Market Reaction to Corporate Social Performance
This dissertation investigated the general issue of investors' use of data on corporate social performance. The problem addressed was, do investors, in their role in forming security prices, use data on social performance in their investment decisions? To address this question, two basic approaches were explored. First, an analytical framework was developed to analyze the role of social performance data in various models of investor behavior, with special emphasis on the Capital Asset Pricing Model. The second approach to the research problem consisted of measuring and testing the information content of disclosure of a specific subset of social performance. This subset was environmental performance, as represented by estimated future pollution control expenditures.
University of Illinois - Urbana-Champaign
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University of Illinois at Urbana-Champaign