Are Sin Stocks Paying the Price for Accounting Sins?

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Is Earnings Quality Associated with Corporate Social Responsibility? Evidence from the Korean Market (2019, background): “Moreover, Kim and Venkatachalam [2] find that the financial reporting quality of sin firms engaged in the tobacco, gambling, and alcohol industries is superior relative to a variety of control groups.”
Corporate social responsibility and earnings management in U.S. banks (2014, background): “Economic behavior is dependent n the beliefs of the community (Romer, 1984), which constitute the main motivational mechanisms for market particiants (Hong & Kacperczyk, 2009; Kim & Venkatachalam, 2011).”
The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance (2017, unknown): “Furthermore, Klassen and McLaughlin (1996) provide both a theoretical model and empirical evidence which support the notion that environmental performance awards are associated with significant positive returns whereas environmental crises are linked with significant negative returns.”
Socially Responsible Funds and Market Crises (2014, background): “Hong and Kacperczyk (2009) empirically analyze sin stocks and find that they earn positive annual abnormal returns of about 3 percent (see also Kim and Venkatachalam, 2011).”