Using a unique and extensive dataset of 121 socially responsible investing (SRI) equity exchange-traded funds (ETFs) from January 2010 to December 2020, this study examines how passive SRI ETFs perform compared with their non-SRI benchmarks composed of S&P500 ETFs. Over the full sample period,...

Using a unique and extensive dataset of 121 socially responsible investing (SRI) equity exchange-traded funds (ETFs) from January 2010 to December 2020, this study examines how passive SRI ETFs perform compared with their non-SRI benchmarks composed of S&P500 ETFs. Over the full sample period,...

We extend the model of Berk and Green (2004) to investigate the impact of two frictions, search costs and fi nancial constraints, on mutual fund performance. Our model predicts the survival of underperforming funds and delivers two new predictions: 1) differences in performance across funds are...

We build a model of mutual fund competition in which a fraction of investors, unsophisticated, exhibit a preference for familiarity, while sophisticated investors are free of familiarity bias. Funds differ in two dimensions: quality and familiarity. Unsophisticated investors exhibit varying...