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SUMMARY:SUSTAINABILITY OR PERFORMANCE? RATINGS AND FUND MANAGERS' INCENTIV
 ES - Nickolay Gantchev\, Professor of Finance\, Warwick Business School\, 
 University of Warwick
DTSTART:20221129T130000Z
DTEND:20221129T141500Z
UID:TALK185252@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We explore how mutual fund managers and investors react when t
 he tradeoff between sustainability and performance becomes salient. Follow
 ing the introduction of Morningstar’s sustainability ratings (the “glo
 be” ratings)\, mutual funds increased their holdings of sustainable stoc
 ks to attract flows. Such sustainability-driven trades\, however\, underpe
 rformed\, impairing the funds’ overall performance. Consequently\, a tra
 deoff between sustainability and performance emerged. In the new equilibri
 um\, the globe ratings do not affect investor flows and funds no longer tr
 ade to improve their globe ratings.
LOCATION:Castle Teaching Room (Cambridge Judge Business School)
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