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Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis

  • N. Kreander
  • R.H. Gray
  • D.M. Power
  • C.D. Sinclair
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    This paper studies the performance of 60 European funds from four countries. The paper extends the UK matched pair approach for fund evaluation developed by Mallin et al. (1995) to a European setting. The findings suggest that there is no difference between ethical and non-ethical funds according to the performance measures employed. Neither type of fund displayed any ability to time the market. Finally, the results indicate that the management fee is a significant explanatory variable for the Jensen measure as Chen et al. (1992) and Grinblatt and Titman (1994) suggested. Copyright Blackwell Publishers Ltd, 2005.

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    Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

    Volume (Year): 32 (2005-09)
    Issue (Month): 7-8 ()
    Pages: 1465-1493

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    Handle: RePEc:bla:jbfnac:v:32:y:2005-09:i:7-8:p:1465-1493
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