Saints versus Sinners. Does morality matter?

Robert B Durand, Sze Kee Koh, Manapon Limkriangkrai

    Research output: Contribution to journalArticleResearchpeer-review

    17 Citations (Scopus)

    Abstract

    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.
    Original languageEnglish
    Pages (from-to)166 - 183
    Number of pages18
    JournalJournal of International Financial Markets, Institutions and Money
    Volume24
    DOIs
    Publication statusPublished - 2013

    Cite this

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    title = "Saints versus Sinners. Does morality matter?",
    abstract = "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.",
    author = "Durand, {Robert B} and Koh, {Sze Kee} and Manapon Limkriangkrai",
    year = "2013",
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    language = "English",
    volume = "24",
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    journal = "Journal of International Financial Markets, Institutions and Money",
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    Saints versus Sinners. Does morality matter? / Durand, Robert B; Koh, Sze Kee; Limkriangkrai, Manapon.

    In: Journal of International Financial Markets, Institutions and Money, Vol. 24, 2013, p. 166 - 183.

    Research output: Contribution to journalArticleResearchpeer-review

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    T1 - Saints versus Sinners. Does morality matter?

    AU - Durand, Robert B

    AU - Koh, Sze Kee

    AU - Limkriangkrai, Manapon

    PY - 2013

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    N2 - 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.

    AB - 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.

    U2 - 10.1016/j.intfin.2012.12.002

    DO - 10.1016/j.intfin.2012.12.002

    M3 - Article

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    SP - 166

    EP - 183

    JO - Journal of International Financial Markets, Institutions and Money

    JF - Journal of International Financial Markets, Institutions and Money

    SN - 1042-4431

    ER -