Are the spanish ethical fund managers skilful

In this paper we first analyse the recent and considerable development of the American and European social responsible investment industry. The second objective consists of evaluating the presence of an ability to time the market (market timing) and to select securities (stock picking) in Spanish ethical mutual funds management. Finally, we intend to analyse whether the size of these socially responsible mutual funds exerts an influence on both management abilities. We have observed that the presence of these abilities is not significant but the greater the size of this type of fund, the greater the manager's ability to be ahead of the market movements.