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Socially responsible investments: Institutional aspects, performance, and investor behavior
Abstract This paper provides a critical review of the literature on socially responsible investments (SRI). Particular to SRI is that both financial goals and social objectives are pursued. Over theExpand
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The price of ethics and stakeholder governance: The performance of socially responsible mutual funds
Do investors pay a price for investing in socially responsible investments (SRI) funds, or do they obtain superior returns? This paper investigates these under- and overperformance hypotheses for allExpand
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Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids
This paper analyses the short-term wealth effects of large intra-European takeover bids. We find announcement effects of 9% for the target firms compared to a statistically significant announcementExpand
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The Performance of the European Market for Corporate Control: Evidence from the Fifth Takeover Wave
This paper presents an in-depth analysis of the performance of large, medium-sized, and small corporate takeovers involving Continental European and UK firms during the fifth takeover wave. Expand
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Buying Beauty: On Prices and Returns in the Art Market
This paper investigates the price determinants and investment performance of art, by applying an extensive hedonic regression framework to a data set of more than one million paintings and works on paper. Expand
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What Determines the Financing Decision in Corporate Takeovers: Cost of Capital, Agency Problems, or the Means of Payment?
While the means of payment in takeovers has been a focal point in the takeover literature, what has largely been ignored is the analysis of how the takeover bid is financed and what its impact is onExpand
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Information Salience, Investor Sentiment, and Stock Returns: The Case of British Soccer Betting
Soccer clubs listed on the London Stock Exchange provide a unique way of testing stock price reactions to different types of news. For each firm, two pieces of information are released on a weeklyExpand
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On the Foundations of Corporate Social Responsibility
Using corporate social responsibility (CSR) ratings for 23,000 companies from 114 countries, we find that a firm's CSR rating and its country's legal origin are strongly correlated. Legal origin is aExpand
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Socially responsible firms
In the corporate finance tradition, starting with Berle and Means (1932), corporations should generally be run to maximize shareholder value. The agency view of corporate social responsibility (CSR)Expand
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Dividend policy of German firms: A panel data analysis of partial adjustment models
German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two majorExpand
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