The value of Saints and the price of Sin
dc.contributor.author | Koh, S. | |
dc.contributor.author | Durand, Robert | |
dc.contributor.author | Limkriangkrai, M. | |
dc.date.accessioned | 2017-01-30T14:57:15Z | |
dc.date.available | 2017-01-30T14:57:15Z | |
dc.date.created | 2015-12-10T04:26:11Z | |
dc.date.issued | 2015 | |
dc.identifier.citation | Koh, 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.uri | http://hdl.handle.net/20.500.11937/42074 | |
dc.identifier.doi | 10.1016/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.publisher | Elsevier B.V | |
dc.relation.uri | http://www.elsevier.com/ | |
dc.title | The value of Saints and the price of Sin | |
dc.type | Journal Article | |
dcterms.source.volume | 35 | |
dcterms.source.startPage | 56 | |
dcterms.source.endPage | 72 | |
dcterms.source.issn | 0927-538X | |
dcterms.source.title | Pacific-Basin Finance Journal | |
curtin.department | School of Economics and Finance | |
curtin.accessStatus | Fulltext not available |
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