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THE ROLE OF INSTITUTIONAL INVESTORS IN FINANCING CLEAN ENERGY

We find that portfolios in which funds are weighted by their money inf lows outperform portfolios in which funds are weighted by TNA: New money beats oldmoney.We also find that high net f low funds outperformlow net f low funds. Thus, within the universe of actively managed funds, new investors tend to choose the better ones: Money is smart. This result holds for both individual and institutional investors, and is driven by investors’ fund buys rather than sells. The smart money effect is not explained by the Chen et al. (2004) fund size effect, performance persistence, or the impact of annual fees on fund per- formance, nor is. | Please cite this paper as Kaminker Ch. Stewart F. 2012 The Role of Institutional Investors in Financing Clean Energy OECD Working Papers on Finance Insurance and Private Pensions No.23 OECD Publishing. OECD WORKING PAPERS ON FINANCE INSURANCE AND PRIVATE PENSIONS NO. 23 THE ROLE OF INSTITUTIONAL INVESTORS IN FINANCING CLEAN ENERGY Christopher Kaminker Fiona Stewart OECD August 2012 OECD WORKING PAPERS ON FINANCE INSURANCE AND PRIVATE PENSIONS OECD Working Papers on Finance Insurance and Private Pensions provide timely analysis and background on industry developments structural issues and public policy in the financial sector including insurance and private pensions. Topics include risk management governance investments benefit protection and financial education. These studies are prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The papers are generally available only in their original language English or French with a summary in the other if available. OECD WORKING PAPERS ON FINANCE INSURANCE AND PRIVATE PENSIONS are published on www.oecd.org daf fin wp This document and any map included herein are without prejudice to the status of or sovereignty over any territory to the delimitation of international frontiers and boundaries and to the name of any territory city or area. Ce document et toute carte qu il peut comprendre ne préjugent en rien du statut de tout territoire de la souveraineté s exergant sur ce dernier du tracé des frontieres et limites internationales et du nom de tout territoire ville ou région. 2 TABLE OF CONTENTS EXECUTIVE SUMMARY.6 I. INTRODUCTION.10 II. ROLE OF INSTITUTIONAL INVESTORS.12 III. BARRIERS TO CLEAN ENERGY INVESTING.28 IV. CONCLUSIONS.48 REFERENCES.50 WORKING PAPERS PUBLISHED TO DATE.53 Tables Table 1. Institutional Investors Climate Change Groups.19 Table 2. Barriers to Institutional Investors Allocation to Infrastructure.29 Table 3. The double .