Are investors aware of climate-related transition risks? Evidence from mutual fund flows

被引：30

作者：

Reboredo, Juan C. ^{[1
]}

Otero, Luis A. ^{[2
]}

机构：

[1] Univ Santiago de Compostela, Dept Econ, Santiago De Compostela, Spain

[2] Univ Santiago de Compostela, Dept Finance, Santiago De Compostela, Spain

来源：

ECOLOGICAL ECONOMICS | 2021年 / 189卷

关键词：

Climate transition risk; Low-carbon economy; Mutual fund flows; ENVIRONMENTAL PERFORMANCE; MORNINGSTAR RATINGS; CARBON EMISSIONS; IMPACT;

D O I：

10.1016/j.ecolecon.2021.107148

中图分类号：

Q14 [生态学（生物生态学）];

学科分类号：

071012 ; 0713 ;

摘要：

Using information on climate transition risks embedded in US equity mutual fund portfolios, we report evidence that mutual fund investors consider climate-related transition risk to be an undesirable fund feature and accordingly allocate more money to funds with lower climate-related transition risk. The size of the impact of this risk on fund flows differs depending on the performance expectations of investors and the socially responsible focus and sustainability of the fund. Our results suggest that mutual fund investors are aware of climate-related transition risks as evidenced by their investment decisions.

引用

页数：13

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