Work detail

Effect of Green New Deal on investment funds

Author: Bc. Petr Prokš
Year: 2022 - summer
Leaders: Mgr. Magda Pečená Ph.D.
Consultants:
Work type: Bachelors
Language: English
Pages: 37
Awards and prizes:
Link: https://dspace.cuni.cz/handle/20.500.11956/173565
Abstract: Socially responsible investing (SRI) had in recent decades gained in importance. Despite that
there is no consensus amongst researchers regarding SRI effect on short-term or long-term
fund´s performance in the United States. This paper seeks to utilize standard economic models
(CAPM, 3-factor Fama-French) on latest (January 2018 to December 2021) data. In addition,
author seeks to look for performance trend by splitting observed period to one before Covid
crisis and during the crisis. Then he will look for any significant impact on funds’ performance
and its characteristics. Final part consists of observing effect of published articles by news outlet
and whether there is any impact. News divided into positive and negative with regards to SRI
thematic. Results impliesthat performance is negatively correlated with higher ranking of social
consciousness of fund (ESG value was used) and that manager of funds with lower ESG
standards are better at stock-picking. Study did not find any significant long-term effect of
Covid crisis while short-term effect suggested greater need for funds to employ stock-picking
skill. News effects were generally insignificant with effect of bad news being stronger than
effect of positive news.
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