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Sustainable investment flows during crisis periods : Effects of Russian-Ukrainian war on SRI flows

Alvarez, Jorge Diaz; Lunde, Sindre Djupevik
Master thesis
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URI
https://hdl.handle.net/11250/3098116
Date
2023
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  • Master Thesis [4207]
Abstract
The thesis focuses on political and military crises, specifically the Russian-Ukrainian war, to

research the war’s effect on monetary Net Flow in European mutual funds. We found that

there are statistically significant positive mutual fund flows in Europe caused by the Russian-

Ukraine war. The study uses different indicators, industries, and factors such as weapon

investments, Oil & Gas Investments among other indicators such as performance, ESG,

screening, risks, and retail investors.

We employ a difference-in-difference regression model to analyze mutual fund net flows

before and after the Russian invasion of Ukraine in February 2022. Additionally, we have

employed matched propensity score techniques to ensure a balance between the treatment and

control groups.

The central insight from this study is the analysis of different factors that impact mutual fund

flows. Where the thesis attempts to understand the effects of war in European markets.

Considering only the statistically significant results obtained in our study, we found that risk

factors and market conditions must be considered when examining the relationship between

mutual fund flows and crisis events. Retail investors were more prone to invest in funds with

an Above Average ESG rating while avoiding sectors associated with weapons investments.

Our study investigates retail investors preference for defensive industry investments, focusing

on weapons and Oil & Gas industries, mutual fund exclusionary screening strategies, and the

role of governance practices during the crisis. We expect that our findings can benefit mutual

fund managers, investors, and regulators in their decision-making processes to give a more

significant focus on sustainable mutual fund drivers.

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