Abdelsalam, O.; Fethi, D. F.; Matallín, J. C.; Tortosa-Ausina, E. (2014): On the comporative performance of socially responsible and Islamic mutual funds, Journal of Economic Behavior and Organization 103: 108-128 Apostolakis, G.; Kraanen, F.; van Dijk, G. (2016): Examining pension beneficiaries’ willingness to pay for a socially responsible and impact investment portfolio: A case study in the Dutch healthcare sector. Journal of Behavioral and Experimental Finance, 11, 27-43.

Archer, S. H.; Evans, J. L. (1968): Diversification and the Reduction of dispersion: An empirical analysis, The Journal of Finance, 23 (5): 761-767 Auer, B. R.; Schuhmacher, F. (2013): Performance hypothesis testing with the Sharpe ratio: The case of hedge funds. Finance Research Letters, 10(4), 196-208.

Auger, P.; Burke, P.; Devinney, T. M.; Louviere, J. L. (2003): What will customers pay for Social Product Features?, Journal of Business Ethics 41:281-304 Bacher, U.; Bacher, J. (2015): Nachhaltiges Investieren Mit Fonds-Auswahlstrategien Und Erste Hinweise Zur Erfolgsmessung. Interdisci- plinary Management Research, 11, 421-432.

Bai, Z., Phoon, K. F., Wang, K.; Wong, W. K. (2013): The performance of commodity trading advisors: A mean-variance-ratio test ap- proach. The North American Journal of Economics and Finance, 25, 188-201.

Bauer, R.; Derwall, J.; Otten, R. (2007): The Ethical Mutual Fund Performance Debate: New Evidence from Canada, Journal of Business Ethics (2007) 70:111-124 Bauer, R.; Smeets, P. (2015): Social identification and investment decisions, Journal of Economic Behavior and Organization 117 (2015) 121–134 Belghitar, Y.; Clark, E.; Deshmukh, N. (2014): Does it pay to be ethical? Evidence from the FTSE4Good, Journal of Banking and Finance, 47: 54-62 Bello, Z. Y. (2005): Socially Responsible Investing and Portfolio Diversification, The Journal of Financial Research, Vol.

Bauer, R.; Koedijk, K.; Otten, R. (2005): International evidence on ethical mutual fund performance and investment style, Journal of Bank- ing and Finance 29: 1751-1767 Bauer, R., Otten, R., and Rad, A. T. (2006). Ethical investing in Australia: Is there a financial penalty?. Pacific-Basin Finance Journal, 14(1), 33-48.

Benson, K. L.; Humphrey, J. E. (2008): Socially responsible investment funds: Investor reaction to current and past returns.

Blanchard, O. J. (2008): The Crisis: Basic Mechanisms, and Appropriate Policies. MIT Department of Economics Working Paper No. 09-01. Available at SSRN: https://ssrn.com/abstract=1324280 or http://dx.doi.org/10.2139/ssrn.1324280 Brown, M. A. (2001). Market failures and barriers as a basis for clean energy policies. Energy policy, 29(14), 1197-1207.

Buiter, W. H. (2008): Central banks and financial crises. Available at http://eprints.lse.ac.uk/24438/1/dp619.pdf [01.07.2017] Campiglio, E. (2015): Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a lowcarbon economy, Ecological Economics 121: 220–230 Capaul, C., Rowley, I., & Sharpe, W. F. (1993). International value and growth stock returns. Financial Analysts Journal, 49(1), 27-36.

Chan, P. T.; Walter, T. (2014): Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers. Journal of Banking and Finance, 44, 177-188.

Chang, C. E.; Nelson, W. A.; and Doug Witte, H. (2012): Do green mutual funds perform well?. Management Research Review, 35(8), 693- 708.

Chang, C. E.; Witte, H. D. (2010): Performance Evaluation of US Socially ResponsibleMutual Funds: Revisiting Doing Good and Doing Well, American Journal of Business, 25(1): 9 – 24 http://dx.doi.org/10.1108/19355181201 000001 Cheah, E. T.; Jamali, D.; Johnson, J. E.; Sung, M. C. (2011): Drivers of corporate social responsibility attitudes: The demography of socially responsible investors. British Journal of Management, 22(2), 305-323.

