Posted: 1 Oct 2021
EDHEC Business School
Young Dae Kang
The Bank of Korea
Date Written: September 30, 2021
Economic theory predicts that, in the absence of mispricing, investing in socially responsible businesses should have lower expected returns in equilibrium. In contrast, in an influential paper, Edmans (2011) shows that a portfolio of the “100 Best Companies to Work For in America” (BCs) earns a positive and significant Carhart four-factor alpha. More than …
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