Rivoli, Pietra. "Making a Difference or Making a Statement? Finance Research and Socially Responsible Investment." Business Ethics Quarterly, July 2003.
From the author's abstract: "My objective in this paper is to apply mainstream finance research findings to the question of whether SRI may be expected to lead to superior social outcomes. I conclude that under the perfect markets assumptions underlying most finance theory, SRI will not affect social outcomes. However, given well documented imperfections in equity markets, the claim that SRI 'makes a difference' to society is a reasonable one that is consistent with current theoretical and empirical research in finance."