Climent, F.; Soriano, P. (2011): Green and Good? The Investment Performance of US Environmental Mutual Funds, Journal of Business Ethics (2011) 103:275-287 Cogneau, P.; Hübner, G. (2009): The 101 Ways to Measure Portfolio Performance, available at SSRN: https://ssrn.com/abstract=1326076 or http://dx.doi.org/10.2139/ssrn.1326076 Comin, D.; Philippon, T. (2005): The rise in firm-level volatility: Causes and consequences. NBER macroeconomics annual, 20, 167-201.

DeMiguel, V.; Garlappi, L.; Uppal, R. (2009): Optimal versus naive diversification: How inefficient is the 1/N portfolio strategy?, Review of Financial Studies, 22(5), 1915-1953.

Edwards, P. L.; Murphy, L M. (2003): Bridging the Valley of Death: Transitioning from Public to Private Sector Financing, NREL/MP-720- 34036 Eurosif (2016): European SRI study, http://www.eurosif.org/wp-content/uploads/2016/11/SRI-study-2016-HR.pdf [03.02.2017] Fay, M.; Hallegatte, S.; Heal, G.; Treguer, D. (2012): From Growth to Green Growth – a Framework, National Bureau of Economic Re- search, Working Paper 17841 Fernandez-Izquierdo, A.; and Matallin-Saez, J. C. (2008): Performance of ethical mutual funds in Spain: sacrifice or premium?. Journal of Business Ethics, 81(2), 247-260.

FNG (2016): Marktbericht Nachhaltige Geldanlagen 2016, http://www.inrate.com/getattachment/Site/NewsEvents /News/Sustainable- Investments-increased-over-30-in-2015/FNG_Marktbericht2016_online.pdf.aspx [03.02.2017] Ghosh, S., & Nanda, R. (2010). Venture capital investment in the clean energy sector, available at: http://ssrn.com/abstract=1669445 [27.07.2017] Ghysels, E.; Santa-Clara, P.; Valkanov, R. (2005): There is a risk-return trade-off after all, Journal of Financial Economics 76: 509– 548 Giese, G. (2012): Optimal design of volatility-driven algo-alpha trading strategies. Risk, 25(6), 68.

Humphrey, J.E.; Lee, D.D. (2011): Australian socially responsible funds: performance, risk and screening intensity, Journal of Business Ethics, Vol. 102 No. 4, pp. 519-535.

Kourtis, A. (2016). The Sharpe ratio of estimated efficient portfolios. Finance Research Letters, 17, 72-78.

Kreander, N.; Gray, R. H.; Power, D. M., Sinclair, C. D. (2005): Evaluating the Performance of Ethical and Non-ethical Funds: A Matched Pair Analysis, Journal of Business Finance and Accounting, 32(7) Kreander, N.; McPhail, K.; Molyneaux, D. (2003): An immanent critique of UK Church Ethical Investment, Working Paper 2003/1, Department of Accounting and Finance, University of Glasgow, Glasgow G12 8LE Ledoit, O.; Wolf, M. (2008): Robust performance hypothesis testing with the Sharpe ratio. Journal of Empirical Finance, 15(5), 850-859.

Lundblad, C. (2007): The risk return tradeoff in the long run: 1836–2003, Journal of Financial Economics 85 (2007) 123–150 MacGregor, D. G.; Slovic, P.; Berry, M.; Evensky, H. (1999): Perception of Financial Risk: A Survey Study of Advisors and Planners, Journal of Financial Planning, Available at SSRN: https://ssrn.com/abstract=1860403 Mallin, C. A.; Saadouni, B.; and Briston, R. J. (1995): The financial performance of ethical investment funds. Journal of Business Finance and Accounting, 22(4), 483-496.

