Abstract
Do investors prefer the stocks of firms that exhibit a high degree of CSR? The bulk of empirical studies use market data to assess the value of CSR. In an experimental situation, subjects asked to assess stocks tend to overvalue, by one third on average, the stock of a company with an AAA CSR rating compared to when they do not have access to this information. We controlled that the increase in fundamental value is the consequence of a purely ethical behavior, not a disguised financial one. Moreover, a bad CSR rating does not seem to be penalized.
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