Abstract

http://ssrn.com/abstract=1954895
 
 

Citations (2)



 


 



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


Matthew Hood


affiliation not provided to SSRN

John R. Nofsinger


University of Alaska Anchorage

Abhishek Varma


Illinois State University

November 4, 2011


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.

Number of Pages in PDF File: 41

Keywords: Socially responsible investing, behavioral finance, religion

working papers series


Download This Paper

Date posted: November 6, 2011  

Suggested Citation

Hood, Matthew and Nofsinger, John R. and Varma, Abhishek, Conservation, Discrimination, and Salvation: Investors' Social Concerns in the Stock Market (November 4, 2011). Available at SSRN: http://ssrn.com/abstract=1954895 or http://dx.doi.org/10.2139/ssrn.1954895

Contact Information

Matthew Hood
affiliation not provided to SSRN ( email )
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: 500
Downloads: 96
Download Rank: 159,890
Citations:  2

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.312 seconds