A Listing of Key Ethical Investment Related Studies — 2004 to Present

A Listing of Key Ethical Investment Related Studies — 2004 to Present

By release date.

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The Performance of Socially Responsible Investing: A Review, “Our research indicates that SRI do not result in worse returns and seem to perform similarly to standard assets, but with less volatility, particularly during times of crisis.” By Lisa Gianmoena & Luca SpataroFirst Online: , Part of the Palgrave Studies in Impact Finance book series (SIF).

ESG and Global Investor Returns Study, by KROLL, September 2023, USA.

Does Green Investing Generate Return Over Conventional Funds? A Comparative Portfolio Analysis with Indian Stock Market, by Debabrata Mukhopadhyay, Chapter First Online: , India.

The Weight of America’s Boards (2023), by JamesDruryPartners, August 16, 2023.

The Emerging Greenium, by Boyuan Li (University of Florida), Baolian Wang (University of Florida), and Jiawei Yu (Renmin University of China), July 11, 2023, USA.

Benefits of integrated reporting from analyst and investor perspectives, by Masum Al Syed, Swinburne University of Technology, 2023. Australia.

Weighted Average Green Revenue (WAGR): Integrating climate solutions into portfolio construction. By FTSE Russell authors: Lily Dai and Jaakko Kooroshy. And GIC authors: Rachel Teo, Wong De Rui. Plus GMO authors: Deborah Ng, Kenneth Hsu, Christopher Heelan, and Timothy J. Wheeler. June 2023, UK.

Mind the ESG capital allocation gap: The role of index providers, standard-setting, and “green” indices for the creation of sustainability impact, by Jan Fichtner (Deutsche Bundesbank)Robin Jaspert (Goethe University), Johannes Petry (Goethe University), June 4, 2023, Germany.

ESG Spillovers-NBER Working Paper on ESG and non-ESG mutual funds, Shangchen Li, Hongxun Ruan, Sheridan Titman, and Haotian Xiang, May 2023, Working Paper 31248, National Bureau of Economic Research, USA.

Deconstructing ESG Scores: How to Invest with your own Criteria? By Torsten Ehlers (IMF), Ulrike Elsenhuber (BIS), Anandakumar Jegarasasingam (BIS), and Eric Jondeau (University of Lausanne), March 10, 2023, IMF Working Paper.

Quantifying the Returns of ESG Investing: An Empirical Analysis with Six ESG Metrics, by Florian Berg (MIT), Andrew W. Lo (MIT), Roberto Rigobon (MIT), Manish Singh (MIT), and Ruixun Zhang (Peking University), March 3, 2023, SSRN paper.

Shifting the Focus to Measurement: A Review of Socially Responsible Investing and Sustainability Indicators, by Markus Koenigsmarck, Universitat Darmstadt, Germany, and Martin Geissdoerfer, University of Cambridge, Cambridge, UK, Sustainability, 2023, vol. 15.

How has COVID-19 affected the performance of green investment funds? By Maria-Eleni K Agoraki, University of the Peloponnese, Greece; Nektarios Aslanidis, Universitat Rovira, Spain; and Georgios P Kouretas, Athens University of Economics and Business, Greece. December 23, 2022, Journal of international money and finance.

A systematic review of sustainable investment approaches, by Charney S. Akala, Taryn Neuhaus, and Indrani O’ Leary-Govender, Vol. 14, No. 12 (2022), International Journal of Economics and Finance.

Dissecting Green Returns, by Lubos Pastor, Robert F. Stambaugh, and Lucian A. Taylor, June 10, 2022, Fama-Miller Center Working Paper Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, USA. (2022 Moskowitz Prize winner.)

Do Ethics outpace Sins? By Sitara Karim, Nottingham University Malaysia Campus; Muhammad Abubakr Naeem, United Arab Emirates University; and Brian M. Lucey, Trinity College Dublin. May 4, 2022, Finance Research Letters, Netherlands.

The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms. By ROBIYANTO, RobiyantoPUTRA, Adhi Rahadi  y  LAKO, Andreas. Contad. Adm [online]. 2021, vol.66, n.1, 00010.  Epub 11-Oct-2021. ISSN 0186-1042.  https://doi.org/10.22201/fca.24488410e.2021.2489.

