Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 30, 2022 erstellt
Description:
60% of the ESG mutual funds introduced after 2013 are managed by teams that also manage non-ESG funds. The co-managed non-ESG funds increase their holdings of high ESG stocks and exhibit superior performance among these stocks, reflecting an ability to cherry-pick the best ideas. Despite being less constrained, co-managed non-ESG funds underperform their ESG sibling funds. Our evidence suggests that mutual fund families have an incentive to shift performance from non-ESG to ESG funds to attract inflows and identifies two potential channels---ESG funds tend to trade illiquid stocks prior to their non-ESG siblings and get preferential IPO allocations