Las habilidades de los gestores de fondos de pensiones en Reino Unido. ¿Son mejores los gestores socialmente responsables?
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Publicado
18-09-2018
Mercedes Alda
Resumen
Las habilidades de los gestores de fondos de pensiones, especialmente de fondos socialmente responsables (SR), apenas han sido analizadas. Los fondos de pensiones y los fondos SR se preocupan por el bienestar social, por lo que el estudio de los fondos de pensiones SR presenta un interés especial. Diversos trabajos muestran que los gestores SR generalmente presentan una performance inferior a la de los fondos convencionales, ya que se centran en aspectos sociales; sin embargo, otros estudios muestran que estos presentan mejor performance.
En este trabajo se estudian las habilidades de selección de valores y sincronización de estilos de los gestores de fondos de pensiones de renta variable de Reino Unido, examinando si los fondos de pensiones SR implementan estrategias diferentes y contribuyen a formar pensiones socialmente responsables. Además, se introduce la responsabilidad social como factor de riesgo. Dado lo que me es conocido, la sincronización de estilos y el factor SR no han sido analizados previamente en fondos de pensiones SR. Los resultados indican que ambos fondos desarrollan estrategias similares, invirtiendo en empresas de pequeña capitalización y en crecimiento. Además, presentan una performance negativa, una habilidad de selección de valores pobre o negativa, y una habilidad de sincronización con el mercado negativa. Los gestores SR muestran mejor habilidad de sincronización en estilos, sincronizando correctamente estrategias tamaño y book-to-market. Los fondos de pensiones SR tienen un peso significativamente positivo en el factor SR, lo que erosiona su performance. En general, ninguno de los fondos analizados desarrolla una gestión adecuada, y la optimización del binomio riesgo-rentabilidad en fondos SR puede estar restringida por las exigencias de la inversión SR.
Cómo citar
Alda, M. (2018). Las habilidades de los gestores de fondos de pensiones en Reino Unido. ¿Son mejores los gestores socialmente responsables?. Cuadernos De Gestión, 18(1), 15–36. https://doi.org/10.5295/cdg.150597ma
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Keywords
Fondo de pensiones, selección, habilidad, sincronización, Reino Unido
References
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Amalric, F., 2006. Pension funds, corporate responsibility and sustainability. Ecological Economics, 59(4), 440-450.
Bauer, R., Dewall, J. and Otten, R., 2007. The ethical mutual fund performance: New evidence from Canada. Journal of Business Ethics, 70(2), 111–124.
Bauer, R., Koedijk, K., and Otten, R., 2005. International evidence on ethical mutual fund performance and investment style. Journal of Banking and Finance, 29(7), 1751–1767.
Bauer, R., Otten, R. and Tourani, A. R., 2006. Ethical investing in Australia: Is there a financial penalty? Pacific-Basin Finance Journal, 14(1), 33–48.
Becchetti, I. and Fucito, L., 2000. La finanza etica: consideración teoriche e simulación empírica. Revista di Política Economica, 1(Maggio), 29–67.
Bengtsson, E., 2008a. Socially responsible investing in scandinavia - a comparative analysis. Sustainable Development, 16(3), 155-168.
Bengtsson, E., 2008b. A history of scandinavian socially responsible investing. Journal of Business Ethics, 82(4), 969-983.
Berry, C., 2011. Protecting our best interests. Rediscovering fiduciary obligation. London: Fair Pensions. Available from http://www.fairpensions.org.uk/sites/default/files/uploaded_files/fidduty/FPProtectingOurBestInterests.pdf
Bollen, N. and Busse, S., 2001. On the timing ability of mutual fund managers. Journal of Finance, 56(3), 1075–1094.
Camino, D. and López, J., 1995. Un análisis de la inversión ética en España. Boletín de Estudios Económicos, 50(156), diciembre, 519–540.
Carhart, M., 1997. On Persistence in Mutual Fund Performance. The Journal of Finance, 52(1), 57-82.
