Journal of Business Finance & Accounting · 2005 · 398 citations · 51 references
BusinessEconomicsFinanceFinancial EconomicsFundraisingInvestment ManagementEthical InvestingInvestment FundsMutual Fund ManagementMutual FundsEthical FundsEthical Investing FundsManagement Fee ModelingMutual Fund Performance Evaluation
Earlier studies (1992; Grinblatt & Titman 1994) suggested. This paper studies the performance of 60 European funds from four countries. The study extends Mallin et al.’s UK matched‑pair fund‑evaluation approach (1995) to a European context. The results show no performance difference between ethical and non‑ethical funds, neither type could time the market, and management fees significantly explain Jensen measure performance.
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.
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