Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

@article{Hartzmark2017DoIV,
  title={Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows},
  author={Samuel M. Hartzmark and Abigail B. Sussman},
  journal={Capital Markets: Market Efficiency eJournal},
  year={2017}
}
Examining a shock to the salience of the sustainability of the U.S. mutual fund market, we present causal evidence that investors marketwide value sustainability: being categorized as low sustainability resulted in net outflows of more than $12 billion while being categorized as high sustainability led to net inflows of more than $24 billion. Experimental evidence suggests that sustainability is viewed as positively predicting future performance, but we do not find evidence that high… Expand
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