文章基本信息

标题：The VICEX Fund: Recent Shortcomings of a Long-Run Success Story
本地全文：下载
作者：C. Chang ; Thomas Krueger
期刊名称：Journal of Management and Sustainability
印刷版ISSN：1925-4725
电子版ISSN：1925-4733
出版年度：2013
卷号：3
期号：3
页码：131
DOI：10.5539/jms.v3n3p131
出版社：Canadian Center of Science and Education
摘要：In this article, we empirically test the extent to which the VICEX fund, a portfolio of companies benefiting from
human vices (i.e., alcohol, gambling, and smoking), outperforms a variety of benchmarks. One pair of
benchmarks consist of Vanguard’s 500 Index Fund and a portfolio of all funds in the same Morningstar style
category based on company size. On a more focused basis we compare the performance of the VICEX fund to
two popular dividend-oriented mutual funds, because of the propensity of several VICEX fund components to
offer large dividend yields. Using a wide array of return, risk, and risk-adjusted measures we find limited
support for human vice-based investing over an extended period of time. Over the recent 2008-2009 period, the
VICEX fund has underperformed these alternatives.