Galema, Rients; Plantinga, Auke; Scholtens, Bert - In: Journal of Banking & Finance 32 (2008) 12, pp. 2646-2654
We relate US portfolio returns, book-to-market values and excess stock returns to different dimensions of socially responsible performance. We find that socially responsible investing (SRI) impacts on stock returns by lowering the book-to-market ratio and not by generating positive alphas. Our...