Financial performance of SDG mutual funds focused on biotechnology and healthcare sectors
Martí-Ballester, Carmen-Pilar (Universitat Autònoma de Barcelona. Departament d'Empresa)

Fecha:	2020
Resumen:	Measures favoring healthy lives among populations around the world are essential to reduce social inequalities. Mutual funds could play an important role funding these measures if they are able to attract socially concerned investors by improving their wealth. This study analyzes the financial performance of mutual funds focused on the biotechnology and healthcare sectors related to UN sustainable development goal 3 (SDG 3), comparing their risk-adjusted return with that achieved by conventional mutual funds. This study implements Carhart's multifactor model and Bollen and Busse's timing multifactor model on a sample of 34 biotechnology and 178 healthcare mutual funds and 4352 conventional mutual funds. The results show that biotechnology and healthcare mutual funds perform similarly, while both of them outperform conventional mutual funds. This outperformance of biotechnology and healthcare funds is driven by the superior stock-picking skills of their managers with regards to those of conventional fund managers, while managers of biotechnology, healthcare, and conventional mutual funds present similar poor market timing ability. Mutual funds specialized in biotechnology and healthcare sectors related to sustainable development goal 3 (SDG 3) outperform conventional mutual funds.
Nota:	This research received no external funding. The author thanks the editor and four anonymous referees whose valuable suggestions and recommendations greatly improved the quality of this article. The English language of this manuscript has been revised by Servei de Lleng?es-Universitat Aut?noma de Barcelona (UAB). This study was revised while Carmen-Pilar Mart?-Ballester was visiting the Business School of Edinburgh University.
Derechos:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original.
Lengua:	Anglès
Documento:	Article ; recerca ; Versió publicada
Publicado en:	Sustainability, Vol. 12 Núm. 5 (january 2020) , p. 2032, ISSN 2071-1050

DOI: 10.3390/su12052032

15 p, 624.4 KB

El registro aparece en las colecciones:
Artículos > Artículos de investigación
Artículos > Artículos publicados