Saints versus sinners. Does morality matter?
Social norms constrain investors from investing in “sin stocks”, affecting the returns and corporate financial policies of such firms (Hong and Kacperczyk, 2009). This paper finds that “Saints” are influenced by social norms. In almost all instances, where an effect on “Sinners” is positive (negativ...
| Main Authors: | , , |
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| Format: | Journal Article |
| Published: |
Elsevier BV North-Holland
2013
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| Subjects: | |
| Online Access: | http://hdl.handle.net/20.500.11937/34073 |