40 Pages 
Posted: 1 Oct 2021
Hamid Boustanifar

EDHEC Business School
Young Dae Kang
The Bank of Korea

Date Written: September 30, 2021

Abstract
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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