A Performance Evaluation of Ethical Mutual Funds: Evidence from India, by Jasvinder Kaur and Rashmi Chaudhary, December 2021, Colombo Business Journal, Sri Lanka.

Does it pay to invest in environmental stocks? By Panagiotis Tzouvanasa and Emmanuel C. Mamatzakisb, University of Sussex and University of London, October 2021, International Review of Financial Analysis, Ireland.

Ethical and unethical investments under extreme market conditions, by Petter Olofssona, Anna Raholm, and Gazi Salah Uddin all at Linkoping University, Sweden; Victor Troster, Universitat de les Illes Balears, Palma, Spain; and Sang Hoon Kang, Pusan National University, Republic of Korea. October 2021, International Review of Financial Analysis.

Does corporate social responsibility affect shareholder value? Evidence from the COVID-19 crisis, by Somya Arora, Jagan Kumar Sur, Yogesh Chauhan, at the Indian Institute of Management Raipur, Raipur, India, May 26, 2021. International Review of Finance.

Keeping Promises? Carbon Risk (CR) Disclosure and Mutual Fund Portfolios, by John R. Nofsinger, University of Alaska Anchorage and Abhishek Varma, Illinois State University. April 27, 2021.

ESG AND FINANCIAL PERFORMANCE: Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies Published between 2015 — 2020. By Tensie Whelan, Ulrich Atz, Tracy Van Holt and Casey Clark, CFA. February 2021, Rockefeller Asset Management, NYU Stern Center for Sustainable Business, USA.

Sustainable Investing in Equilibrium, by Lubos Pastor University of Chicago; Robert F. Stambaugh University of Pennsylvania; and Lucian A. Taylor University of Pennsylvania. August 12, 2020, Journal of Financial Economics (JFE), USA.

ESG Matters, by Dr. G Kevin Spellman, CFA, January 2020, Institutional Shareholder Services Inc., USA.

Institutional Investors and Corporate Social Responsibility, by John R. Nofsinger (University of Alaska), Johan Sulaeman (National University of Singapore), and Abhishek Varma (Illinois State University), August 9, 2019, Journal of Corporate Finance.

Sustainable Reality: Analyzing Risk and Returns of Sustainable Funds, by Morgan Stanley Institute for Sustainable Investing, July 2019.

Index Funds and the Future of Corporate Governance: Theory, Evidence and Policy, co-authored by Lucian Bebchuk, Harvard Law School and Scott Hirst, Boston University School of Law. IRRC Insitute, December 6, 2018, USA.

Are Sustainability Factors Associated with Stock Price Informativeness? By Zabihollah Rezaee, University of Memphis and Anthony C. Ng, Deakin University, Australia. IRRC Insitute, December 6, 2018, USA.

Public Sentiment and the Price of Corporate Sustainability, by George Serafeim, October 28, 2018, Working Paper, Harvard Business School, USA.

Outperformance through Investing in ESG in Need, by Jason Hsu, Xiaoyang Liu, Keren Shen, Vivek Viswanathan, and Yanxiang Zhao, The Journal of Index Investing, Fall 2018, UK.

Methods for Selecting Ethical Investments: Some Sociological Explanations, by Caterina Galluccio, Advances in Applied Sociology, April 2018.

Total Societal Impact: A New Lens for Strategy, by Douglas Beal, Robert Eccles, Gerry Hansell, Rich Lesser, Shalini Unnikrishnan, Wendy Woods, and David Young, October 25, 2017, Boston Consulting Group, USA.

Investments in Ethical Funds and Indices: An Overview of Performance, by Giuseppe Risalvato, September 7, 2017, LIUC University, Italy.

Sin Stocks Revisited: Resolving the Sin Stock Anomaly, by David Blitz and Frank J. Fabozzi, August 7, 2017, The Journal of Portfolio Management, USA.

Asset Owners and the Diffusion of Responsible Investment. What Explains the Low Rate of Adoption? By Stephanie Mooij, July 31, 2017, University of Oxford, UK.

