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The Price of Sin: The Effects of Social Norms on Markets
16 references·16 citing·39 second hopsampled
The Price of Sin: The Effects of Social Norms on Markets (2006)The Price of Sin: The Effects of Social N…Social Interaction and Stock‐Market Participation (2004)Social Interaction and Stock‐…Market Timing and Capital Structure (2002)Market Timing and Capital Str…The Effect of Green Investment on Corporate Behavior (2001)The Effect of Green Investmen…Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies (2000)Bad News Travels Slowly: Size…Institutional Investors and Equity Prices (1998)Institutional Investors and E…Industry costs of equity (1997)Industry costs of equityPreferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings (1996)Preferences for Stock Charact…Crime and Social Interactions (1996)Crime and Social InteractionsThe Limits of Arbitrage (1995)The Limits of ArbitrageSocial Norms and Economic Theory (1989)Social Norms and Economic The…A Simple Model of Capital Market Equilibrium with Incomplete Information (1987)A Simple Model of Capital Mar…Random group effects and the precision of regression estimates (1986)Random group effects and the …A Theory of Social Custom, of Which Unemployment May be One Consequence (1980)A Theory of Social Custom, of…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Economics of Discrimination. (1972)The Economics of Discriminati…The Economics of Discrimination (1957)The Economics of Discriminati…Challenging the Conventional Wisdom on Active Management: A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds (2019)Challenging the Conventional …Corporate social performance and cost of debt: the relationship (2017)Corporate social performance …Carbon Disclosure, Emission Levels, and the Cost of Debt (2016)Carbon Disclosure, Emission L…Corporate Social Responsibility and Investment Efficiency (2015)Corporate Social Responsibili…Are they any good at all? A financial and ethical analysis of socially responsible mutual funds (2014)Are they any good at all? A f…Analyst coverage, corporate social responsibility, and firm risk (2014)Analyst coverage, corporate s…Is Institutional Ownership Related to Corporate Social Responsibility? The Non-Linear Relation and its Implication for Stock Return Volatility (2013)Is Institutional Ownership Re…Australian Socially Responsible Funds: Performance, Risk and Screening Intensity (2011)Australian Socially Responsib…Individual and Corporate Social Responsibility (2010)Individual and Corporate Soci…Stakeholder relations and financial performance (2008)Stakeholder relations and fin…Financial outcomes of environmental risk and opportunity for US companies (2008)Financial outcomes of environ…Does investor recognition predict returns?☆ (2008)Does investor recognition pre…Affect in a Behavioral Asset-Pricing Model (2008)Affect in a Behavioral Asset-…A Wolf in Sheep’s Clothing: The Use of Ethics-Related Terms in 10-K Reports (2008)A Wolf in Sheep’s Clothing: T…The Economic Virtues of SRI and CSR (2007)The Economic Virtues of SRI a…Is Crime Contagious? (2007)Is Crime Contagious?CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Framing of Decisions and the Psychology of Choice (1981)Illiquidity and stock returns: cross-section and time-series effects (2002)The Cross‐Section of Volatility and Expected Returns (2006)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)The Economic Approach to Human Behavior (1976)Toward a positive theory of consumer choice (1980)The Handbook of Economic Sociology (1994)Collective Action and the Evolution of Social Norms (2000)The price of sin: The effects of social norms on markets (2009)A model of investor sentiment /The Behavior of Stock-Market Prices (1965)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Market Liquidity and Funding Liquidity (2008)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets (1999)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Making democracy work: civic traditions in modern Italy (1993)Bowling Alone: America's Declining Social Capital (1995)The Role of Social Capital in Financial Development (2004)Financial Literacy and Stock Market Participation (2007)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)Orchestrating Impartiality: The Impact of “Blind” Auditions on Female Musicians (2000)The Sociology of Discrimination: Racial Discrimination in Employment, Housing, Credit, and Consumer Markets (2008)Cultural Biases in Economic Exchange? * (2009)Chapter 48 Race and gender in the labor market (1999)The Intersection of Gender and Race in the Labor Market (2003)Inside the Family Firm: The Role of Families in Succession Decisions and Performance (2006)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1987A Simple Model of Capital Market Equilibrium with Incomplete Information5,808 cited
  • 1997Industry costs of equity5,793 cited
  • 1995The Limits of Arbitrage5,282 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 1972The Economics of Discrimination.3,573 cited
  • 1957The Economics of Discrimination2,818 cited
  • 2000Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies2,639 cited
  • 1989Social Norms and Economic Theory2,070 cited
  • 2004Social Interaction and Stock‐Market Participation1,826 cited
  • 1996Crime and Social Interactions1,824 cited
  • 1980A Theory of Social Custom, of Which Unemployment May be One Consequence1,648 cited
  • 1986Random group effects and the precision of regression estimates1,627 cited
  • 2001The Effect of Green Investment on Corporate Behavior1,498 cited
  • 1998Institutional Investors and Equity Prices1,263 cited
  • 1996Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings

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Cited by

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  • 2008A Wolf in Sheep’s Clothing: The Use of Ethics-Related Terms in 10-K Reports187 cited
  • 2008Affect in a Behavioral Asset-Pricing Model181 cited
  • 2017Corporate social performance and cost of debt: the relationship179 cited
  • 2011Australian Socially Responsible Funds: Performance, Risk and Screening Intensity159 cited
  • 2014Analyst coverage, corporate social responsibility, and firm risk135 cited
  • 2007Is Crime Contagious?133 cited
  • 2013Is Institutional Ownership Related to Corporate Social Responsibility? The Non-Linear Relation and its Implication for Stock Return Volatility122 cited
  • 2016Carbon Disclosure, Emission Levels, and the Cost of Debt112 cited
  • 2015Corporate Social Responsibility and Investment Efficiency111 cited
  • 2008Financial outcomes of environmental risk and opportunity for US companies105 cited
  • 2008Does investor recognition predict returns?☆104 cited
  • 2014Are they any good at all? A financial and ethical analysis of socially responsible mutual funds99 cited
  • 2008Stakeholder relations and financial performance93 cited
  • 2019Challenging the Conventional Wisdom on Active Management: A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds92 cited
  • 2007The Economic Virtues of SRI and CSR80 cited