SMU Assistant Professor of Accounting Liu Yanju is one of the researchers involved in a study that shows social norms and negative attitudes towards "sin" industries – such as the tobacco, alcohol and gaming industries – are subject to compromise when their share price looks to be on the rise. The paper sheds light on why there can be a disconnect between the investment behaviour of Wall Street and the ethical expectations of ordinary people. This is the first study to examine whether the social acceptability of sin stocks can vary with financial performance. The researchers compared consumption and attitudinal data with information on sin firm stocks, analysts' coverage and levels of institutional investment.