Etiska Index : Vad är priset på ett gott samvete?

Sammanfattning: Aim:The purpose of this study is to investigate whether an investor will have to s acrifice their expectations of return by investing in a responsible way. Theory: The thesis is based on the efficient market hypothesis through the modern portfolio theory to make it possible to test whether the investor will have to sacrifice return after taking into account of the risk. To measure the risk-adjusted return we used Sharpe ratio, the Modigliani-Modigliani (M2), Jensen's alpha, which later on is the basis for the study's results and conclusion. Method: The study is a quantitative survey with a deductive approach where the selected theories determined what data is collected. Based on these theories we construct a hypothesis that this study later intended to test. Data was collected from Bloomberg. Conclusion: The study shows that several ethical indexes have a higher return while at the same time showing a higher risk-adjusted return. This higher risk-adjusted return is not statistically significant except for a few of the measured markets. The study also shows that the ethical indexes generally have a lower