when simply holding a portfolio of SR investments.
JEL classification: G11; G23
Keywords: Mutual funds; Competition; Socially responsible investing
학회소식
[2012년 제 4차] Competition of socially responsible and conventiona
작성자 : 관리자
조회수 : 843
게시일 :
2012-12-12