The Price of Taste for Socially Responsible Investment, by Rocco Ciciretti University of Rome II, Ambrogio Dalo University of Rome, and Lammertjan Dam University of Groningen, CEIS Working Paper No. 413, July 2017, Italy.

Are Sustainability Rankings Consistent Across Ratings Agencies? By Beixin (Betsy) Lin, PhD, Silvia Romero, PhD, Agatha E. Jeffers, PhD, CPA, Laurence DeGaetano, CPA and Frank Aquilino, CPA, July 2017, The CPA Journal, USA.

Sustainability Scores for Investment Funds, by Jeroen Bos, CFA Institute Magazine, March 2017, Volume 28 Issue 1, USA.

ESG factors and risk-adjusted performance: a new quantitative, by N. C. Ashwin Kumara, Camille Smitha, Leïla Badisa, Nan Wanga, Paz Ambrosya, all at IE Business School, Spain; and Rodrigo Tavaresb, Granito & Partners; Journal of Sustainable Finance & Investment 2016 vol. 6, no. 4, USA/UK.

Sustainable Investing Research Suggests No Performance Penalty, by Jon Hale, November 10, 2016, Morningstar, USA.

ESG Issues among Fund Managers—Factors and Motives, by: Justyna Przychodzen, University of Liverpool Online Management Programmes, The Netherlands; and Fernando Gómez-Bezares, Wojciech Przychodzen, Mikel Larreina of University of Deusto, Spain. October 24, 2016, Sustainability 2016, Switzerland.

Financial Data Science for Responsible Investors, by Andreas G. F. Hoepner, University of Reading – ICMA Centre; Stockholm School of Economics – Mistra Financial Systems (MFS), August 11, 2016, UK.

You Don’t Have to Sacrifice Returns for Sustainability, by Jon Hale, August 19, 2016, Morningstar, USA.

Shareholder Activism on Sustainability Issues, by Jyothika Grewal, Aaron S. Yoon, Harvard Business School students, and Professor George Serafeim, Harvard Business School, July 6, 2016, USA.

ESG Integration in Investment Management: Myths and Realities, by Sakis Kotsantonis of KKS Advisors, Chris Pinney at High Meadows Institute, and George Serafeim of Harvard Business School, June 2016, Journal of Applied Corporate Finance, USA.

The Financial and Societal Benefits of ESG Integration: Focus on Materiality, by Calvert Investments/George Serafeim, Associate Professor of Business Administration at Harvard Business School, June 13, 2016, USA.

Impact Investing, by Brad M. Barber, University of California Davis; Adair, Morse University of California; and Ayako Yasuda, University of California, Davis. June 10, 2016, USA.

Frictional costs of fossil fuel divestment, by Hendrik Bessembinder, Arizona State University, June 3, 2016, USA.

Ethical Dow Jones Indexes and Investment Performance: International Evidence, by Mo Sherif, Heriot-Watt University, Scotland, Investment Management and Financial Innovations, Volume 13, Issue 2, 2016.

Gender Diversity in Senior Positions and Firm, by Lone Christiansen, Huidan Lin, Joana Pereira, Petia Topalova, and Rima Turk, IMF Working Paper, March 2016.

Corporate Social Responsibility and Shareholder Wealth: The Role of Marketing Capability, by Saurabh Mishra, McGill University, Canada, and Sachin Modi, Iowa State University, USA. Journal of Marketing, January 2016, USA.

How Ethical Compliance Affects Portfolio Performance And Flows: Evidence From Mutual Funds, by Sadok El Ghoul, University of Alberta and Aymen Karoui, University of Quebec at Montreal (UQAM), December 4, 2015, Canada.

ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies, by Gunnar Friede, Deutsche Asset & Wealth Management; Timo Busch, University of Hamburg, and Alexander Bassen University of Hamburg/University of Reading. Journal of Sustainable Finance & Investment, Volume 5, Issue 4, October 22, 2015, UK.

Passive Investors, Not Passive Owners, by Ian Appel Boston College – Carroll School of Management; Todd A. Gormley, University of Pennsylvania – The Wharton School; and Donald B. Keim, also at the University of Pennsylvania – Wharton School. Published SSRN, September 15, 2015, USA.

