Environmental Impacts of Conventional and Sustainable Investment Funds Compared Using Input‐Output Life‐Cycle Assessment
作者： Thomas Koellner , Sangwon Suh , Olaf Weber , Corinne Moser , Roland W. Scholz
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摘要: This study compares equity funds that are managed according to sustainability goals with conventionally respect their environmental impacts. Overlap in the portfolios of sustainable and conventional can be very large. Further, sector allocation both types is generally similar, because portfolio managers follow a chosen benchmark minimize risk. These two effects may result no difference existing between terms impact damage (null hypothesis this research). comparatively assesses 26 investment funds: 13 funds, which MSCI World. The applies input–output life-cycle assessment (IO-LCA) combination simulation company-specific performance. evaluated per functional unit for each fund, measured as risk-adjusted financial statistical analysis showed analyzed performed better but worse economic performance (RAP) over period 2000-2004. In 2004, however, RAP selected Both samples considerably overlap parameters. results suggest sample slightly less than funds.
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