Fondos Convencionales versus Fondos Sociales: una aplicación del método de los Precios Hedónicos

• Cañal-Fernández, Verónica ^[1] ; Bilbao-Terol, Celia ^[1] ; de Otto-López, Beatriz ^[1]
  1. [1] Universidad de Oviedo

     Universidad de Oviedo

     Oviedo, España

     
• Localización: Anales de ASEPUMA, ISSN-e 2171-892X, Nº. 19, 2011
• Idioma: español
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    El objetivo de este trabajo es analizar la valoración que realiza el mercado de la componente de responsabilidad social que verifican los Fondos de Inversión Socialmente Responsables (FISR) respecto de los Fondos Convencionales (FC). Para ello se aplica el método de los Precios Hedónicos que relaciona el precio de dichos fondos con sus características. Los datos se han extraído de los folletos informativos de cada fondo y de las Estadísticas sobre Fondos de Inversión, publicados ambos por la Comisión Nacional de Mercado de Valores (CNMV). La evidencia obtenida indica que el mercado español no valora la componente de responsabilidad social de los FISR. En lo que respecta a las variables económicas, el mercado es averso al riesgo y la valoración de la rentabilidad es positiva y significativa.

  • English

    The aim of this paper is analyzing the valuation of the market, of social responsibility component, that verify Socially Responsible mutual funds (SRI-funds) against its unscreened counterparts, the Conventional mutual funds (C-funds). For this, it is applied the Hedonic Price method that relates the price of such funds with its characteristics. We have constructed a database containing SRI and C-funds domiciled and managed in Spain. This data are taken from the prospectus for each fund and from the data provided by National Securities Market Commission. The evidence indicates that the Spanish market does not value the social responsibility component of SRI-funds. With respect to economic variables, the market is not risk averse and the valuation of the return is positive and significant.

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