Abstract
Australia's three major public ethical investment funds achieved mixed financial success in the seven years to 30 June 1998, though on average the funds underperformed relative to the market. For the four‐year and five‐year holding periods to 30 June 1995 and 1996 respectively, the average holding‐period returns for the three funds were less than the risk‐free rate. This is strong evidence of investors incurring a financial discount for investing ethically and, with respect to the ethical investor's utility function, it is evidence of the marginal utility increasing as the ethical attributes of assets increase.
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