This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature by concentrating on individual firms’ conduct and by studying a much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (embryonic) stem cells, and tobacco. We investigate an international sample of more than 1,600 stocks for more than twenty years. We then analyze the impact of applying negative screens to a market portfolio. Our findings suggest that the choice for negative screening strategies does matter for the size of the investment universe as well as for risk-adjusted return performance. Investing in controversial stocks in many cases results in additional risk-adjusted returns, whereas excluding them may reduce financial performance. These findings suggest that there are opportunity costs to negative screening. 相似文献
In spite of the EU's prohibition on brand placement in children's programmes, it is argued that children may still be exposed to this advertising format in many occasions. Consequently, and as children may have even more difficulties than adults to distinguish the commercial content from the editorial media content in which it is embedded, an advertising disclosure may be necessary to enable them to cope with brand placement. Entailing two one-factorial between-subjects experiments, the current article examined how different types of brand placement warning cues influenced cognitive advertising literacy and the attitude toward the placed brand, among children between 8 and 10 years old.
In a first study, it was investigated how these outcomes were influenced by warning cues with different perceptual modalities (no vs. auditory vs. visual cue, N = 98). The results showed that a visual warning cue was more effective than an auditory warning cue (vs. no warning cue) in addressing cognitive advertising literacy. However, this higher cognitive advertising literacy could not account for the effect of the visual warning cue on brand attitude.
In a second study, it was examined whether the effectiveness of this visual warning cue was influenced by the timing of disclosure (cue prior to vs. during media containing brand placement, N = 142). Additionally, it was tested whether the effect of the cue on brand attitude could be explained by cognitive advertising literacy if children's sceptical attitude toward the brand placement format was taken into account. The results showed that cognitive advertising literacy was higher when the cue was shown prior to than during the media content. This cue-influenced cognitive advertising literacy resulted in a more positive brand attitude, but only among children who were less sceptical toward brand placement. This positive relation disappeared among moderately and highly sceptical children.
These findings have significant theoretical, practical and social implications. 相似文献
We model 1927–1997 US business failure rates using an unobserved components time series model. Clear evidence is found of cyclical behavior in default rates. We also detect significant longer term movements in default rates and default correlations. In a multi-year backtest experiment we show that accommodation of default rate dynamics has important consequences for credit risk capitalization requirements. Static or myopic variants of credit portfolio models miss significant periods of credit risk accumulation. Empirically congruent dynamic models by contrast provide more timely warning signals of credit risk build-up. In this way they may mitigate some of the pro-cyclicality concerns. 相似文献
This study tests the functional fixation hypothesis by comparing changes in the product pricing decisions of individuals and small groups in response to a fully disclosed, cosmetic change in depreciation method. The study provides several methodological refinements over earlier related studies. The research design incorporates full disclosure of the effect of accounting differences and a variety of measures are used to assess the impact of the accounting change, these revealing the inadequacy of the aggregate measures employed in earlier studies. Furthermore, the paper includes a comparison of the quality of group versus individual decision making with respect to functional fixation. The findings indicate that while individuals have a more pronounced shift in decision models than do groups, neither individuals nor groups fully adjust for the change. 相似文献
This paper describes the findings of a study aimed at providing an international replication of a US-based study by Gibbs et al. [Gibbs, M., Merchant, K., Van der Stede, W., & Vargus, M. (2004). Determinants and effects of subjectivity in incentives. The Accounting Review, 79(2), 409–436; Gibbs, M., Merchant, K., Van der Stede, W., & Vargus, M. (2006). The structure of incentive contracts: Evidence from auto dealerships. Working Paper, University of Chicago, University of Southern California, London School of Economics and University of Texas-Dallas] focused on the incentive compensation practices of firms in the automobile retailing industry. The purpose was to determine the extent to which these practices and their effects were similar across countries. Theory provides conflicting predictions as to whether international practices should reflect a situational “best fit” or “global best practices.” We collected a dataset comparable to that of Gibbs et al. from Dutch automobile retailers. The findings reveal dramatic differences in practices across the two countries. As compared to the US firms, the Dutch firms are much less likely to provide their managers with incentive compensation in any form. Where Dutch firms do offer incentive compensation, the payouts are smaller and their bonus awards are less likely to be based on profit measures of performance. But where the Dutch firms use incentive compensation, their performance/reward functions are more complex. Moreover, unlike in the US firms, in the Dutch firms the effects of the use of incentive compensation on net profit and pay satisfaction are negative. 相似文献
Participatory approaches in environmental knowledge production are commonly propagated for their potential to enhance legitimacy and quality of decision-making processes, especially under conditions of uncertainty. This paper describes the development of the Stakeholder Participation Guidance for the Netherlands Environmental Assessment Agency as an attempt to put the rather theoretical ambitions of the participation literature into practice. The study includes an analysis of theories of ‘new production of knowledge’ and of the agency's position as an intermediary organization between science and policy, together with its participatory activities, to date. The Guidance is meant to suit different contexts, products and modes of assessments by the agency. Therefore, it cannot be a like a recipe book, but is intended to support and guide project leaders in their choices around stakeholder participation. The paper emphasizes the context dependency of participatory knowledge production and stresses the importance of reflection and transparency regarding the role of scientific advisors in the science-policy process. 相似文献