The ‘Price of Sin′ Aversion: Ivory Tower Illusion or Real Investable Alpha? By Hampus Adamsson and Andreas G. F. Hoepner, University of Reading, September 11, 2015, UK.

Climate Change and Firm Valuation: Evidence from a Quasi-Natural Experiment, by Philipp Krueger, University of Geneva, February 15, 2015, Switzerland. (Winner of the 2015 Moskowitz Prize for Socially Responsible Investing.)

Performance of Socially Responsible Portfolios – Do Economic Conditions Matter? By Vanita Tripathi and Varun Bhandari, Journal of Commerce & Accounting Research, Vol. 04, 2015, India.

Can ESG Add Alpha? By MSCI.Inc researchers, Zoltán Nagy, Altaf Kassam, Linda-Eling Lee, June 2015.

Canadian Responsible Investment Mutual Funds, by Tessa Hebb, Carleton Centre for Community Innovation at Carleton University, May 1, 2015, Canada.

Are Ethical Investments Good? By Gariet Chow (University of Western Australia), Robert B. Durand (Curtin University of Technology), and SzeKee Koh (Singapore Institute of Technology), Australian Journal of Management, Vol. 39, No. 4, 2014, November 13, 2014, Australia.

From Stockholder To Stakeholder, by the Smith School of Enterprise and the Environment at the University of Oxford and Arabesque Asset Management, September 15, 2014, UK.

Socially Responsible Firms, by Allen Ferrell, Harvard Law School; and Hao Liang and Luc Renneboog, Tilburg University, July 10, 2014. (2014 Moskowitz Prize winner.)

Is Sin Always a Sin? The Interaction Effect of Social Norms and Financial Incentives on Market Participants′ Behavior, by Yanju Liu, Singapore Management University – School of Accountancy; Hai Lu, University of Toronto – Rotman School of Management; and Kevin J. Veenstra, McMaster University – DeGroote School of Business. Accounting, Organizations and Society, May 2014, Canada/Singapore.

Corporate Social Responsibility and Stock Price Crash Risk, by Yongtae Kim, Haidan Li, and Siqi Li, all at Santa Clara University – Leavey School of Business, Journal of Banking and Finance (Forthcoming), February 14, 2014, USA.

Do Socially Responsible Investment Funds Under-Perform the Market? Evidence from China, by Ting Zhang, University of Baltimore, USA, International Journal of Management Research and Business Strategy (IJMRBS), January 2014, India.

The Unintended Effect of Corporate Social Responsibility Performance on Investors’ Estimates of Fundamental Value, by Mark E. Peecher of the University of Illinois at Urbana-Champaign, W. Brooke Elliott and Kevin E. Jackson of the University of Illinois, and Brian J. White of the University of Texas at Austin, The Accounting Review, January 2014, USA.

Social Norms in Pension Funds, by Arian C.T. Borgers and Rachel A. J. Pownall, Tilburg University, November 2013, Netherlands.

Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach, by Caroline Flammer, Ivey Business School, University of Western Ontario, October 2013, Canada.

Voluntary Corporate Social Responsibility Disclosure and Religion, by Paul A. Griffin (University of California, Davis) and Yuan Sun (Boston University), September 18, 2013, USA.

Review of Evidence: Database of SRI Academic Studies, Compiled by UC Davis Graduate School of Management, June 2013, USA.

Investor Attitudes, Investment Screen Use, and Socially Responsible Investment Behavior, by William N. Dilla and Diane Joyce Janvrin (both of Iowa State University – Department of Accounting and Finance), Jon D. Perkins (Iowa State University), and Robyn Raschke (University of Nevada, Las Vegas), May 2, 2013, USA.

Ethical Investment and Portfolio Theory: Using Factor Analysis to Select a Portfolio, by John Simister and Richard Whittle, Accounting, Finance and Economics Department, Manchester Metropolitan University, Manchester, UK, February 2013.

Optimizing Environmental, Social and Governance Factors in Portfolio Construction: Analysis of Three ESG-Tilted Strategies, by MSCI.Inc researchers, Zoltán Nagy, Douglas George Cogan, and Dan Sinnreich, February 20, 2013,

Ethical and Socially Responsible Investment, by Julia M. Puaschunder, November 12, 2012, Harvard University, USA.

