主讲人：香港中文大学 战昕彤博士
主题：Do Analysts Matter for Corporate Social Responsibility？Evidence from Natural Experiments
主持人：西南财经大学金融学院 冯旭南副教授
时间：11月16日（星期一）上午9:30-11:30
地点：柳林校区 格致楼 411会议室
主办单位：西部商学院 科研处
摘要：
We examine the causal impact of financial analysts on firms’ socially responsible activities. Relying on brokerage closures and mergers as natural experiments which generate exogenous changes in analyst coverage, our Difference-in-Differences estimator indicates that a reduction in analyst coverage causes firms to engage more aggressively in irresponsible behavior, especially in the dimensions of environmental issues and product quality and safety concerns. The effects of analyst coverage on irresponsible activities are more pronounced in firms with lower initial analyst coverage, weaker corporate governance and higher financial constraints. Our paper identifies the deterrent effect of financial analysts as an important determinant in firms’ CSR choice, and sheds light on the impact of financial analysts on non-financial stakeholders.
主讲人简介：
战昕彤，香港中文大学博士。2008年到2012年就读于北京大学光华管理学院，获得金融学硕士学位，2012年至今于香港中文大学攻读博士学位。研究领域是公司金融（包括产品市场竞争、公司管理、盈余管理、债务结构等）和资产定价（包括收益的可预测性、金融衍生品、市场效率等）。工作论文有Peer Effects of Corporate Social Responsibility (with Jie Cao and Hao Liang)； Do Analysts Matter for Corporate Social Responsibility? Evidence from a Natural Experiment(with Hui Dong, and Chen Lin)等。曾获得WOORI Investments & Securities CO., Ltd的最佳论文奖，且其研究受到了香港研究资助局研究基金的资助。
