Values and Finance: Quasi-Experiments on Social Responsibility and the Stock Market

What are the returns to sustainable investing? What are the costs and benefits of corporate social responsibility? Can socially responsible investing influence firm goodness?  These questions have been widely debated for decades but little has been learnt because of a failure of past studies to identify causal mechanisms. In this lecture, I provide some answers by developing a series of quasi-experiments including: (1) the price effects of boycotts of sin stocks by pensions and endowments; (2) how shocks to financial constraints during the Dot-com Bubble and the Financial Crisis of 2007-2008 affected corporate social responsibility; (3) and how the 2003 Dividend Tax Cut in the US influenced corporate goodness spending. Finally, I provide a first measure of the social benefits of corporate social responsibility using home prices.

TO RESERVE YOUR SEAT PLEASE EMAIL events@oxford-man.ox.ac.uk

Speaker(s):

Harrison Hong (Princeton University)

Location: Mary Ogilvie Lecture Theatre, St.Anne’s College, Woodstock Road OX2 6HS

Date:
Thursday, February 14, 2013 - 17:30
to 18:45
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