红蓝投资:价值与财务

Harrison G. Hong, Leonard Kostovetsky
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引用次数: 550

摘要

利用美国投资经理的政治捐款和股票持有量数据,我们发现,向民主党提供竞选捐款的共同基金经理(相对于非捐助者或共和党捐助者)在被认为对社会不负责任的公司(例如烟草、枪支、国防公司或员工关系不良或多元化记录的公司)中持有的投资组合较少。尽管显性社会责任投资(SRI)基金更有可能由民主经理人管理,但在控制了其他基金和经理人特征后,这一结果适用于非社会责任投资基金。这一效应超过了SRI基金减持比例的一半。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Red and Blue Investing: Values and Finance
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.
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