Betriebswirtschaftliches Rechnungs und Prüfungswesen

Instrumental models and indirect encompassing

Nonparametric estimation and sensitivity analysis of expected shortfall

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


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.


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