一、主題：Standing out from the crowd via corporate social responsibility: Evidence from non-fundamental-driven price pressure

二、主講人：高磊，愛荷華州立大學商學院金融學助理教授。喬治亞大學金融博士畢業。主要研究領域：金融市場、微觀結構、資産回報預測、實證公司财務、公司監管、企業文化、文本分析和機器學習等。高磊教授的研究成果發表在Journal of Financial Economics、Journal of Corporate Finance、美國科學院會刊（PNAS）等國外金融界高水平期刊上。

三、時間：2018年5月22日（周二），12:30-13:30

四、地點：學院南路校區主教學樓913會議室

五、主持人：朱一峰，bevictor伟德官网講師

論文摘要：Prior literature proposes that firms can use corporate social responsibility (CSR) activities to signal their quality to investors and other stakeholders. We formally test this prediction by identifying situations where firms deem it necessary to signal via CSR. Using two independent quasi-natural experiments that impose non-fundamental-driven negative pressure on firms’ stock prices, we find that firms under such adverse circumstances engage more in CSR than otherwise similar firms. These effects are more pronounced among firms with stronger signaling needs (i.e., those facing a more opaque information environment and more intense product market competition) and among firms with better signaling capabilities (i.e., those with fewer financial constraints and higher profitability). Further, we find supporting evidence that signaling via CSR under downward price pressure helps firms attract more socially responsible investors, indicating benefits of such signaling efforts.