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| Tekijä: | Hong, H. Kacperczyk, M. |
| Otsikko: | The price of sin: the effects of social norms on markets |
| Lehti: | Journal of Financial Economics
2009 : JUL, VOL 93:1, p. 15-36 |
| Asiasana: | social values stock returns institutional investors |
| Kieli: | eng |
| Tiivistelmä: | The purpose of the article is to examine so-called "sin stocks", stocks of companies that produce products like alcohol, tobacco and gaming. The aim is to find out how social norms affect financial markets. The results show that social norms indeed have an impact on stock prices and returns. Compared to hedge funds or mutual funds, norm-constrained institutions tend to more often avoid holding sin stocks. In addition, sin stocks seem to have higher expected returns, as they face higher risk caused by the social norms. |
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