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Title: The Impact of Ethical Ratings on Canadian Security Performance: Portfolio Management and Corporate Governance Implications
Authors: Fischer, Klaus
Khoury, Nabil
Keywords: Ethical Ratings and Security Performance
Issue Date: 2005-02
Series/Report no.: Cahiers du CIRPÉE;05-01
Abstract: One approach that is gaining in popularity among portfolio managers uses ethical ratings, published by specialized research organizations, to screen securities for portfolio selection. Portfolio managers can thus gain a better understanding of the phenomenon and adopt a better and more consistent approach to ethical investment. By the name token, board of directors can measure the impact of their ethical policies on the market performance of the stock of their company. This paper provides new evidence about the impact of ethical ratings published in Canada on the risk-adjusted returns of the securities concerned, within the framework of a multi-factor Capital Asset Pricing Model, and gives an interpretation of the results from the perspective of portfolio composition and of corporate governance.
URI: http://132.203.59.36/CIRPEE/cahierscirpee/2005/files/CIRPEE05-01.pdf
https://depot.erudit.org/id/002027dd
Appears in Collections:Cahiers de recherche du CIRPÉE

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