Fondos Convencionales versus Fondos Socialesuna aplicación del método de los Precios Hedónicos

  1. Cañal-Fernández, Verónica 1
  2. Bilbao-Terol, Celia 1
  3. de Otto-López, Beatriz 1
  1. 1 Universidad de Oviedo.
Journal:
Anales de ASEPUMA

ISSN: 2171-892X

Year of publication: 2011

Issue: 19

Type: Article

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Abstract

The aim of this paper is analyzing the valuation of the market, of social responsibility component, that verify Socially Responsible mutual funds (SRI-funds) against its unscreened counterparts, the Conventional mutual funds (C-funds). For this, it is applied the Hedonic Price method that relates the price of such funds with its characteristics. We have constructed a database containing SRI and C-funds domiciled and managed in Spain. This data are taken from the prospectus for each fund and from the data provided by National Securities Market Commission. The evidence indicates that the Spanish market does not value the social responsibility component of SRI-funds. With respect to economic variables, the market is not risk averse and the valuation of the return is positive and significant.

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