The Financial Performance of Socially Responsible Investments: Insights from the Intertemporal CAPM

The Financial Performance of Socially Responsible Investments: Insights from the Intertemporal CAPM

This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Journal of business ethics 2017-12, Vol.146 (2), p.353-364
Hauptverfasser: Xiao, Yuchao, Faff, Robert, Gharghori, Philip, Min, Byoung-Kyu
Format: Artikel
Sprache:eng
Schlagworte:
Asset pricing
Business and Management
Business Ethics
CAPM
Companies
Disadvantaged
Education
Ethics
Financial performance
Investments
Investor behavior
Investors
Management
Philosophy
Quality of Life Research
Securities markets
Social investing
Social responsibility
Studies
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:This study formulates a two-factor empirical model under the intertemporal CAPM framework to evaluate the cross-sectional implications of socially responsible investments in the US equity market. Our results show that socially responsible investments have no asset pricing impact on the US market. We argue that this 'no financial impact' finding indicates that investors will not be disadvantaged financially by investing in socially responsible funds or corporations.
ISSN:0167-4544
1573-0697
DOI:10.1007/s10551-015-2894-8