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Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

dc.contributor.authorAlbuquerque, R
dc.contributor.authorKoskinen, Y
dc.contributor.authorYang, S
dc.contributor.authorZhang, C
dc.date.accessioned2020-07-14T10:28:00Z
dc.date.issued2020-07-07
dc.description.abstractThe COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows that stocks with higher ES ratings have significantly higher returns, lower return volatility, and higher operating profit margins during the first quarter of 2020. ES firms with higher advertising expenditures experience higher stock returns, and stocks held by more ES-oriented investors experience less return volatility during the crash. This paper highlights the importance of customer and investor loyalty to the resiliency of ES stocks.en_GB
dc.description.sponsorshipPortuguese Foundation for Science and Technologyen_GB
dc.identifier.citationArticle cfaa011en_GB
dc.identifier.doi10.1093/rcfs/cfaa011
dc.identifier.grantnumberPTDC/IIM-FIN/2977/2014en_GB
dc.identifier.urihttp://hdl.handle.net/10871/121928
dc.language.isoenen_GB
dc.publisherOxford University Press (OUP) / Society for Financial Studiesen_GB
dc.rights© The Author 2020. Published by Oxford University Press on behalf of The Society for Financial Studies. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.en_GB
dc.titleResiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crashen_GB
dc.typeArticleen_GB
dc.date.available2020-07-14T10:28:00Z
dc.identifier.issn2046-9128
dc.descriptionThis is the final version. Available on open access from Oxford University Press via the DOI in this recorden_GB
dc.identifier.journalReview of Corporate Finance Studiesen_GB
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/en_GB
dcterms.dateAccepted2020-06-22
rioxxterms.versionVoRen_GB
rioxxterms.licenseref.startdate2020-06-22
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2020-07-14T10:25:53Z
refterms.versionFCDVoR
refterms.dateFOA2020-07-14T10:28:03Z
refterms.panelCen_GB


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© The Author 2020. Published by Oxford University Press on behalf of The Society for Financial Studies. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
Except where otherwise noted, this item's licence is described as © The Author 2020. Published by Oxford University Press on behalf of The Society for Financial Studies. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.