This study analyses the performance and market timing of US socially responsible (SR) mutual funds in relation to business cycle regime shifts and different grouping criteria: Ethical strategy focus, SR attributes scores and Morningstar category. Different methodologies are applied and results highlight the importance of considering specific benchmarks related to the investment style in evaluating the SR fund performance. Our results show that, in aggregate, the abnormal performance of SR funds is negative and significant in expansion periods, but no significant (...) differences are found in recession periods. When specific benchmarks are considered, performance improves in recession periods, particularly for environmental funds, those with high SR attributes scores, and funds from the nine Morningstar style box categories. Market timing of SR funds takes positive values and is partially significant. Previous evidence of negative timing after a recent financial crisis vanishes when specific benchmarks are considered. For comparative purposes the performance of conventional US mutual funds is also analysed. There are no significant differences between the performance of SR and conventional mutual funds when a fair comparison is made within the same style categories. When all the SR funds are considered, they underperform conventional funds in expansion sub‐periods, but in recession sub‐periods they perform better, although the differences observed are not significant. (shrink)
Long Range and short range, guns and violence, everyday life in cities and streets, between social and group identity and faith and religious belief, the vision to the "things of the world that cannot be seen" (Heróis do Mar).
Times of Existential Discomfort are these, where man is still seeking for a spiritual path, between sacred and profane. What's the role of philosophy in this search, does she require some means that are in others hands? In th hands of powered people, between economic powershi and aesthetic extravaganza?
A logic path between moral principles of social organization of religious rules and the economiy of belief in industrial societies. I argue that some lifes may be like currency, a Good and a Bad Side, due to the dilema betwee profit and spiritual reasons.
Solitude, is being with other without the other, is being with other, among the masses. Has de integrality of personhood something to loss with social contact? We believe not, we need war words and deeds.
Is art and wrting a pagan manifestation of profane thoughts and feelings? What about the sacred art? Is there a link between the two? In other hand, the social status of the artist and semo processes of artistic creation, his strategy, his willing, his fundamentals.
the struggle for status is more primitive of what we thing or tought about, it's very linked with the struggle for survavil, terretory, reproduction, pleasure....in a world more and more violent in some way and stupidly peacefful on other way and territories...
I present several articles in wich I'm working right now. Please contact for any opinion or commentaires >Most of all concernes the double field between anthropology (social) and philosophy, somehow a moral philosophy.