Measuring Investors' Socially Responsible Preferences in Mutual Funds.
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Altres documents de l'autoria: Barreda-Tarrazona, Iván; Matallín Sáez, Juan Carlos; Balaguer Franch, María del Rosario
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Mostra el registre complet de l'elementcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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Títol
Measuring Investors' Socially Responsible Preferences in Mutual Funds.Data de publicació
2011-10Editor
© Springer, Part of Springer Science+Business MediaISSN
0167-4544Tipus de document
info:eu-repo/semantics/articleVersió de l'editorial
http://link.springer.com/article/10.1007/s10551-011-0868-zVersió
info:eu-repo/semantics/submittedVersionParaules clau / Matèries
Resum
The aim of this study is to analyze investor behavior towards socially responsible mutual funds. The analysis is based on an experimental study where a sample of individuals takes investment decisions under different ... [+]
The aim of this study is to analyze investor behavior towards socially responsible mutual funds. The analysis is based on an experimental study where a sample of individuals takes investment decisions under different parameters of information about the investment alternatives and expected returns. In the experiment, each participant decides how to distribute an investment budget between two funds, returns on which are uncertain and change over time. Two treatments are conducted, each providing a different degree of information on the socially responsible (SR) character of one of the two investment alternatives. The results obtained suggest that although individuals’ criteria for investment are essentially guided by returns and diversification, participants invest significantly more in a fund when they are explicitly informed about its SR nature. In particular, participants who declare being concerned about SR actually invest significantly more in the SR alternative. Furthermore, the level of SR faithfulness among a small group of investors is such that they invest the main share of their budget in the SR fund, even when the return differential is highly unfavorable. Providing clear information about the SR characteristics of an investment is crucial to help investors express their preferences. [-]
Publicat a
Journal of Business Ethics (October 2011), vol. 103, no. 2, 305-330Drets d'accés
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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