Evaluating the Performance of Ethical and Non‐ethical Funds: A Matched Pair Analysis
研究欧洲四国60只基金的绩效，发现道德基金与非道德基金在业绩上无显著差异，且管理费是解释詹森测度的重要因素。
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.