the Spanish Ethical Fund Managers Skilful?
this paper we first analyse the recent and considerable
development of the American and European social responsible
investment industry. The second objective consists of evaluating
the presence of an ability to time the market (market timing)
and to select securities (stock picking) in Spanish ethical
mutual funds management. Finally, we intend to analyse whether
the size of these socially responsible mutual funds exerts
an influence on both management abilities. We have observed
that the presence of these abilities is not significant
but the greater the size of this type of fund, the greater
the manager’s ability to be ahead of the market movements.