Masini, A.; Menichetti, E. (2013): Investment decisions in the renewable energy sector: An analysis of non-financial drivers, Technological Forecasting and Social Change 80 (2013) 510–524 McLachlan, J.; and Gardner, J. (2004): A comparison of socially responsible and conventional investors. Journal of Business Ethics, 52(1), 11-25.

Michelson, G.; Wailes, N.; Van Der Laan, S.; Frost, G. (2004): Ethical Investment Processes and Outcomes Journal of Business Ethics (2004) 52: 1-10 Muñoz, F.; Vargas, M.; and Marco, I. (2014): Environmental mutual funds: Financial performance and managerial abilities. Journal of business ethics, 124(4), 551-569.

Nilsson, J, (2009): Segmenting socially responsible mutual fund investors - The influence of financial return and social responsibility, Inter- national Journal of Bank Marketing, 27(1): 5 21 OECD (2014): Institutional Investors and Long-Term Investments – Project Report 2014, http://www.oecd.org/finance/OECDLTI - project.pdf OECD (2015): Annual Survey of Large Pension Funds and Public Pension Reserve Funds Report on Pension Funds Long-Term Investments, http://www.oecd.org/daf/fin/private-pensions/2015-Large-Pension-Funds-Survey.pdf Pérez-Gladish, B.; Benson, K.; Faff, R. (2012): Profiling socially responsible investors: Australian evidence. Australian Journal of Management, 37(2), 189-209.

Renneboog, L.; Ter Horst, J.; Zhang, C. (2008a): Socially responsible investments: Institutional aspects, performance, and investor behavior, Journal of Banking and Finance 32 (2008) 1723–1742 Renneboog, L.; Ter Horst, J.; Zhang, C. (2008b): The price of ethics and stakeholder governance: The performance of socially responsible mutual funds, Journal of Corporate Finance 14 (2008) 302-322 Riedl, A.; Smeets, P. (2016): Why do investors hold socially responsible mutual funds?, Available at: https://ssrn.com/abstract=2318987 Rita, H.; Scholtens, B.; Sievänen, R. (2013): The Drivers of Responsible Investment: The Case of European Pension Funds, J Bus Ethics (2013) 117:137–151 Rivoli, P. (1995): Ethical aspects of investor behavior, Journal of Business Ethics, 14(4): 267-77.

Seitz, J. (2010): Nachhaltige Investments – Eine empirisch-vergleichende Analyse der Performance ethisch-nachhaltiger Investmentfonds in Europa, Diplomica Verlag GmbH, Hamburg Statman, M. (1987): How Many Stocks Make a Diversified Portfolio?, Journal of Financial and Quantitative Analysis, 22(3) Statman, M. (2000): Socially responsible mutual funds. Financial Analysts Journal, 30-39.

US SIF (2016): Report on US Sustainable, Responsible and Impact Investing Trends 2016, 11th edition Valor, C.; Palomo, R.; Iturrioz, J.; Mateu, J. L. (2007): Socially responsible investments among savings banks and credit unions: empirical findings in the Spanish context. Annals of Public and Cooperative Economics, 78(2), 301-326.

Van Liedekerke, L.; De Moor, L.; Vanwalleghem, D. (2007): Risk-Return of Belgian SRI Funds, Available at SSRN: https://ssrn.com/abstract=1088979 or http://dx.doi.org/10.2139/ssrn.1088979 Walkshäusl, C.; Lobe, S. (2016): Vice versus virtue investing around the world, Review of Managerial Science 10.2 (2016): 303-344.

Wen, S. (2009): Institutional investor activism on socially responsible investment: effects and expectations, Business Ethics: A European Review, 18(3) Wermers, R. (2000): Mutual Fund Performance: An empirical decomposition into Stock-Picking Talent, Style, Transaction Costs, and Expenses, The Journal of Finance, LV (4) Wins, A.; Zwergel, B. (2016): Comparing those who do, might and will not invest in sustainable funds: a survey among German retail funds investors, Business Research, 9:51–99 Zuckerman, J.; Frejova, J.; Granoff, I.; Nelson, D. (2016): Investing at Least a Trillion Dollars a Year in Clean Energy.

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper

Full description at Econpapers || Download paper