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Socially Responsible Investment in Japanese Pensions

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  • Henry Hongbo Jin
  • Olivia S. Mitchell
  • John Piggott

Abstract

As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as an option, albeit with some cost; consequently, mandatory investment in SRI portfolios cannot reasonably be justified.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11747.

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Date of creation: Nov 2005
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Publication status: published as Jin, Henry Hongbo & Mitchell, Olivia S. & Piggott, John, 2006. "Socially responsible investment in Japanese pensions," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 427-438, November.
Handle: RePEc:nbr:nberwo:11747

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  1. Bauer, Rob & Koedijk, Kees & Otten, Roger, 2005. "International evidence on ethical mutual fund performance and investment style," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1751-1767, July.
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  4. Aris Solomon & Jill Solomon & Megumi Suto, 2004. "Can the UK Experience Provide Lessons for the Evolution of SRI in Japan?," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(4), pages 552-566, October.
  5. Bauer, Rob & Otten, Roger & Rad, Alireza Tourani, 2006. "Ethical investing in Australia: Is there a financial penalty?," Pacific-Basin Finance Journal, Elsevier, vol. 14(1), pages 33-48, January.
  6. Hiraki, Takato & Inoue, Hideaki & Ito, Akitoshi & Kuroki, Fumiaki & Masuda, Hiroyuki, 2003. "Corporate governance and firm value in Japan: Evidence from 1985 to 1998," Pacific-Basin Finance Journal, Elsevier, vol. 11(3), pages 239-265, July.
  7. Kiyohiko G. Nishimura & Makoto Saito, 2003. "On Alternatives to Aggressive Demand Policies to Revitalize the Japanese Economy," Asian Economic Papers, MIT Press, vol. 2(3), pages 87-126.
  8. Alan Gregory & John Matatko & Robert Luther, 1997. "Ethical Unit Trust Financial Performance: Small Company Effects and Fund Size Effects," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(5), pages 705-725.
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Cited by:
  1. Gunther Capelle-Blancard & St├ęphanie Monjon, 2011. "The Performance of Socially Responsible Funds: Does the Screening Process Matter?," Working Papers 2011-12, CEPII research center.

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