Chegut, A., Schenk, H. and Scholtens, B., 2011. Assessing SRI fund performance research: Best practices in empirical analysis. Sustainable Development, 19(2), 77–94.
Christopherson, J.A., Ferson, W.E. and Glassman, D.A., 1998. Conditioning manager alpha on economic information: another look at the persistence of performance. Review of Financial Studies, 11(1), 111-142.
Clark, G. L. and Hebb, T., 2005. Why should they care? The role of institutional investors in the market for corporate social responsibility. Environment and Planning A, 37(11), 2015- 2031.
Climent, F. and Soriano, P., 2011. Green and good? The investment performance of US environmental mutual funds. Journal of Business Ethics, 103(2), 275-287.
Cortez, M.C. and Silva, F., 2002. Conditioning Information on Portfolio Performance Evaluation: A re-examination of performance persistence in the Portuguese mutual fund market. Finance India, 16(4), 1393-1408.
Davis, B., 1999. Profits from Principle, Five Forces Redefining Business. The Futurist, 33(3), 28–33.
Derwall, J., Koedijk, K. and Ter Horst, J., 2011. A tale of values driven and profit seeking social investors. Journal of Banking and Finance, 35(8), 2137-2147.
Domini, A., Kinder, P. and Lydenberg, S., 1992. The Social Investment Almanac: A Comprehensive Guide to Socially Responsible Investing. New York: Henry Holt & Co.
Emel, J., 2002. An Inquiry into the Greeen Financial Disciplining of Capital. Environment and Planning A, 34(5), 827-843.
Entine, J., 2005. The Politization of Public Investment. In: Entine J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing. Washington D. C.: The AEI Press, 1-12.
Eurosif, 2011. Corporate Pension Funds and Sustainable Investment Study.
Eurosif, 2016. European SRI Study 2016. European Sustainable Investment Forum.
Fama, E., and French, K., 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56.
Fernández, A. and Matallín, J.C., 2008. Performance of ethical mutual funds in Spain: sacrifice or premium? Journal of Business Ethics, 81(2), 247-260.
Ferruz, L., Muñoz, F. and Vargas, M., 2010. Stock picking, market timing and style differences between socially responsible and conventional pension funds: evidence from the United Kingdom. Business Ethics: A European Review, 19(4), 408-422.
Ferruz, L., Muñoz, F. and Vargas, M., 2012. Managerial Abilities: Evidence from Religious Mutual Fund Managers. Journal of Business Ethics, 105(4), 503-517.
Ferson, W. and Quian, M., 2004. Conditional Performance Evaluation Revisited. United States of America: Research Foundation Monograph of the CFA Institute.
Ferson, W. and Schadt, R., 1996. Measuring Fund Strategy and Performance in Changing Economic Conditions. Journal of Finance, 51(2), 425-462.
Geczy, C., Stambaugh, R., and Levin, D., 2006. Investing in socially responsible mutual funds. Working Paper, University of Pennsylvania.
Gifford, E. J. M., 2010. Effective shareholder engagement: The factors that contribute to shareholder salience. Journal of Business Ethics, 92(Supplement 1), 79-97.
Goldreyer, E., and Diltz, D., 1999. The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection. Managerial Finance, 25(1), 23–36.
Gregory, A. and Whittaker, J., 2007. Performance and performance persistence of ethical unit trusts in the UK. Journal of Business Finance and Accounting, 34(7–8), 1327–1344.
Gregory, A., Tharayan, R. and Christidis, A., 2013. Constructing and Testing Alternative Versions of the Fama–French and Carhart Models in the UK. Journal of Business Finance & Accounting, 40(1-2), 172–214.
Hawley, J. P. and Williams, A. T., 2000. The rise of fiduciary capitalism. How institutional investors can make corporate America more democratic. Philadelphia: University of Pennsylvania Press.
Hawley, J. P. and Williams, A. T., 2007. Universal owners: challenges and opportunities. Corporate Governance: An International Review, 15(3), 415-420.
