Sustainable Finance Disclosure Versus Performance: A Clustering Approach
研究了欧盟可持续金融披露法规下，不同ESG分类基金（第6、8、9条）的绩效差异，通过层次聚类分析验证分类可靠性，帮助投资者判断披露信息对决策的参考价值。
ABSTRACT The Sustainable Finance Disclosure Regulation (SFDR) imposes on investment companies the publication of sustainability related profiles of the portfolio creation process. This obligation seeks to enhance the information provided to customers on financial products with regard to the Environmental, Social and Governance (ESG) criteria. In order to understand to which extent this information is relevant for investment decisions, the reliability of the classification among funds with a different ESG focus (articles 6, 8, and 9) is studied from a financial perspective and verified through a hierarchical cluster analysis on principal components of the performance measures of various funds distributed in Europe.