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Hedging precious metals with impact investing

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  • Akhtaruzzaman, Md
  • Banerjee, Ameet Kumar
  • Le, Van
  • Moussa, Faten

Abstract

Our study investigates the role of impact investing as a risk management tool for precious metals (i.e., palladium, platinum, gold, and silver) in calm and turbulent times. The findings show that impact investing and precious metals portfolios have higher hedging effectiveness. Furthermore, the results show that the hedging effectiveness for the portfolio of gold and impact investing increased during the COVID–19 crisis. Finally, we find that when factoring the transaction cost in portfolios of impact investing and precious metals, investors at various levels of risk aversion gain higher utility. These findings contribute to the literature and interest of investors, policymakers, fund managers, and regulators.

Suggested Citation

  • Akhtaruzzaman, Md & Banerjee, Ameet Kumar & Le, Van & Moussa, Faten, 2024. "Hedging precious metals with impact investing," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 651-664.
    • Handle: RePEc:eee:reveco:v:89:y:2024:i:pa:p:651-664
    DOI: 10.1016/j.iref.2023.07.047
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    More about this item

    Keywords

    Impact investing; Hedge ratio; COVID–19; Hedging effectiveness; Precious metals; SDG; Sustainable finance;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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