Hertrich, C., 2011. Strategic Asset Allocation Considerations for German Pension Insurance Funds: Theoretical Analysis and Empirical Evidence. Applying Stochastic Time Series Simulations and Dynamic, Multiperiod Investment Strategies to Determine Optimal Portfolio Structures, © Berlín: Christian Hertrich Druck un Verlag: epubli GmbH.
Hoepner, A., Rezee, M. and Siegl, S., 2011. Does pension funds’ fiduciary duty prohibit the integration of any ESG criteria in investment processes? A realistic prudent investment test. Working paper, University of St Andrews.
Kempf, A. and Osthoff, P., 2007. The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908–922.
Kiernan, M. J., 2007. Universal Owners and ESG: leaving money on the table? Corporate Governance: An International Review, 15(3), 478-485.
Kreandert, N., Gray, R. H., Power, D. M., and Sinclair, C. D., 2005. Evaluating the performance of ethical and non-ethical funds: A matched pair analysis. Journal of Business Finance and Accounting, 32(7–8), 1465–1493.
Lamb, D., 1991. Morals and Money. Money Management, September, 39–46.
Lu, J., 2005. What is the Wind Behind this Sail? Can Fund Managers Successfully Time Their Investment Styles? Unpublished Doctoral dissertation, Cranfield School of Management, The Centre for Financial Research, Cranfield University, UK.
Luther, R., Matatko, J., and Corner, D., 1992. The investment performance of UK ethical investment trusts. Accounting, Auditing and Accountability Journal, 5(4), 57–70.
Lydenberg, S. D., 2007. Universal Investors and Socially Responsible Investors: a tale of emerging affinities. Corporate Governance: An International Review, 15(3), 467-477.
Mallin, C., Saadouni, B. and Briston, R., 1995. The financial performance of ethical investment funds. Journal of Business Finance and Accounting, 22(4), 483–496.
Mattison, R., M. Trevitt, L. van Ast, J. Gifford, N. Mnatsakanian, O. Watson, C. Zimmerman, V. Piani, A. G. F. Hoepner, P. Clemens-Hunt, B. Bacani and Mulder I., 2011. Univeral Ownership: Why environmental externalities matter to institutional investors. PRI Association and UNEP Finance Initiative. New York: United Nations Environmental Programme.
Merton, R.C. and Henriksson, R.D., 1981. On market timing and investment performance II: statistical procedures for evaluating forecasting skills. The Journal of Business, 54(4), 513–534.
Munnell, A., 1983. The Pitfalls of Social Investing. New England Economic Review, September/October, 20–41.
Munnel, A. H. and Sundén A., 2005. Social Investing: Pension Plans Should Just Say “No”. En: Entine, J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing: 13-55. Washington: The AEI Press.
Read, T., 1999. Ethics for Pleasure and Profit. Euromoney, 367, 12–14.
Renneboog, L., Ter Horst, J., and Zhang, C., 2008. The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302–322.
Richardson, B. J., 2007. Do the Fiduciary Duties of Pension Funds Hinder Socially Responsible Investment? Banking and Finance Law Review, 22(2), 145-201.
Richardson, B. J., 2008. Socially Responsible Investment Law: Regulating the Unseen Polluters. Oxford: Oxford University Press.
Richardson, B. J. and Cragg, W., 2010. Being virtous and prosperous: Sri’s conflicting goals. Journal of Business Ethics, 92(Supplement 1), 21-39
Rounds, C. E. Jr., 2005. Why Social Investing Threatens Public Pension Funds, Charitable Trusts, and the Social Security Trust Fund. In: Entine, J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing. Washington: The AEI Press, 56- 80.
Roy, B. and Deb, S. S., 2004. Conditional alpha and performance persistence for Indian mutual funds: empirical evidence. ICFAI Journal of Applied Finance, 10(1), 30–48.
Sethi, S. P., 2005. Investing in Socially Responsible Companies is a Must for Public Pension Funds - Because There is no Better Alternative. Journal of Business Ethics, 56(2), 99-129.
