Religion and returns in Europe

Drawing on social identity and social impact theory, this paper is the first to investigate the impact of religious preferences on share prices and expected returns at the country level. Using data from 12 European countries, our findings suggest that religion has a significant effect on the share price of companies whose activities are considered unethical, i.e., tobacco manufacturers and alcohol producers. The share price of these companies (called sin stocks) is depressed when they are located in a predominantly Protestant environment (relative to a Catholic environment). With investors in Protestant countries being more sin averse than in Catholic countries, they insist upon higher expected returns on sin stocks. Conversely, religious preferences do not have the same impact on the performance of other companies, e.g. socially responsible companies. Our results are robust to various methodologies and controlling for several firm-specific, industry-specific and country-specific characteristics.

Research in information systems: A study of diversity and inter-disciplinary discourse in the AIS basket journals between 1995 and 2011

The paper investigates how Information Systems (IS) has emerged as the product of inter-disciplinary discourses. The research aim in this study is to better understand diversity in IS research, and the extent to which the diversity of discourse expanded and contracted from 1995 to 2011. Methodologically, we apply a combined citations/co-citations analysis based on the eight Association for Information Systems basket journals and the 22 subject-field classification framework provided by the Association of Business Schools. Our findings suggest that IS is in a state of continuous interaction and competition with other disciplines. General Management was reduced from a dominant position as a reference discipline in IS at the expense of a growing variety of other discourses including Business Strategy, Marketing, and Ethics and Governance, among others. Over time, IS as a field moved from the periphery to a central position during its discursive formation. This supports the notion of IS as a fluid discipline dynamically embracing a diverse range of adjacent reference disciplines, while keeping a degree of continuing interaction with them. Understanding where IS is currently at allows us to better understand and propose fruitful avenues for its development in both academia and practice. © 2013 JIT Palgrave Macmillan All rights reserved.