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dc.contributor.authorKoh, S.
dc.contributor.authorDurand, Robert
dc.contributor.authorLimkriangkrai, M.
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.

© 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.titleThe value of Saints and the price of Sin
dc.typeJournal Article
dcterms.source.titlePacific-Basin Finance Journal
curtin.departmentSchool of Economics and Finance
curtin.accessStatusFulltext not available

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