Red and blue investing: Values and finance

• 成果类型: Article
• 署名作者: Hong, Harrison; Kostovetsky, Leonard
• 署名单位: University of Rochester; Princeton University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2011.01.006
• 发表日期: 2012
• 页码: 1-19
• 关键词: mutual funds; Political values; Portfolio decisions; SRI

摘要

Using data on the political contributions and stock holdings of U.S. investment managers, we find that mutual fund managers who make campaign donations to Democrats hold less of their portfolios (relative to non-donors or Republican donors) in companies that are deemed socially irresponsible (e.g., tobacco, guns, or defense firms or companies with bad employee relations or diversity records). Although explicit socially responsible investing (SRI) funds are more likely to be managed by Democratic managers, this result holds for non-SRI funds and after controlling for other fund and manager characteristics. The effect is more than one-half of the underweighting observed for SRI funds. (C) 2011 Elsevier B.V. All rights reserved.