High Net Worth Individuals (HNWI) & Sustainable Investment Study 2012, by EuroSif, November 2012, Belgium.

Misadventures of An Irresponsible Investor, by Jack Gray, University of Technology, Sydney (UTS), September 17, 2012, Australia.

Performances of Socially Responsible Investment and Environmentally Friendly Funds, by Yutaka Ito, Shunsuke Managi, and Akimi Matsuda, August 15, 2012, Tohoku University, Japan.

Environmental, Social and Governance Investing by College and University Endowments in the United States, July 18, 2012, The IRRC Institute, USA.

Investing sustainably is a ‘clear win′ says (Deutsche Bank) study, by Alex Blackburne, June 18, 2012, Blue & Green Tomorrow, UK.

The Financial Performance and Investment Style of French Ethical Funds, by Khaled Saadaoui, June 7, 2012, Ecole de Management de Normandie, France.

Performance of ethical equity investing in the UK: active, passive and criteria, Ph.D thesis by Nitin Deshmukh, Middlesex University, May 24, 2012, UK.

Is socially responsible investing just screening? Evidence from mutual funds, by  Markus Hirschberger, Ralph E. Steuer, Sebastian Utz, and Maximilian Wimmer, Humbold University, March 2012, Germany.

Do Socially Responsible Investment Indexes Outperform Conventional Indexes? By Shunsuke Managi (Tohoku University), Tatsuyoshi Okimoto (Hitotsubashi University), and Akimi Matsuda (Nomura Securities Co., Ltd.), February 14, 2012, Japan.

Finding Common Ground on the Metrics that Matter, by Peter A. Soyka and Mark E. Bateman, IRRC Institute, February 2012, USA.

Resource strategy put to the test, by Ruth Sullivan, February 19, 2012, Financial Times, UK.

Going Green: Market Reaction to CSR Newswire Releases, by Paul A. Griffin and Yuan Sun, University of California, USA.

From Preaching to Investing: Attitudes of Religious Organisations Towards Responsible Investment, by Céline Louche, Daniel Arenas and Katinka C. van Cranenburgh, Journal of Business Ethics, DOI 10.1007/s10551-011-1155-8.

Efficiently weighted indices can lead to SRI outperformance – EDHEC, by Nina Röhrbein, January 17, 2012, IPE, France.

Socially Responsible Investing, by Olivia S. Jung, January 12, 2012, Wharton, University of Pennsylvania, USA.

Socio-Psychological Motives of Socially Responsible Investors, by Julia M. Puaschunder, December 30, 2011, Harvard University, USA.

The Performance of Socially Responsible Investment – A Review of Scholarly Studies Published 2008-2010, by Emma Sjöström, October 17, 2011, Stockholm School of Economics; Nuwa AB, Sweden.

Market Interest in Nonfinancial Information, by Robert G. Eccles, Michael P. Krzus, and George Serafeim, September 2011, Harvard Business School, USA.

Determinants of customer satisfaction with socially responsible investments: Do ethical and environmental factors impact customer satisfaction with SRI profiled mutual funds? By Jonas Nilsson (Corresponding author)
Johan Jansson, Sofia Isberg, Anna-Carin Nordvall, August 2011, Umeå School of Business at Umeå University, Umeå, Sweden.

Socially Responsible Investments in Europe: The Effects of Screening on Risk and the Clusters in the Fund Space, by Daniela Laurel, July 11, 2011, Politecnico di Milano, Italy.

Shareholder Voting and Corporate Governance Around the World. Authors: Peter Iliev, Pennsylvania State University; Karl V. Lins, University of Utah; Darius P. Miller, Southern Methodist University; Lukas Roth, January 13, 2011, University of Alberta,  USA/Canada.

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge, by Bo Becker, Daniel Bergstresser, and Guhan Subramanian, November 22, 2010, Harvard Business School, USA.

The Ethical and Non Ethical Mutual Funds Comparison, by Rosa Adamo, Angela Coscarelli, Domenica Federico and Antonella Notte, American Journal of Economics and Business Administration, Volume 2, Issue 4, USA.

