کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
973642 | 932855 | 2013 | 15 صفحه PDF | دانلود رایگان |
Hong and Kacperczyk (2009) argue that social norms against sin stocks influence investor behavior and corporate financial policies. This paper examines “sin” stocks in seven Pacific-Basin markets that exhibit a variety of social norms: Australia, India, Japan, South Korea, Malaysia, New Zealand and Singapore. In doing so, we provide further evidence on the pricing of sin stocks. Consideration of measurable cultural differences between the markets suggests the price of sin is a manifestation of groupthink.
► We examine if social norms influence investor behavior.
► “Sin” stocks in seven Pacific-Basin markets are examined.
► We provide further evidence on the pricing of sin stocks.
► We consider measurable cultural differences such as individualism and collectivism.
► The price of sin is a manifestation of groupthink.
Journal: Pacific-Basin Finance Journal - Volume 21, Issue 1, January 2013, Pages 899–913