[英语学习]Portfolio Management and Investment Analysis9.ppt

Investment Approach With SRI, fundamental research is generally combined with screening for various SRI criteria. In some organisations, the approach is integrated; in other firms, separate SRI research teams are created to question companies on SRI criteria. Problems for SRI managers include: how to get the information they need to undertake their analysis; which screens to apply and how stringently to apply them?; how to solve conflicts between various client interests?; how to react to emerging SRI issues?; whether or not to adopt a firm-wide SRI approach? * Screening of Potential Investments Company Publications Websites Research organisations - EIRIS Media - Lexis Nexis Meetings with management Correspondence * Screening and Performance Peformance is influenced by the level of screening e.g. tobacco and alcohol outperformed following the tech crash Long-term performance in line with unscreened portfolios with lower risk? “…ethical funds suffer no appreciable loss in returns per unit of market risk from restricting their investment universe to ethical securities…” Source : The Performance and Rationale of European Ethical Funds: An Ethical Perspective by Niklas Kreander (2002) * Evaluating SRI Does SRI forego returns or diversification from using social, environmental or ethical screens? Studies of SRI performance include: Guerard (1997) concludes that there was no statistically significant difference between a screened universe of 950 shares and an unscreened universe of 1300 shares from 1987-1996. D’Antonio et al. (1997) found no statistically significant difference between SRI and non-SRI bonds (using the Domini 400 index as the SRI criteria). Diltz (1995) found no statistically significant difference between SRI and non-SRI portfolios. Brooks et al. (2006) argue that comparing SRI to non-SRI funds allows for confounding of manager performance with stock performance. They examine the relationship between corporate social performance and UK stock return