Very little published academic literature exists on the consequences of divestment.

This is because most people who study finance would put a very high probability on the consequences being zero. If my college refuses to buy from a firm it hurts that firm a little, but if it refuses to buy stock in a firm it does that firm zero harm. The best evidence is that while firms frequently advertise to get people to buy their products, they almost never advertise to get people to buy their stock. The value of a firm's stock is determined by what the big players in the market think are the long-term fundamentals of this stock.