Corporate social performance and stock returns: UK evidence from disaggregate measures

This study examines the relation between corporate social performance and stock returns in the UK. We closely evaluate the interactions between social and financial performance with a set of disaggregated social performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite social performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good social performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the socially least desirable stocks. These relationships between social and financial performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.

Property company performance and real interest rates: a regime-switching approach

Linear models of property market performance may be misspecified if there exist distinct states where the market drivers behave in different ways. This paper examines the applicability of non-linear regime-based models. A Self Exciting Threshold Autoregressive (SETAR) model is applied to property company share data, using the real rate of interest to define regimes. Distinct regimes appear exhibiting markedly different market behaviour. The model both casts doubt on the specification of conventional linear models and offers the possibility of developing effective trading rules for real estate equities.

Moving the nanoscience and technology (NST) debate forwards: short-term impacts, long-term uncertainty and the social constitution

Nanoscience and technology (NST) are widely cited to be the defining technology for the 21st century. In recent years, the debate surrounding NST has become increasingly public, with much of this interest stemming from two radically opposing long-term visions of a NST-enabled future: ‘nano-optimism’ and ‘nano-pessimism’. This paper demonstrates that NST is a complex and wide-ranging discipline, the future of which is characterised by uncertainty. It argues that consideration of the present-day issues surrounding NST is essential if the public debate is to move forwards. In particular, the social constitution of an emerging technology is crucial if any meaningful discussion surrounding costs and benefits is to be realised. An exploration of the social constitution of NST raises a number of issues, of which unintended consequences and the interests of those who own and control new technologies are highlighted.

L2 performance and context of language learning: a comparative study of learners in Tehran and London

The importance of learning context has stirred debates in the field of second language acquisition over the past two decades since studying a second language (L2) abroad is believed to provide authentic opportunities that facilitate L2 acquisition and development. The present paper examines whether language performance of learners studying English in a formal language classroom context at home (AH) is different from performance of learners who study English abroad (SA) where they would have to use English for a range of communicative purposes. The data for this comparative study is part of a larger corpus of L2 performance of 100 learners of English, 60 in Tehran and 40 in London, on four oral narrative tasks. The two groups’ performances are compared on a range of different measures of fluency, accuracy, syntactic complexity and lexical diversity. The results of the analyses indicate that learners in the two contexts are very similar with respect to the grammatical accuracy and aspects of the oral fluency of their performance. However, the SA group appears to have benefited from living and studying abroad in producing language of higher syntactic complexity and lexical diversity. These results have significant implications for language teaching in AH contexts.