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Evolving Investment Management Regulation 2012: A clear path ahead?

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To control for management company effects, we compare SRI and conventional funds run by the same management company and find that performance differences become small and statistically insignificant. These results suggest that differences between SRI and conventional funds may be explained by management company-level factors that determine both fund performance and the company's decision to manage SRI funds. We further explore this issue by distinguishing between SRI funds run by management companies specialized in SRI and those run by generalist companies. Our results show that SRI funds managed by generalist companies actually underperform, both before and after fees,...
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Evolving Investment Management Regulation 2012: A clear path ahead?