Social Investment Forum, 2001. Report on responsible investing trends in the US. Available at: http:// www.socialinvest.org.
Solomon, J. F., 2009. Pension Fund Trustees and Climate Change. London: ACCA Research Report No. 106.
Sparkes, R. and Cowton, C. J., 2004. The maturing of socially responsible investment: A review of the developing link with the corporate social responsibility. Journal of Business Ethics, 52(1), 45-57.
Statman, M., 2000. Socially responsible mutual funds. Financial Analysts Journal, 56(May/June), 30–39.
Thamotheram, R. and Wildsmith, H., 2007. Increasing Long-Term Market Returns: realising the potential of collective pension fund action. Corporate Governance: An International Review, 15(3), 438-454.
Treynor, J. and Mazuy, K., 1966. Can mutual funds outguess the market? Harvard Business Review, 44(4), 131-136.
UNEP Finance Initiative, 2005. A legal framework for the integration of environmental, social and governance issues into institutional investment. London: Freshfields Bruckhaus Deringer.
Waddock, S. A. and Graves S. B., 1997. The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319.
Amalric, F., 2006. Pension funds, corporate responsibility and sustainability. Ecological Economics, 59(4), 440-450.
Bauer, R., Dewall, J. and Otten, R., 2007. The ethical mutual fund performance: New evidence from Canada. Journal of Business Ethics, 70(2), 111–124.
Bauer, R., Koedijk, K., and Otten, R., 2005. International evidence on ethical mutual fund performance and investment style. Journal of Banking and Finance, 29(7), 1751–1767.
Bauer, R., Otten, R. and Tourani, A. R., 2006. Ethical investing in Australia: Is there a financial penalty? Pacific-Basin Finance Journal, 14(1), 33–48.
Becchetti, I. and Fucito, L., 2000. La finanza etica: consideración teoriche e simulación empírica. Revista di Política Economica, 1(Maggio), 29–67.
Bengtsson, E., 2008a. Socially responsible investing in scandinavia - a comparative analysis. Sustainable Development, 16(3), 155-168.
Bengtsson, E., 2008b. A history of scandinavian socially responsible investing. Journal of Business Ethics, 82(4), 969-983.
Berry, C., 2011. Protecting our best interests. Rediscovering fiduciary obligation. London: Fair Pensions. Available from http://www.fairpensions.org.uk/sites/default/files/uploaded_files/fidduty/FPProtectingOurBestInterests.pdf
Bollen, N. and Busse, S., 2001. On the timing ability of mutual fund managers. Journal of Finance, 56(3), 1075–1094.
Camino, D. and López, J., 1995. Un análisis de la inversión ética en España. Boletín de Estudios Económicos, 50(156), diciembre, 519–540.
Carhart, M., 1997. On Persistence in Mutual Fund Performance. The Journal of Finance, 52(1), 57-82.
Chegut, A., Schenk, H. and Scholtens, B., 2011. Assessing SRI fund performance research: Best practices in empirical analysis. Sustainable Development, 19(2), 77–94.
Christopherson, J.A., Ferson, W.E. and Glassman, D.A., 1998. Conditioning manager alpha on economic information: another look at the persistence of performance. Review of Financial Studies, 11(1), 111-142.
Clark, G. L. and Hebb, T., 2005. Why should they care? The role of institutional investors in the market for corporate social responsibility. Environment and Planning A, 37(11), 2015- 2031.
Climent, F. and Soriano, P., 2011. Green and good? The investment performance of US environmental mutual funds. Journal of Business Ethics, 103(2), 275-287.
Cortez, M.C. and Silva, F., 2002. Conditioning Information on Portfolio Performance Evaluation: A re-examination of performance persistence in the Portuguese mutual fund market. Finance India, 16(4), 1393-1408.
Davis, B., 1999. Profits from Principle, Five Forces Redefining Business. The Futurist, 33(3), 28–33.
Derwall, J., Koedijk, K. and Ter Horst, J., 2011. A tale of values driven and profit seeking social investors. Journal of Banking and Finance, 35(8), 2137-2147.
