| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13599 |
| DP13599 Low-carbon mutual funds | |
| Marco Ceccarelli; Stefano Ramelli; Alexander F. Wagner | |
| 发表日期 | 2022-05-03 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Climate change poses new challenges for portfolio management. Investors face a trade-off between minimizing climate risk exposure and maximizing the risk benefits of portfolio diversification in a not-yet-low-carbon world. This paper investigates investors' and financial intermediaries' responses to this risk-risk trade-off. We analyze the fund flows and position changes of a large sample of European and US mutual funds after the release of Morningstar's carbon risk metrics in April 2018, a shock to the availability of information on climate transition risks. Funds labeled as "low carbon" experienced a significant increase in investor demand, especially those compensating for their under-diversification with high risk-adjusted returns. Fund managers actively reduced their exposure to high-carbon risk firms, especially when less costly for portfolio diversification. These findings shed light on whether and how climate-related information can re-orient capital flows in a low-carbon direction. |
| 主题 | Financial Economics |
| 关键词 | Behavioral finance Climate change Eco-labels Investor preferences Mutual funds Sustainable finance |
| URL | https://cepr.org/publications/dp13599-3 |
| 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/546288 |
| 推荐引用方式 GB/T 7714 | Marco Ceccarelli,Stefano Ramelli,Alexander F. Wagner. DP13599 Low-carbon mutual funds. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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