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연구성과 > 금주의 우수논문

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SSCI Article

Performance of stock price with changes in SRI governance index
성명 이창원()
소속 경영대학 경영학부
캠퍼스
우수선정주 2018년 12월 2째주
Author 이창원 (Sch Business);
Corresponding Author Info Lee, CW (reprint author), Hanyang Univ, Sch Business, 222 Wangsimni Ro, Seoul 04763, South Korea.
E-mail 이메일 아이콘leecw@hanyang.ac.kr
Document Type Article
Source CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT Volume:25 Issue:6 Pages:1121-1129 Published:2018
Times Cited 0
External Information http://dx.doi.org/10.1002/csr.1526
Abstract We investigate the performance of the stock and volume effect associated with changes in the composition of the socially responsible investment (SRI) governance index during a period from 2003 to 2012. It turns out that, in the short term and long term, the announcement of inclusion in the SRI governance index has a positive effect in the stock market; however, exclusion from the SRI governance index has a negative effect. The price reversal phenomenon partly appears in the short term, and stock prices are increased again. The increase of stock prices in the short and long runs indicates a change in intrinsic value. The performance of stock prices in the short and long runs is positive (+); this is caused by the downward-sloping demand curve (DSDC). The trading volume for event periods is a little more than the current volume in trading volume analysis. Therefore, using these results, we can adopt the price pressure hypothesis, information hypothesis, DSDC hypothesis and liquidity hypothesis.
Web of Science Categories Business; Environmental Studies; Management
Funding
Language English
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