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"Socially responsible" investors favor certain companies over others according to criteria such as production of weapons or use of alternative energy sources. We find that socially responsible mutual funds do not earn statistically significant excess returns and that the performance of such mutual funds is not statistically different from the performance of conventional mutual funds.

About the Author(s)

Sally Hamilton
Hoje Jo
Meir Statman PhD

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance, and he attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Dr. Statman consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. His most recent book is Finance for Normal People: How Investors and Markets Behave. Dr. Statman’s research has been published in numerous journals, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and more. He is a member of the advisory board of several academic journals and is an associate editor of the Journal of Behavioral Finance and the Journal of Investment Management. Dr. Statman is a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards. He was named as one of the 25 most influential people by Investment Advisor. Dr. Statman received a BA and MBA from the Hebrew University of Jerusalem and a PhD from Columbia University.