{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,4]],"date-time":"2026-04-04T06:02:25Z","timestamp":1775282545246,"version":"3.50.1"},"reference-count":45,"publisher":"Oxford University Press (OUP)","issue":"3","license":[{"start":{"date-parts":[[2020,7,7]],"date-time":"2020-07-07T00:00:00Z","timestamp":1594080000000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Portuguese Foundation for Science and Technology","award":["PTDC\/IIM-FIN\/2977\/2014"],"award-info":[{"award-number":["PTDC\/IIM-FIN\/2977\/2014"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2020,11,1]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows that stocks with higher ES ratings have significantly higher returns, lower return volatility, and higher operating profit margins during the first quarter of 2020. ES firms with higher advertising expenditures experience higher stock returns, and stocks held by more ES-oriented investors experience less return volatility during the crash. This paper highlights the importance of customer and investor loyalty to the resiliency of ES stocks. (JEL G12, G32, M14)<\/jats:p><jats:p>Received: June 3, 2020; editorial decision June 24, 2020 by Editor Andrew Ellul.<\/jats:p><jats:p>Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.<\/jats:p>","DOI":"10.1093\/rcfs\/cfaa011","type":"journal-article","created":{"date-parts":[[2020,7,1]],"date-time":"2020-07-01T15:11:18Z","timestamp":1593616278000},"page":"593-621","source":"Crossref","is-referenced-by-count":924,"title":["Resiliency of\u00a0Environmental\u00a0and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash"],"prefix":"10.1093","volume":"9","author":[{"given":"Rui","family":"Albuquerque","sequence":"first","affiliation":[{"name":"Carroll School of Management, Boston College, ECGI, and CEPR"}]},{"given":"Yrjo","family":"Koskinen","sequence":"additional","affiliation":[{"name":"Haskayne School of Business, University of Calgary"}]},{"given":"Shuai","family":"Yang","sequence":"additional","affiliation":[{"name":"Haskayne School of Business, University of Calgary"}]},{"given":"Chendi","family":"Zhang","sequence":"additional","affiliation":[{"name":"University of Exeter Business School"}]}],"member":"286","published-online":{"date-parts":[[2020,7,7]]},"reference":[{"key":"2020101503552107900_cfaa011-B1","first-page":"430","article-title":"The risk of being a fallen angel and the corporate dash for cash in the midst of COVID","volume-title":"Review of Corporate Finance Studies","author":"Acharya","year":"2020"},{"key":"2020101503552107900_cfaa011-B2","doi-asserted-by":"crossref","DOI":"10.3386\/w26950","volume-title":"Aggregate and firm-level stock returns during pandemics, in real time","author":"Alfaro","year":"2020"},{"key":"2020101503552107900_cfaa011-B3","doi-asserted-by":"crossref","first-page":"4451","DOI":"10.1287\/mnsc.2018.3043","article-title":"Corporate social responsibility and firm risk: Theory and empirical evidence","volume":"65","author":"Albuquerque","year":"2019","journal-title":"Management Science"},{"key":"2020101503552107900_cfaa011-B4","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/j.1468-0335.2009.00843.x","article-title":"Individual and corporate social responsibility","volume":"77","author":"Benabou","year":"2010","journal-title":"Economica"},{"key":"2020101503552107900_cfaa011-B5","volume-title":"Aggregate confusion: The divergence of ESG ratings. 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