Renaming with purpose: Investor response and fund manager behaviour after fund ESG renaming
研究了2016年7月至2022年9月间740个零售和317个机构基金份额类别ESG相关更名现象，发现更名在欧洲显著增加资金流入，且基金经理在更名后确实改善了ESG表现、降低了碳强度和ESG风险，费用未显著变化。
Motivated by concerns that mutual funds' stated integration of environmental, social and governance (ESG) criteria in investing is cosmetic, we study the widespread phenomenon that mutual funds change their name to include ESG terms. Using a unique global sample of ESG-related name changes by 740 retail and 317 institutional share classes between July 2016 and September 2022, we investigate investors' response and fund managers' behaviour in terms of fund flows, portfolio-level ESG metrics and fees. Using difference-in-differences analyses and accounting for heterogeneous treatment effects, we provide mixed evidence on whether funds increase flows by renaming, although effects appear significant for funds domiciled in Europe. We subsequently document that fund managers do appear to improve the ESG performance, reduce exposure to controversial businesses, decrease the carbon intensity, and lower the overall ESG risks of their portfolios after ESG renaming. Renaming has no material impact on funds' expenses. The results alleviate concerns that funds use ESG-oriented name changes cosmetically and imply that they are renaming with purpose. • ESG renaming boosts fund flows in Europe but shows mixed effects globally. • Funds improve ESG metrics post-renaming, reducing risks and carbon intensity. • Expense ratios, on average, do not increase post-renaming.