Greenwashing: Evidence from hedge funds

• Main Authors: LIANG, Hao, SUN, Lin, TEO, Melvyn
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2021
• 主題: Principles for Responsible Investment; Greenwash; Hedge Funds; Walk the Talk; Agency Problems; Operational Risk; ESG; Stewardship; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/6737; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7748/viewcontent/hedgefund_greenwashing_aug2021.pdf

We find that a non-trivial number of hedge funds that endorse the United Nations Principles for Responsible Investment indulge in greenwashing. Hedge funds that greenwash underperform both genuinely green and nongreen funds after adjusting for risk. Consistent with an agency explanation, greenwasher...