Ciber_Research
ESG Investing
Click on Ciber Research Highlights
This research area of Ciber analyses the role of the Environmental, Social, and Governance (ESG) dimensions in investment decisions as a relevant driver of the sustainable development of society.
From a regulation perspective, we focus on the effectiveness of the new market regulations regarding the sustainable nature of the financial instruments. More concretely, we analyze how these regulations promote the investment in more sustainable financial assets as a first step to converge towards a more sustainable economic model.
We also study ESG scores and other sustainability indicators provided by different sell-side research companies. In this way, we aim to determine the accuracy of these measures to reflect the ESG commitment of listed companies and institutional portfolios.
In addition, we compare the ESG profiles of the portfolios held by conventional and Socially Responsible Investment (SRI) funds to test the convergence of their investment-making process. The development of techniques to evaluate greenwashing is part of this process.
Finally, we aim to assess the impact of the shareholder activism performed by SDG funds.
Selected Publications
- Vilas, P., Andreu, L., and Serrano, C. (2024). The limited role of sustainability in mutual fund investor decisions: A machine learning approach, Experts Systems with Applications, 247, 123288.
- Alda, M., Muñoz, F., and Vargas, M. (2023).The power of ethical words, Business Ethics, the Environment and Responsibility, 00, 1-21.
- Muñoz, F., Ortiz, C., and Vicente, L. (2022). Ethical window dressing: SRI funds are as good as their word, Finance Research Letters, 49, 103109.
- Vilas, P., Andreu, L., and Sarto, J.L. (2022). Cluster analysis to validate the sustainability label of stock indices: An analysis of the inclusion and exclusion processes in terms of size and ESG ratings, Journal of Cleaner Production, 330, 129862.
- Muñoz, F. (2021). Carbon-intensive industries in Socially Responsible mutual funds’ portfolios, International Review of Financial Analysis, 75, 101740.
- Alda, M. (2019). Corporate sustainability and institutional shareholders: The pressure of social responsible pension funds on environmental firm practices, Business Strategy and the Environment, 28(6), 1060-1071.
- Gutiérrez-Nieto, B., Serrano-Cinca, C., and Camón-Cala, J. (2016). A credit score system for socially responsible lending. Journal of Business Ethics, 133, 691-701.
- Muñoz, F. (2016). Cash flow timing skills of socially responsible mutual fund investors, International Review of Financial Analysis, 48, 110-124.
- Muñoz, F., Vicente, R., and Ferruz, L. (2015). Stock-picking and style-timing abilities: a comparative analysis of conventional and socially responsible mutual funds in the US market, Quantitative Finance, 15(2), 345-358.
- Muñoz, F., Vargas, M., and Marco, I. (2014). Environmental mutual funds: Financial performance and managerial abilities, Journal of Business Ethics, 124, 551-569.
- Ferruz, L., Muñoz, F., and Vargas, M. (2012). Managerial abilities: Evidence from religious mutual fund managers. Journal of Business Ethics, 105, 503-517.
- Gutiérrez-Nieto, B., Serrano-Cinca, C., and Mar-Molinero, C. (2009). Social efficiency in Microfinance Institutions. Journal of the Operational Research Society, 60(1), 104-119.
- Moneva, J. M., and Cuellar, B. (2009). The value relevance of financial and non-financial environmental reporting. Environmental and Resource Economics, 44(3), 441-456.