Abstract

http://ssrn.com/abstract=1954895
 
 

Citations



 


 



Conservation, Discrimination, and Salvation: Investors' Social Concerns in the Stock Market


Matthew Hood


Independent

John R. Nofsinger


University of Alaska Anchorage

Abhishek Varma


Illinois State University

January 28, 2013

Journal of Financial Services Research, Vol. 45, No. 1, 2014

Abstract:     
Stocks appear to have investor clienteles based on their business practices and products. The variety in expressive benefits each individual receives from owning controversial stocks causes them to modify their portfolio to accommodate their beliefs. We examine the ownership of firms with social concerns and sin stocks (tobacco, alcohol and gambling). Women tilt their portfolios towards stocks with progressive labor policies for women and minorities. Younger investors avoid companies with poor environmental records but seek companies with progressive labor policies. Democratic voters favor stocks with progressive policies regarding women/minorities and gays/lesbians and are less likely to own sin stocks. Christian objections to homosexuality lead their members to invest less in stocks with progressive labor policies for gays and lesbians. The Christian denominations vary, though, in regard to sin stocks. Catholics are more likely while Mormons are less likely to own a sin stock relative to other investors. Socially responsible investors are clearly not all alike. Social characteristics that are important to one investor may not be important to another socially conscious investor.

Keywords: Socially responsible investing, behavioral finance, religion

JEL Classification: G02, G11, Z12

Accepted Paper Series





Not Available For Download

Date posted: November 6, 2011 ; Last revised: August 6, 2014

Suggested Citation

Hood, Matthew and Nofsinger, John R. and Varma, Abhishek, Conservation, Discrimination, and Salvation: Investors' Social Concerns in the Stock Market (January 28, 2013). Journal of Financial Services Research, Vol. 45, No. 1, 2014. Available at SSRN: http://ssrn.com/abstract=1954895 or http://dx.doi.org/10.2139/ssrn.1954895

Contact Information

Matthew Hood
Independent ( email )
No Address Available
United States
John R. Nofsinger
University of Alaska Anchorage ( email )
3211 Providence Drive
Anchorage, AK 99508
United States
HOME PAGE: http://faculty.cbpp.uaa.alaska.edu/jnofsinger/
Abhishek Varma (Contact Author)
Illinois State University ( email )
Normal, IL 61790
United States
309-438-5658 (Phone)
Feedback to SSRN


Paper statistics
Abstract Views: 536

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.313 seconds