Adler, Timothy. "The Cost of Socially Responsible Investing." Journal of Portfolio Management, Fall 2008.

This is a Monte Carlo simulation in which social portfolios are compared to conventional portfolios using different manager skill assumptions. The argument, that constraints matter for skilled managers, parallels Geczy (2003).

Author's abstract:

Socially responsible investing can be costly. The cost depends on manager skill, how stringently the manager defines socially responsible investments, the portfolio size, and the base investable universe. The authors quantify the cost of socially responsible investing by using several variables. They find that the cost is highest for the most highly skilled managers with the most stringent limitations on their investable universes. The authors do not argue against socially responsible investment but, rather, assert that investors should be fully informed of the cost.

CFA Digest summary here.
Original article here.