Kurtz, Lloyd and Joseph Calderazzo. "Assessing the Impact: The Financial Effects of Catholic Portfolio Screens." Working Paper, Harris Bretall Sullivan & Smith, 1997.

Finds that the widely used life ethics screen excludes approximately 30 companies that taken as a portfolio, exhibit defensive characteristics, as evidenced by an inverse relationship with the unexpected inflation variable in an APT model. The authors find that, since the screen does not eliminate the entire healthcare industry or any important subgroup, portfolios may be adjusted for the loss of these companies through the use of comparable substitutes.