Université de Genève

Nonparametric estimation of conditional expected shortfall

Option pricing with discrete rebalancing

The effect of lock-ups on the suggested real estate portfolio weight

Transaction-based and appraisal-based capitalization rate determinants

Density estimation using inverse and reciprocal inverse Gaussian kernels

Indirect inference, nuisance parameter and threshold moving average models

Corporate Goodness and Shareholder Wealth

Description: 

Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do value "offsetting CSR", that is positive CSR news concerning firms with a history of poor stakeholder relations. In contrast, investors respond negatively to positive CSR news which is more likely to result from agency problems. Finally, I provide evidence that CSR news with stronger legal and economic information content generates a more pronounced investor reaction.

Seiten

Le portail de l'information économique suisse

© 2016 Infonet Economy

RSS - Université de Genève abonnieren