1. The Performance of European Socially Responsible Funds.Maria Ceu Cortez, Florinda Silva & Nelson Areal - 2009 - Journal of Business Ethics 87 (4):573-588.
    Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence, the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to conventional and socially responsible benchmark portfolios. The results show (...)
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    The performance of socially responsible equity mutual funds: Evidence from Sweden.Carlos Leite, Maria Ceu Cortez, Florinda Silva & Christopher Adcock - 2018 - Business Ethics: A European Review 27 (2):108-126.
    This paper presents a comprehensive analysis of socially responsible funds in Sweden by assessing fund managers' abilities and performances across different market states. These issues are analyzed at the aggregate and individual fund levels. The paper also presents several new statistical tests that allow more precise inferences about differences in performance and the variability in fund returns arising from different benchmarks. In general, SR and conventional funds perform similarly to the market. At the aggregate level, SR funds investing in Sweden (...)
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  3. Do Sustainability Signals Diverge? An Analysis of Labeling Schemes for Socially Responsible Investments.Sofia Brito-Ramos, Maria Céu Cortez & Florinda Silva - forthcoming - Business and Society.
    This article investigates whether sustainability labels for mutual funds in Europe provide consistent signals regarding funds’ sustainable characteristics. Specifically, we assess the alignment of signals conveyed by third-party and self-declared labels. Among the first typology, we consider labels sponsored by government and nonprofit organizations (GNPOs) alongside Environmental, Social, and Governance (ESG) ratings from commercial data vendors. The latter category includes the Sustainable Finance Disclosure Regulation (SFDR) classification and an ESG-related name. Our findings indicate that equity funds with GNPO labels are (...)
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