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...
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| Format: | Journal Article |
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Elsevier BV North-Holland
2013
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| Online Access: | http://hdl.handle.net/20.500.11937/34073 |
| _version_ | 1848754123054252032 |
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| author | Durand, Robert B Koh, Sze Limkriangkrai, Manapon |
| author_facet | Durand, Robert B Koh, Sze Limkriangkrai, Manapon |
| author_sort | Durand, Robert B |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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 (negative), we find that the effect for ‘Saints’ is negative (positive). Hong and Kacperczyk provide evidence that social norms prevent ‘evil’ outcomes. This paper finds that social norms exert positive pressure on both investors and firms in the US equity market. |
| first_indexed | 2025-11-14T08:35:24Z |
| format | Journal Article |
| id | curtin-20.500.11937-34073 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:35:24Z |
| publishDate | 2013 |
| publisher | Elsevier BV North-Holland |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-340732017-09-13T15:06:34Z Saints versus sinners. Does morality matter? Durand, Robert B Koh, Sze Limkriangkrai, Manapon Socially responsible investing MSCI KLD400 Social Index Asset pricing Portfolio choice 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 (negative), we find that the effect for ‘Saints’ is negative (positive). Hong and Kacperczyk provide evidence that social norms prevent ‘evil’ outcomes. This paper finds that social norms exert positive pressure on both investors and firms in the US equity market. 2013 Journal Article http://hdl.handle.net/20.500.11937/34073 10.1016/j.intfin.2012.12.002 Elsevier BV North-Holland restricted |
| spellingShingle | Socially responsible investing MSCI KLD400 Social Index Asset pricing Portfolio choice Durand, Robert B Koh, Sze Limkriangkrai, Manapon Saints versus sinners. Does morality matter? |
| title | Saints versus sinners. Does morality matter? |
| title_full | Saints versus sinners. Does morality matter? |
| title_fullStr | Saints versus sinners. Does morality matter? |
| title_full_unstemmed | Saints versus sinners. Does morality matter? |
| title_short | Saints versus sinners. Does morality matter? |
| title_sort | saints versus sinners. does morality matter? |
| topic | Socially responsible investing MSCI KLD400 Social Index Asset pricing Portfolio choice |
| url | http://hdl.handle.net/20.500.11937/34073 |