Teoh, Siew Hong, Ivo Welch, and C. Paul Wazzan. "The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott." Journal of Business, 1999, vol. 72, no. 1.

Examines the impact of the South Africa boycott in the mid-1980s via analysis of the country's macroeconomy, stock price impact of divestment announcements, and changes in institutional equity ownership. The event-study portion of the analysis identifies 10 potentially important political events between March 1985 and October 1986, and estimates their market impact. The authors conclude that "despite the publicity of the boycott and the multitude of divesting companies, political pressure had little visible effect on the financial markets."

This study won the 1999 Moskowitz Prize competition for the best quantitative study of socially responsible investing.