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Sin stock returns on the European market: A study on traditional sin and new sin industries

Sagbakken, Siri Tronslien
Master thesis
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URI
https://hdl.handle.net/11250/2823515
Date
2021
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  • SAM - Master i Økonomi og administrasjon – siviløkonom [263]
Abstract
In this thesis, I study sin stocks on the European market over the period 2005-2020.

Traditionally, sin stocks are defined as publicly traded companies involved in the sectors of

alcohol, tobacco, gambling, and defense. In addition to traditional sin stocks, I examine new

sin stocks, which are publicly traded stocks involved in oil and gas, metals and mining,

uranium, and coal. The results suggest that traditional sin stocks have excess returns in

some periods and are less held by norm-constrained investors. The new sin stocks are found

to have decreasing returns over the sample period and are undervalued but to be more held

by norm-constrained investors. Investors in sin stocks are mainly investment managers,

corporations, and individuals. This study suggests that social norms will differ between

countries and over time, which will affect what is considered sinful. The implications of these

results should be considered when investing in sin stocks on the European market.
Publisher
OsloMet – Oslo Metropolitan University

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