Visaltanachoti, Zou, and Zheng (2009)

Visaltanachoti, N., Liping Zou, Qing Zheng, "The Performance of Sin Stocks in China", Working Paper, Massey University, 2009.

This paper focuses on sin (tobacco, alcohol, gambling) stock returns in Asian stock markets. The study finds that sin stocks outperformed the broad market index in Mainland China (by 5.9 percent) and Hong Kong (by 29 percent) over the period 1995-2007. The operating performance of 'sin' companies does not appear to differ significantly from the operating perfrmance of other companies.  - Jeroen Derwall