European Investors and Sustainability: A Natural Experiment Examining European Mutual Fund Flows and Sustainability Ratings

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Shin, Sean
dc.contributor.author Leinonen, Arttu
dc.date.accessioned 2019-12-29T17:02:47Z
dc.date.available 2019-12-29T17:02:47Z
dc.date.issued 2019
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/41818
dc.description.abstract In this study, I explore a large shock to European mutual fund markets, which resulted in a total €4,5 billion net inflows to funds categorized as high sustainability and €10 billion outflows from funds categorized as low sustainability. This study provides causal evidence to support the argument that European investors collectively value sustainability, and view sustainability as a positive attribute of a company. The experimental evidence suggests that the main driver of the fund flows into the high sustainability funds is investors’ nonpecuniary motives, such as intrinsic altruism and warm-glow. The results also suggest that fund flows may partly be driven by mutual funds’ performance expectations, though I have no clear evidence whether these expectations are rational or naive. Institutional constraints and institutions’ presence at the markets do not have significant effects on the results. en
dc.format.extent 23
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title European Investors and Sustainability: A Natural Experiment Examining European Mutual Fund Flows and Sustainability Ratings en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword Sustainability en
dc.subject.keyword Sustainable Investing en
dc.subject.keyword Investor Behavior en
dc.subject.keyword Fund Flow Analysis en
dc.identifier.urn URN:NBN:fi:aalto-201912296764
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus en


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