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dc.contributor.authorCopp, R
dc.contributor.authorKremmer, ML
dc.contributor.authorRoca, E
dc.contributor.editorKieran Tranter and Michael Drew
dc.date.accessioned2017-08-02T12:30:21Z
dc.date.available2017-08-02T12:30:21Z
dc.date.issued2010
dc.date.modified2010-09-29T06:54:24Z
dc.identifier.issn1038-3441
dc.identifier.urihttp://hdl.handle.net/10072/34287
dc.description.abstractIn the past, Socially Responsible Investment (SRI) has been justified largely by empirical evidence showing SRI returns to be broadly similar to returns on conventional (non-SRI) investments. There are exceptions, however, and in any case this empirical evidence is based on returns in normal economic times. The extent to which it applies in recessions such as the current global financial crisis (GFC) has so far been unclear. Our empirical analysis shows that, before the GFC, SRIs internationally yielded even higher risk-adjusted returns than conventional investments, although SRIs in Australia significantly under-performed conventional investments in terms of risk-adjusted returns. Since the GFC, both in Australia and world-wide, SRIs have significantly under-performed conventional investments in terms of risk-adjusted returns. These results confirm that traditional investment fund trustees and managers risk breaching their fiduciary duties if they invest in SRIs during times of economic downturn, suggesting perhaps a need for statutory reform if SRI is to be encouraged within the investment community. Reform could include the introduction of a business judgment rule, greater disclosure for SRI, a statutory indemnity for trustees investing in SRIs, and tax breaks and subsidies.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent402970 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoen_AU
dc.publisherGriffith University
dc.publisher.placeAustralia
dc.publisher.urihttp://www.griffith.edu.au/law/griffith-law-review
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom86
dc.relation.ispartofpageto104
dc.relation.ispartofissue1
dc.relation.ispartofjournalGriffith Law Review
dc.relation.ispartofvolume19
dc.rights.retentionY
dc.subject.fieldofresearchEquity and Trusts Law
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchLaw
dc.subject.fieldofresearchcode180112
dc.subject.fieldofresearchcode150201
dc.subject.fieldofresearchcode1801
dc.titleSocially Responsible Investment in Market Downturns: Implications for the Fiduciary Responsibilities of Investment Fund Trustees
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.rights.copyright© 2010 Griffith Law School. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
gro.date.issued2010
gro.hasfulltextFull Text
gro.griffith.authorRoca, Eduardo D.
gro.griffith.authorCopp, Richard I.
gro.griffith.authorKremmer, Michael L.


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