The price of sin: The effects of social norms on markets

Ahrens, 2004 Akerlof, 1980, A theory of social custom, of which unemployment may be one consequence, Quarterly Journal of Economics, 94, 749, 10.2307/1885667 Altonji, 1999, Race and gender in the labor market, vol. 3c, 3143 Arrow, 1972, Models of job discrimination, 83 Baker, 2002, Market timing and capital structure, Journal of Finance, 57, 1, 10.1111/1540-6261.00414 Becker, 1957 Berman, D., 2002. Why sin is good: tobacco, alcohol, and gaming stocks can add sizzle to your portfolio? Money Sense, November. Case, A., Katz, L., 1991. The company you keep: the effects of family and neighborhood on disadvantaged youths. NBER Working Paper no. 3705. Chen, 2001, Effects of legislation events on US gaming stock returns and market turnings, Tourism Management, 22, 539, 10.1016/S0261-5177(01)00011-5 Del Guercio, 1996, The distorting effect of the prudent man law on institutional equity investments, Journal of Financial Economics, 40, 31, 10.1016/0304-405X(95)00841-2 Elster, 1989, Social norms and economic theory, Journal of Economic Perspectives, 3, 99, 10.1257/jep.3.4.99 Falkenstein, 1996, Preferences for stock characteristics as revealed by mutual fund portfolio holdings, Journal of Finance, 51, 111, 10.2307/2329304 Fama, 1997, Industry costs of equity, Journal of Financial Economics, 43, 153, 10.1016/S0304-405X(96)00896-3 Fama, 1973, Risk, return, and equilibrium: empirical test, Journal of Political Economy, 81, 607, 10.1086/260061 Geczy, C., Stambaugh, R., Levin, D., 2003. Investing in socially responsible mutual funds. Unpublished Working Paper, University of Pennsylvania, Wharton. Glaeser, 1996, Crime and social interactions, Quarterly Journal of Economics, 111, 502, 10.2307/2946686 Glaeser, 2003, Non-market interactions, 339 Gompers, 2001, Institutional investors and equity prices, Quarterly Journal of Economics, 116, 229, 10.1162/003355301556392 Greene, 2000 Heinkel, 2001, The effect of green investment on corporate behavior, Journal of Financial and Quantitative Analysis, 35, 431, 10.2307/2676219 Hong, 2004, Social interaction and stock market participation, Journal of Finance, 59, 137, 10.1111/j.1540-6261.2004.00629.x Hong, 2008, The only game in town: stock price consequences of local bias, Journal of Financial Economics, 90, 20, 10.1016/j.jfineco.2007.11.006 Hong, 2000, Bad news travels slowly: size, analyst coverage and the profitability of momentum strategies, Journal of Finance, 55, 265, 10.1111/0022-1082.00206 Levitt, 2004, Testing theories of discrimination: evidence from weakest link, Journal of Law and Economics, 47, 431, 10.1086/425591 Merton, 1987, A simple model of capital market equilibrium with incomplete information, Journal of Finance, 42, 483, 10.2307/2328367 Moulton, 1986, Random group effects and the precision of regression estimates, Journal of Econometrics, 32, 385, 10.1016/0304-4076(86)90021-7 Newey, 1987, A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica, 55, 703, 10.2307/1913610 Petajisto, A., 2009. Why do demand curves for stocks slope down? Journal of Financial and Quantitative Analysis, forthcoming. Romer, 1984, The theory of social custom: a modification and some extensions, Quarterly Journal of Economics, 99, 717, 10.2307/1883122 Shleifer, 1997, The limits of arbitrage, Journal of Finance, 52, 35, 10.2307/2329555 Teoh, 1999, The effect of socially activist investment policies on the financial markets: evidence from the South African Boycott, Journal of Business, 72, 35, 10.1086/209602 Waxler, 2004