Society’s disapproval of alcohol, tobacco and gambling means that some investors -- mostly public institutions -- lose out while other investors gain on these undervalued “sin stocks,” according to a study conducted by the Sauder School of Business at the University of British Columbia.
Sauder Prof. Marcin Kacperczyk and co-author Prof. Harrison Hong of Princeton University analyzed stock markets and the impact they feel from society’s framework of morals, traditions and laws.
The image to the left is the typical appearance of the aurora before a magnetic substorm. During a substorm, the single auroral ribbon may split into several ribbons (centre) or even break into clusters that race north and south (right). Credits: Jan Curtis