Show simple item record

dc.contributor.authorDimson, Elroyen
dc.contributor.authorMarsh, Pen
dc.contributor.authorStaunton, Men
dc.date.accessioned2020-08-06T23:30:15Z
dc.date.available2020-08-06T23:30:15Z
dc.date.issued2020-09en
dc.identifier.issn2693-1974
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/308860
dc.description.abstractInvestors want their assets to be a force for good, or at least to do no harm. Approaches range from avoiding companies or sectors deemed to fail on ethical grounds through to active engagement with companies. Exclusionary screening is the most prevalent approach to ESG investing, and may focus on individual stocks or entire sectors. In this article, the authors take two perspectives. First, they report on the returns since 1900 from tobacco and alcoholic beverage companies. They show that the returns from these “sin stocks” have substantially beaten the market in both the USA and UK, and they evaluate explanations for this. Second, the authors extend their analysis to other large-scale exclusions such as those demanded by climate activists, Sharia-complaint investors, or dharmic investors. In a historical analysis of the return and risk impact from such screens, the authors find that, while divestment may exert downward pressure on stock prices, the impact of protracted and sustained exclusions is on average small.
dc.rightsAll rights reserved
dc.rights.uri
dc.titleExclusionary screeningen
dc.typeArticle
prism.endingPage75
prism.issueIdentifier1en
prism.publicationDate2020en
prism.publicationNameJournal of Impact and ESG Investingen
prism.startingPage66
prism.volume1en
dc.identifier.doi10.17863/CAM.55950
dcterms.dateAccepted2020-07-09en
rioxxterms.versionofrecord10.3905/jesg.2020.1.1.066en
rioxxterms.versionAM
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2020-09en
dc.contributor.orcidDimson, Elroy [0000-0003-3776-7988]
rioxxterms.typeJournal Article/Reviewen
cam.issuedOnline2020-09-01en
dc.identifier.urlhttps://jesg.pm-research.com/content/1/1/66/tab-article-infoen
cam.orpheus.counter27*
rioxxterms.freetoread.startdate2023-08-06


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record