报告主题：Talk vs. Walk: Lessons from Silent Sustainable Investing of Mutual Funds

时间：12月23日（周一）10：00

地点：旭日楼416

主讲人：吴浩然博士

报告简介：

This study explores actively managed US equity funds and shows that investors are attracted by the ESG label rather than the Morningstar sustainability rating. However, this pattern does not necessarily prompt “silent” funds (top sustainability-rated ones without an ESG label) to rebrand themselves as ESG funds due to limited benefits from such rebranding. Furthermore, we find that “silent” funds achieve comparable returns and better mitigate risks than ESG-branded counterparts. This suggests an overreaction by investors towards ESG labels, overshadowing the intrinsic value of sustainability within “silent” funds. The study offers implications for the industry and policymakers regarding marketing and defining ESG investing.

主讲人简介：

吴浩然，爱尔兰都柏林大学Smurfit商学院银行与金融系助理教授，英国巴斯大学管理学院全奖量化金融博士，本硕就读于东华大学信息学院。拥有丰富的公募基金行业金融科技、风险管理从业经验，曾获中国金融学年会研究卓越奖、上海市优秀毕业生、研究生数学建模竞赛全国一等奖及华为专项奖。其主要研究方向包括ESG投资、投资组合优化、公募基金、金融科技。曾在Journal of International Money and Finance、International Review of Financial Analysis、Review of Quantitative Finance and Accounting等期刊发表论文，并担任多本国际知名期刊审稿人。