Mutual Fund Trading, Fund Flows, and ESG Portfolios
研究了新冠疫情崩盘期间ESG基金与传统共同基金在股票交易上的异同，发现两者交易个股方式相似，但ESG基金整体净买入对资金流动的敏感度更低，源于其投资组合偏向于对资金流动不敏感的ESG股票。
Abstract This article studies how ESG and conventional mutual funds trade stocks during the COVID-19 crash. Both fund types trade individual stocks similarly: Net purchases of ESG stocks are less sensitive than other stocks to fund flows pre-crash, but sensitivities increase for all stocks during the crash. In contrast, ESG funds’ aggregate net purchases are less sensitive than those of conventional funds during the crash. This difference is due to ESG funds’ portfolio tilt toward the less flow-sensitive ESG stocks. There is no evidence of an ESG clientele effect in trading decisions, as both fund types trade individual stocks similarly.