题　目：The Economics of Greenwashing Funds

嘉　宾：肖寒 助理教授 香港中文大学（深圳）

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年3月5日（周三）10:00-11:30

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

This paper examines the benefits and costs of greenwashing in mutual funds. We identify greenwashing funds by analyzing their green disclosures using large language models (LLMs) alongside actual green investments. We find that funds engaging in greenwashing charge higher expenses while attracting greater flows from investors. Moreover, investors tend to be lenient and less sensitive to poor performance in greenwashing funds, encouraging underperforming funds to adopt this practice. However, greenwashing funds are more likely to incur regulatory costs and experience outflows, as reflected in ESG-related comment letters from the SEC. Finally, institutional and retail investors respond differently to greenwashing funds.

演讲人简介：

肖寒，香港中文大学（深圳）经管学院助理教授，毕业于宾夕法尼亚州立大学，获得金融学博士学位，主要研究领域是实证资产定价、共同基金、对冲基金、交易所交易基金、固定收益证券等。目前的研究集中于基金投资对资产价格的影响。研究结果发表于Journal of Financial Markets、《经济学（季刊）》等国内外知名金融期刊。

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