지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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We examine the financial performance of sin stocks- publicly traded stocks in the gambling, and alcoholindustries-in the Asian leading stock markets of Korea, China, Japan, Hongkong, and Singapore. We collect the89 sin stocks as well as 89 comparable stocks from the stock exchanges of 5 countries over the period fromMarch 1992 to February 2012. Our research shows that the sin stocks significantly outperform the market at the10% significant level. The Jensen’s of sin stocks is 38bps/month, which means that the sin stocks outperformthe market by 4.56% per year. Among the 5 countries, China has the highest performance in the sin stocks. Inthe results of comparing the sin stocks with comparable stocks by using the 4 factor model, the investmentperformance of sin stocks is superior relative to a control group. The sin stocks outperform the comparablestocks by 24 bps/month(annual 2.88%). In order to examine the difference between the before and after Asianforeign exchange market’s crisis, we divide the sample period into before and after the 1997 crisis. We find thesin stock’s out-performance for the post-crisis, but not for the before-crisis. After controlling the firmcharacteristic variables, we still confirm that the sin stocks outperform the comparable stocks at 10 %significance level.
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참고문헌 (32)
참고문헌 신청
Ahrens, D. / 2004 / Investing in Vice / St. Martin’s Press
Akerlof, G. / 1980 / A Theory of Social Custom, of Which Unemployment May be One Consequence / Quarterly Journal of Economics 94 : 749 ~ 755
Barber, B. / 2001 / Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns / Journal of Finance 56 : 531 ~ 565
Becker, G. / 1957 / The Economics of Discrimination / University of Chicago press
Berman, D. / 2002 / Why sin is Good: Tobacco, Alcohol, and Gaming Stocks Can Add Sizzle to Your Portfolio? / Money Sense
Akerlof, G. / 1980 / A Theory of Social Custom, of Which Unemployment May be One Consequence / Quarterly Journal of Economics 94 : 749 ~ 755
Barber, B. / 2001 / Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns / Journal of Finance 56 : 531 ~ 565
Becker, G. / 1957 / The Economics of Discrimination / University of Chicago press
Berman, D. / 2002 / Why sin is Good: Tobacco, Alcohol, and Gaming Stocks Can Add Sizzle to Your Portfolio? / Money Sense
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