Knowledge that Transforms
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Liability maturity opacity and debt structure: Evidence from lease accounting reform
Courts and chains: The real effects of judicial independence on supply chain stability
Information source diversity and analyst forecast bias
Private communication between managers and financial analysts: evidence from taxi-ride patterns in New York City
Corporate disclosure, government bailout, and liquidity crisis
Clash between environmental and social pillars: Evidence from U.S. policy shifts on the Paris agreement
Firm productivity and bank lending
Inside the Boardroom: Evidence from the Board Structure and Meeting Minutes of Community Banks
Launching for the “Greater Good”: Spillover Effect of ESG Funds
We examine the incentives for mutual fund families to launch ESG funds. Our analyses reveal that introducing a new ESG fund leads to a significant increase in capital inflows to sibling non-ESG funds in the family. This flow spillover accounts for a significant portion of the monetary awards for families to offer ESG funds. We also find that spillover is stronger among retail funds and cannot be attributed to changes in the ESG profiles or abnormal returns of the sibling funds. Further evidence suggests that affect-based judgments, particularly the halo effect, are the key drivers of this spillover effect.