Yes, Indeed, Idiosyncratic Risk Matters to Socially Responsible Investments! By Huimin Li, Adrian (Wai-kong) Cheung, and Eduardo Roca, November 6, 2010, Griffith University, Australia.

Investigation of Socially Responsible Investment Markets (SRI) Using Dynamic Conditional Correlation (DCC) Method: Implications for Diversification, by Gurudeo AnandTularam, Eduardo Roca and Victor S. H. Wong. November 4, 2010, Journal of Mathematics and Statistics, USA.

Morality in the financial market? A look at religiously affiliated mutual funds in the USA, Jared L. Peifer, September 2010, Socio-Economic Review 2010 1–25, USA.

The Performance of Socially Responsible Investment and Sustainable Development in France: An Update after the Financial Crisis, by Noël Amenc and Véronique Le Sourd of the EDHEC-Risk Institute, September 2010, France.

The Impact of Corporate Social Responsibility on Investment Recommendations, by Ioannis Ioannou (London Business School) and George Serafeim (Harvard Business School), September 10, 2010.

Exploring the Cost of Investing in Socially Responsible Mutual Funds: An Empirical Study, by David M. Blanchett, Fall 2010, The Journal of Investing, USA.

Corporate Environmental Management and Credit Risk, by Rob Bauer and Daniel Hann, Maastricht University, June 30, 2010, Netherlands.

Responsible Investment: A Vehicle for Environmentally Sustainable Economic Growth in South Africa, by Lise Pretorius, Martine Visser, and Stephanie Giamporcaro, University of Cape Town, June 2010, South Africa.

The Impact of Faith-Based Screens on Investment Performance, by Esmeralda O. Lyn and Edward J. Zychowicz of the Frank G. Zarb School of Business, Hofstra University, Hempstead, NY, USA.

Exploring the Cost of Investing in Socially Responsible Mutual Funds: An Empirical Study, by David M. Blanchett, July 21, 2010, The Journal of Investing, USA.

A Tale of Values-Driven and Profit-Seeking Social Investors, by Jeroen Derwall, Kees Koedijk, and Jenke Ter Horst, July 13, 2010, School of Economics and Management, Tilburg University, The Netherlands.

Socially Responsible Investment Fund Performance: The Impact of Screening Intensity, by Darren David Lee, Jacquelyn Humphrey, and Karen L. Benson–all at University of Queensland, Australia, and Jason Ahn. June 2010, Accounting and Finance, Australia.

Portfolio Diversification and Environmental, Social or Governance Criteria: Must Responsible Investments Really Be Poorly Diversified? By Andreas G. F. Hoepner, University of St. Andrews – School of Management, Principles for Responsible Investment, United Nations.

From Fiduciary Duties to Fiduciary Relationships for Socially Responsible Investment, by Benjamin J. Richardson, Osgoode Hall Law School, York University, Canada, May 2010.

Ethical investment and Shari’ah-compliant investment compared: can investors benefit from diversification? By Mejda Bahlous, Salina H. Kassim, and Rosylin Mohd Yusof, Sestante Edizioni-Bergamo University Press Issue 3, Vol. XXXIV, 2010, Italy.

E.S.G. Risk Factors in a Portfolio Context. by Dr Steffen Hörter, Dr. Wolfgang Mader and Barbara Menzinger, risklab (a division of Allianz Global Investors), March 2010.

Who lets ethics guide his economic decision-making? An empirical analysis of individual investments in ethical funds, by Jenny Säve-Söderbergh, The Swedish Institute for Social Research, Stockholm University, February 2010, Sweden.

Socially Responsible Investing vs. Vice Investing, by Hoje Jo, Roopali Sharma and Sylvie Wright, all at Santa Clara University, and Tamanna Saha of New York University, February 2010, USA.

Information Asymmetry and Socially Responsible Investment, by Mark Jonathan Rhodes, December 20, 2009, Journal of Business Ethics, Netherlands.

Shareholder Activism and Socially Responsible Investors: Equilibrium changes in asset prices and corporate behavior, by Christian Gollier and Sébastien Pouget, September 7, 2009, Toulouse School of Economics,  France.

