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dc.contributor.authorKoh, S.
dc.contributor.authorDurand, Robert
dc.contributor.authorLimkriangkrai, M.
dc.date.accessioned2017-01-30T14:57:15Z
dc.date.available2017-01-30T14:57:15Z
dc.date.created2015-12-10T04:26:11Z
dc.date.issued2015
dc.identifier.citationKoh, S. and Durand, R. and Limkriangkrai, M. 2015. The value of Saints and the price of Sin. Pacific-Basin Finance Journal. 35: pp. 56-72.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/42074
dc.identifier.doi10.1016/j.pacfin.2014.10.003
dc.description.abstract

© 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.

dc.publisherElsevier B.V
dc.relation.urihttp://www.elsevier.com/
dc.titleThe value of Saints and the price of Sin
dc.typeJournal Article
dcterms.source.volume35
dcterms.source.startPage56
dcterms.source.endPage72
dcterms.source.issn0927-538X
dcterms.source.titlePacific-Basin Finance Journal
curtin.departmentSchool of Economics and Finance
curtin.accessStatusFulltext not available


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