Measuring Investors' Socially Responsible Preferences in Mutual Funds.
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Otros documentos de la autoría: Barreda-Tarrazona, Iván; Matallín Sáez, Juan Carlos; Balaguer Franch, María del Rosario
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Mostrar el registro completo del ítemcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8643
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Título
Measuring Investors' Socially Responsible Preferences in Mutual Funds.Fecha de publicación
2011-10Editor
© Springer, Part of Springer Science+Business MediaISSN
0167-4544Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://link.springer.com/article/10.1007/s10551-011-0868-zVersión
info:eu-repo/semantics/submittedVersionPalabras clave / Materias
Resumen
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. [-]
Publicado en
Journal of Business Ethics (October 2011), vol. 103, no. 2, 305-330Derechos de acceso
http://rightsstatements.org/vocab/CNE/1.0/
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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