可持续性还是业绩？评级与基金经理的激励机制

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-03-27 DOI:10.1016/j.jfineco.2024.103831

Nickolay Gantchev, Mariassunta Giannetti, Rachel Li

{"title":"可持续性还是业绩？评级与基金经理的激励机制","authors":"Nickolay Gantchev, Mariassunta Giannetti, Rachel Li","doi":"10.1016/j.jfineco.2024.103831","DOIUrl":null,"url":null,"abstract":"<div><p>We explore how mutual fund managers and investors react when the tradeoff between a fund's sustainability and performance becomes salient. Following the introduction of Morningstar's sustainability ratings (the “globe” ratings), mutual funds increased their holdings of sustainable stocks to attract flows. Such sustainability-driven trades, however, underperformed, impairing the funds’ overall performance. Consequently, a tradeoff between sustainability and performance emerged. In the new equilibrium, the globe ratings do not affect investor flows and funds no longer trade to improve their globe ratings.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"155 ","pages":"Article 103831"},"PeriodicalIF":10.4000,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304405X24000540/pdfft?md5=fad827b0a10295f0e333e3ba61b8e6a4&pid=1-s2.0-S0304405X24000540-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Sustainability or performance? Ratings and fund managers’ incentives\",\"authors\":\"Nickolay Gantchev, Mariassunta Giannetti, Rachel Li\",\"doi\":\"10.1016/j.jfineco.2024.103831\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We explore how mutual fund managers and investors react when the tradeoff between a fund's sustainability and performance becomes salient. Following the introduction of Morningstar's sustainability ratings (the “globe” ratings), mutual funds increased their holdings of sustainable stocks to attract flows. Such sustainability-driven trades, however, underperformed, impairing the funds’ overall performance. Consequently, a tradeoff between sustainability and performance emerged. In the new equilibrium, the globe ratings do not affect investor flows and funds no longer trade to improve their globe ratings.</p></div>\",\"PeriodicalId\":51346,\"journal\":{\"name\":\"Journal of Financial Economics\",\"volume\":\"155 \",\"pages\":\"Article 103831\"},\"PeriodicalIF\":10.4000,\"publicationDate\":\"2024-03-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0304405X24000540/pdfft?md5=fad827b0a10295f0e333e3ba61b8e6a4&pid=1-s2.0-S0304405X24000540-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0304405X24000540\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0304405X24000540","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们探讨了共同基金经理和投资者在基金的可持续发展和业绩之间的权衡变得突出时如何做出反应。晨星可持续发展评级（"全球 "评级）推出后，共同基金增持可持续发展股票以吸引资金流。然而，这种以可持续性为导向的交易表现不佳，损害了基金的整体业绩。因此，出现了可持续性与业绩之间的权衡。在新的平衡状态下，全球评级不会影响投资者的流动，基金也不再为提高全球评级而进行交易。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Sustainability or performance? Ratings and fund managers’ incentives

We explore how mutual fund managers and investors react when the tradeoff between a fund's sustainability and performance becomes salient. Following the introduction of Morningstar's sustainability ratings (the “globe” ratings), mutual funds increased their holdings of sustainable stocks to attract flows. Such sustainability-driven trades, however, underperformed, impairing the funds’ overall performance. Consequently, a tradeoff between sustainability and performance emerged. In the new equilibrium, the globe ratings do not affect investor flows and funds no longer trade to improve their globe ratings.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.