Domini, A., Kinder, P. and Lydenberg, S., 1992. The Social Investment Almanac: A Comprehensive Guide to Socially Responsible Investing. New York: Henry Holt & Co.
Emel, J., 2002. An Inquiry into the Greeen Financial Disciplining of Capital. Environment and Planning A, 34(5), 827-843.
Entine, J., 2005. The Politization of Public Investment. In: Entine J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing. Washington D. C.: The AEI Press, 1-12.
Eurosif, 2011. Corporate Pension Funds and Sustainable Investment Study.
Eurosif, 2016. European SRI Study 2016. European Sustainable Investment Forum.
Fama, E., and French, K., 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56.
Fernández, A. and Matallín, J.C., 2008. Performance of ethical mutual funds in Spain: sacrifice or premium? Journal of Business Ethics, 81(2), 247-260.
Ferruz, L., Muñoz, F. and Vargas, M., 2010. Stock picking, market timing and style differences between socially responsible and conventional pension funds: evidence from the United Kingdom. Business Ethics: A European Review, 19(4), 408-422.
Ferruz, L., Muñoz, F. and Vargas, M., 2012. Managerial Abilities: Evidence from Religious Mutual Fund Managers. Journal of Business Ethics, 105(4), 503-517.
Ferson, W. and Quian, M., 2004. Conditional Performance Evaluation Revisited. United States of America: Research Foundation Monograph of the CFA Institute.
Ferson, W. and Schadt, R., 1996. Measuring Fund Strategy and Performance in Changing Economic Conditions. Journal of Finance, 51(2), 425-462.
Geczy, C., Stambaugh, R., and Levin, D., 2006. Investing in socially responsible mutual funds. Working Paper, University of Pennsylvania.
Gifford, E. J. M., 2010. Effective shareholder engagement: The factors that contribute to shareholder salience. Journal of Business Ethics, 92(Supplement 1), 79-97.
Goldreyer, E., and Diltz, D., 1999. The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection. Managerial Finance, 25(1), 23–36.
Gregory, A. and Whittaker, J., 2007. Performance and performance persistence of ethical unit trusts in the UK. Journal of Business Finance and Accounting, 34(7–8), 1327–1344.
Gregory, A., Tharayan, R. and Christidis, A., 2013. Constructing and Testing Alternative Versions of the Fama–French and Carhart Models in the UK. Journal of Business Finance & Accounting, 40(1-2), 172–214.
Hawley, J. P. and Williams, A. T., 2000. The rise of fiduciary capitalism. How institutional investors can make corporate America more democratic. Philadelphia: University of Pennsylvania Press.
Hawley, J. P. and Williams, A. T., 2007. Universal owners: challenges and opportunities. Corporate Governance: An International Review, 15(3), 415-420.
Hertrich, C., 2011. Strategic Asset Allocation Considerations for German Pension Insurance Funds: Theoretical Analysis and Empirical Evidence. Applying Stochastic Time Series Simulations and Dynamic, Multiperiod Investment Strategies to Determine Optimal Portfolio Structures, © Berlín: Christian Hertrich Druck un Verlag: epubli GmbH.
Hoepner, A., Rezee, M. and Siegl, S., 2011. Does pension funds’ fiduciary duty prohibit the integration of any ESG criteria in investment processes? A realistic prudent investment test. Working paper, University of St Andrews.
Kempf, A. and Osthoff, P., 2007. The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908–922.
Kiernan, M. J., 2007. Universal Owners and ESG: leaving money on the table? Corporate Governance: An International Review, 15(3), 478-485.
Kreandert, N., Gray, R. H., Power, D. M., and Sinclair, C. D., 2005. Evaluating the performance of ethical and non-ethical funds: A matched pair analysis. Journal of Business Finance and Accounting, 32(7–8), 1465–1493.
Lamb, D., 1991. Morals and Money. Money Management, September, 39–46.
