NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Social Progress and Corporate Culture

Gary B. Gorton, Alexander K. Zentefis

NBER Working Paper No. 25484
Issued in January 2019

---- Acknowledgments ----

We are grateful to Peter DeMarzo, Darrell Duffie, and Arvind Krishnamurthy for their discussions on this topic. We also thank Nick Barberis, James Choi, Stefano Giglio, Will Goetzmann, Paul Goldsmith-Pinkham, Jon Ingersoll, Bryan Kelly, Song Ma, Tim McQuade, Paul Pfleiderer, Monika Piazzesi, Geert Rouwenhorst, and seminar participants at Yale SOM and Stanford GSB for their valuable feedback and comments The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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