| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15945 |
| DP15945 Sustainability or Performance? Ratings and Fund Managers’ Incentives | |
| Nickolay Gantchev; Mariassunta Giannetti; Rachel Li | |
| 发表日期 | 2021-03-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We show that following the introduction of Morningstar’s sustainability ratings (the “globe” ratings), mutual funds attempt to improve their globe ratings by increasing their demand for sustainable stocks. This trading behavior creates buying pressure, making stocks with high sustainability ratings overvalued. As a consequence, a tradeoff between sustainability and performance arises and the performance of funds improving their globe ratings deteriorates. As performance appears to be more important in attracting flows than sustainability, a new equilibrium emerges in which the globe ratings stop affecting investor flows and funds no longer trade to improve their globe ratings. Our results highlight the issues arising when funds are evaluated along two different dimensions that create conflicting incentives for fund managers competing for flows. |
| 主题 | Financial Economics |
| 关键词 | Sustainability Esg Mutual funds Fund flows Ratings |
| URL | https://cepr.org/publications/dp15945 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544935 |
| 推荐引用方式 GB/T 7714 | Nickolay Gantchev,Mariassunta Giannetti,Rachel Li. DP15945 Sustainability or Performance? Ratings and Fund Managers’ Incentives. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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