The Effect of Morningstar Sustainability Rating on Mutual Fund Flows in the Asian Market

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School of Business | Bachelor's thesis
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Authors

Date

2019

Department

Rahoituksen laitos

Major/Subject

Mcode

Degree programme

Rahoitus

Language

en

Pages

29 + 7

Series

Abstract

This thesis studies the effect of the Morningstar Sustainability Rating on mutual fund flows in Asia in the period from September 2018 to August 2019. The main finding is that there were signif-icant inflows for the four globe (second highest) rated funds compared to the reference level of middle rated funds during the studied time period. In addition, when examining the effects of the Morningstar Sustainability Rating system across countries, the results show that the effects vary significantly between different Asian countries. In some countries, also the five globe (highest) rating produced a significant difference for the inflows. The methodology of the thesis is based on Harztmark and Sussman (2019) who studied the ef-fect of the Morningstar Sustainability Rating in the US market.

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Thesis advisor

Spickers, Theresa

Keywords

Fund flows, Sustainability, Mutual funds, Asia, Socially responsible investing

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Permanent link to this item

https://urn.fi/URN:NBN:fi:aalto-201912296795

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