Vice versus virtue, by Sebastian Lobe, Stefan Roithmeier, and Christian Walkshäusl, August 2009, University of Regensburg, Germany.

The Wages of Social Responsibility, by Meir Statman and Denys Glushkov, July/August, 2009, Financial Analysts Journal, Vol. 65, No. 4: 33-46, USA.

Are Ethical Investments Good? By Gariet Chow, Robert B. Durand, and SzeKee Koh, University of Western Australia, Australia.

Sin Stock Returns Over the Business Cycle, by Julie M. Salaber, University of Bath School of Management, UK.

EDHEC: No alpha from SRI funds for Europeans, by Barry B. Burr, March 9, 2009, Pensions & Investments, USA.

Achieving Consistency and Coherence in Socially Responsible Investment, by Ville-Pekka Sorsa, December 19, 2008, School of Geography and the Environment, University of Oxford, UK.

‘SRI funds not outperforming.′ (Though not underperforming either.) By Sophie Grene, December 14, 2008, Financial Times, UK.

Green investing proves a winning strategy – study, by Martin de Sa’Pinto, November 13, 2008, Reuters, Switzerland.

Is Socially Responsible Investment Profitable? by Jiro Yoshida, October 2008, University of Tokyo, Japan.

Higher Dividends and Lower Volatility in Values Based Investing, commentary by Jose Rasco, October 2008, Merrill Lynch, USA.

Sin Stock Returns, by Frank J. Fabozzi, K.C. Ma, and Becky J. Oliphant, fall 2008, The Journal of Portfolio Management, USA.

The Cost of Socially Responsible Investing, by Mark Kritzman and Tim Adler, Summer 2008, Windham Capital Management, LLC, USA.

Ethical funds on level footing with counterparts, by Stefanie Ives, March 27, 2008, FT Advisor, UK.

UNEP Finance Initiative – Demystifying Responsible Investment Performance. (PDF -1.2 MB) Key academic and broker research on environmental, social and governance (ESG) factors and investment performance.

Board connections and mutual fund returns, by Lauren Cohen, Andrea Frazzini, and Christopher Malloy, February 2008, National Bureau of Economic Research,  USA.

Imitate or Differentiate? Evaluating the validity of corporate social responsibility ratings, by Aaron K. Chatterji, Fuqua School of Business, Duke University and David I. Levine, Haas School of Business, University of California, Berkeley, February 2008, USA.

Ethical funds’ exposure not so green, by Tom Stevenson, February 6, 2008, The Daily Telegraph, UK.

IMCA Journal of Investment Consulting Publishes New Paper on Socially Responsible Investments, November 7, 2007, Marketwire.com, USA.

The Impact of Ethical Rating on Canadian Security Performance: Portfolio Management and Corporate Governance Implications, by Klaus P. Fischer, and Nabil Khoury of the University of Quebec at Montreal – Faculty of Management, September 24, 2007, Canada.

The Price of Ethics: Evidence from Socially Responsible Mutual Funds, by Luc Renneboog, Jenke ter Horst, Chendi Zhang, published by the Social Science Research Network.

Socially Responsible Investments, by Meir Statman, Glenn Klimek Professor of Finance, Santa Clara University, California, June 2007, USA.

THOMSON EXTEL AND THE UK SOCIAL INVESTMENT FORUM ANNOUNCE RESULTS OF THE SRI & SUSTAINABILITY SURVEY, June 29, 2007, UK. (Analyzes the ethical investing research capabilities of investment banks and stock-brokerages.)

SRI screens have little impact on returns: study by Steven Lamb, March 12, 2007, Advisor.ca, Canada.

The Determinants of Sin Stock Returns: Evidence on the European Market, by Julie M. Salaber, University of Bath School of Management, November 1, 2007, UK.

Most investment managers see SRI (Socially Responsible Investing or Ethical Investing) practices becoming mainstream, Mercer Investment Consulting, Press Release, April 7, 2005, Canada.

Are socially responsible investors different from conventional investors? A comparison across six countries, by Geoffrey Williams, Associate Professor of Financial Economics, Nottingham University Business School, December 2005.

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