Is There a Gold Social Seal? the Financial Effects of Additions to and Deletions From Social Stock Indices

  • January 2016
  • Case Study
  • Publisher : University of Reading
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This study investigates the financial effects of additions to and deletions from social stock indices. It finds that adding a stock does not significantly change its market price, but deletions are associated with negative cumulative abnormal returns in the short term, which can reach -14% six months post-event. Furthermore, trading volumes for deleted stocks increase on the event date, and the operational performance of these firms deteriorates after removal from the social index.

Author(s) :

K. Kappou, I. Oikonomou

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Key topics

Corporate social responsibility

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