The value of Saints and the price of Sin
© 2014 Elsevier B.V. Using firms in the MSCI KLD 400 as exemplars of virtuous firms (the “Saints“), and firms in the “Triumvirate of Sin“ - alcohol, tobacco and gaming - we utilize a modification of the Feltham and Ohlson (1995) valuation model and quantile regressions to estimate “Saint premiums“ a...
| Main Authors: | , , |
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| Format: | Journal Article |
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Elsevier B.V
2015
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| Online Access: | http://www.elsevier.com/ http://hdl.handle.net/20.500.11937/42074 |
| _version_ | 1848756319254740992 |
|---|---|
| author | Koh, S. Durand, Robert Limkriangkrai, M. |
| author_facet | Koh, S. Durand, Robert Limkriangkrai, M. |
| author_sort | Koh, S. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | © 2014 Elsevier B.V. Using firms in the MSCI KLD 400 as exemplars of virtuous firms (the “Saints“), and firms in the “Triumvirate of Sin“ - alcohol, tobacco and gaming - we utilize a modification of the Feltham and Ohlson (1995) valuation model and quantile regressions to estimate “Saint premiums“ and “Sinner discounts“. For firms followed by sell-side analysts, the Saint premium is, on average, $5.77 (a 19.2% premium over the share price) and the Sinner discount is, on average, $3.91 (a discount of 32.1% of the share price). The evidence supports the notion that CSR creates shareholder value. Practices contrary to social norms destroy value. |
| first_indexed | 2025-11-14T09:10:18Z |
| format | Journal Article |
| id | curtin-20.500.11937-42074 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:10:18Z |
| publishDate | 2015 |
| publisher | Elsevier B.V |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-420742017-09-13T14:22:13Z The value of Saints and the price of Sin Koh, S. Durand, Robert Limkriangkrai, M. © 2014 Elsevier B.V. Using firms in the MSCI KLD 400 as exemplars of virtuous firms (the “Saints“), and firms in the “Triumvirate of Sin“ - alcohol, tobacco and gaming - we utilize a modification of the Feltham and Ohlson (1995) valuation model and quantile regressions to estimate “Saint premiums“ and “Sinner discounts“. For firms followed by sell-side analysts, the Saint premium is, on average, $5.77 (a 19.2% premium over the share price) and the Sinner discount is, on average, $3.91 (a discount of 32.1% of the share price). The evidence supports the notion that CSR creates shareholder value. Practices contrary to social norms destroy value. 2015 Journal Article http://hdl.handle.net/20.500.11937/42074 10.1016/j.pacfin.2014.10.003 http://www.elsevier.com/ Elsevier B.V restricted |
| spellingShingle | Koh, S. Durand, Robert Limkriangkrai, M. The value of Saints and the price of Sin |
| title | The value of Saints and the price of Sin |
| title_full | The value of Saints and the price of Sin |
| title_fullStr | The value of Saints and the price of Sin |
| title_full_unstemmed | The value of Saints and the price of Sin |
| title_short | The value of Saints and the price of Sin |
| title_sort | value of saints and the price of sin |
| url | http://www.elsevier.com/ http://hdl.handle.net/20.500.11937/42074 |