SRI Funds: Nomen est Omen
检验了社会责任投资基金是否只是披着道德外衣的传统基金，通过比较美国股票基金的持仓，发现SRI基金的道德评级显著高于传统基金，且结果稳定，并非伪装。
Abstract: We test the frequently made claim that SRI funds are conventional funds in disguise. For this purpose, we compare the portfolio holdings of SRI funds to conventional funds with respect to their social and environmental standards. Our empirical study of US equity funds shows that SRI funds have a significantly higher ethical ranking than standard funds, i.e., they are not conventional funds in disguise. This result holds for all ethical criteria we investigate. It is stable over time and holds after controlling for several fund characteristics. Finally, we find no evidence that our result is generated by window dressing strategies of SRI funds.