Lu, J., 2005. What is the Wind Behind this Sail? Can Fund Managers Successfully Time Their Investment Styles? Unpublished Doctoral dissertation, Cranfield School of Management, The Centre for Financial Research, Cranfield University, UK.
Luther, R., Matatko, J., and Corner, D., 1992. The investment performance of UK ethical investment trusts. Accounting, Auditing and Accountability Journal, 5(4), 57–70.
Lydenberg, S. D., 2007. Universal Investors and Socially Responsible Investors: a tale of emerging affinities. Corporate Governance: An International Review, 15(3), 467-477.
Mallin, C., Saadouni, B. and Briston, R., 1995. The financial performance of ethical investment funds. Journal of Business Finance and Accounting, 22(4), 483–496.
Mattison, R., M. Trevitt, L. van Ast, J. Gifford, N. Mnatsakanian, O. Watson, C. Zimmerman, V. Piani, A. G. F. Hoepner, P. Clemens-Hunt, B. Bacani and Mulder I., 2011. Univeral Ownership: Why environmental externalities matter to institutional investors. PRI Association and UNEP Finance Initiative. New York: United Nations Environmental Programme.
Merton, R.C. and Henriksson, R.D., 1981. On market timing and investment performance II: statistical procedures for evaluating forecasting skills. The Journal of Business, 54(4), 513–534.
Munnell, A., 1983. The Pitfalls of Social Investing. New England Economic Review, September/October, 20–41.
Munnel, A. H. and Sundén A., 2005. Social Investing: Pension Plans Should Just Say “No”. En: Entine, J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing: 13-55. Washington: The AEI Press.
Read, T., 1999. Ethics for Pleasure and Profit. Euromoney, 367, 12–14.
Renneboog, L., Ter Horst, J., and Zhang, C., 2008. The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14(3), 302–322.
Richardson, B. J., 2007. Do the Fiduciary Duties of Pension Funds Hinder Socially Responsible Investment? Banking and Finance Law Review, 22(2), 145-201.
Richardson, B. J., 2008. Socially Responsible Investment Law: Regulating the Unseen Polluters. Oxford: Oxford University Press.
Richardson, B. J. and Cragg, W., 2010. Being virtous and prosperous: Sri’s conflicting goals. Journal of Business Ethics, 92(Supplement 1), 21-39
Rounds, C. E. Jr., 2005. Why Social Investing Threatens Public Pension Funds, Charitable Trusts, and the Social Security Trust Fund. In: Entine, J., ed. Pension Fund Politics. The Dangers of Socially Responsible Investing. Washington: The AEI Press, 56- 80.
Roy, B. and Deb, S. S., 2004. Conditional alpha and performance persistence for Indian mutual funds: empirical evidence. ICFAI Journal of Applied Finance, 10(1), 30–48.
Sethi, S. P., 2005. Investing in Socially Responsible Companies is a Must for Public Pension Funds - Because There is no Better Alternative. Journal of Business Ethics, 56(2), 99-129.
Social Investment Forum, 2001. Report on responsible investing trends in the US. Available at: http:// www.socialinvest.org.
Solomon, J. F., 2009. Pension Fund Trustees and Climate Change. London: ACCA Research Report No. 106.
Sparkes, R. and Cowton, C. J., 2004. The maturing of socially responsible investment: A review of the developing link with the corporate social responsibility. Journal of Business Ethics, 52(1), 45-57.
Statman, M., 2000. Socially responsible mutual funds. Financial Analysts Journal, 56(May/June), 30–39.
Thamotheram, R. and Wildsmith, H., 2007. Increasing Long-Term Market Returns: realising the potential of collective pension fund action. Corporate Governance: An International Review, 15(3), 438-454.
Treynor, J. and Mazuy, K., 1966. Can mutual funds outguess the market? Harvard Business Review, 44(4), 131-136.
UNEP Finance Initiative, 2005. A legal framework for the integration of environmental, social and governance issues into institutional investment. London: Freshfields Bruckhaus Deringer.
Waddock, S. A. and Graves S. B., 1997. The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319.
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