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

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...

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Bibliographic Details
Published in:	The Journal of finance (New York) Vol. 74; no. 6; pp. 2789 - 2837
Main Authors:	HARTZMARK, SAMUEL M., SUSSMAN, ABIGAIL B.
Format:	Journal Article
Language:	English
Published:	Cambridge Wiley Periodicals, Inc 01.12.2019 Blackwell Publishers Inc
Subjects:	Investors Mutual funds Positive emotions Ratings & rankings Salience Sustainability
ISSN:	0022-1082, 1540-6261
Online Access:	Get full text
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