一、主題：機構投資者投資偏好會影響企業社會責任活動嗎？

二、主講人：王盈，bevictor伟德官网副教授，南洋理工大學金融博士，主要從事資産定價和公司金融的實證研究，研究成果曾發表在Management Science，Journal of Corporate Finance等國際期刊上。

三、時間：2023年5月22日 周一 19:00-20:30

四、地點：騰訊會議ID 399-815-998

五、主持人：魏旭教授 bevictor伟德官网副院長

六、内容簡介：

We classify institutions into socially responsible investors (SRI) and not socially responsible investors (NSRI) using the value weighted Corporate Social Responsibility (CSR) scores of their portfolio holdings. We find that firms that exhibit increases in SRI ownership tend to increase future CSR scores. Our analysis of stock price responses to the revelation of SRI ownership changes indicates that the revelation of higher SRI ownership is associated with negative stock returns. These effects are particularly strong when we focus on SRI-activists, who tend to target firms with low CSR scores and lobby to increase them over time. These observations are consistent with the hypothesis that anticipated increases in CSR activities reduce firm values.

撰稿：張瑩

審核：魏旭