The future of tobacco stocks: a scenario analysis

This document was prepared for Tobacco Free Portfolios, a non-governmental organisation encouraging tobacco-free investment. Research for and preparation of the document was carried out by Professor Rob Bauer and his team of research assistants from Maastricht University School of Business and Economics. Rob Bauer is Professor of Finance (Institutional Investors Chair) and Director of the European Centre for Corporate Engagement (ECCE) at Maastricht University, and Executive Director of the International Centre for Pension Management (ICPM) in Toronto, Canada. His team of research assistants comprises students from the Maastricht University Honours Programme in the second and third years of their bachelor studies: Fabian Grohmann (BSc in International Business, 2nd year), Fabian Süßmann (BSc in International Business, 3rd year), Filip Dobrzynski (BSc in Economics and Business Economics, 3rd year), Jeroen Schmitz (BSc in International Business, 3rd year), Julian Alves (BSc in Economics and Business Economics, 2nd year) and Moritz Dillmann (BSc in Economics and Business
Economics, 2nd year).