【报告主题】Socially Responsible Investors and Stock Price Informativeness
【主讲嘉宾】战昕彤，复旦大学管理学院李达三金融学讲席教授；章维明，西班牙马德里IE商学院金融学助理教授
【报告时间】2023年10月31日 14:00
【报告地点】会计学院108室
【内容提要】
We study how socially responsible investors (SRIs) affect information incorporation in price. We find that a higher level of socially responsible institutional ownership results in a lower level of informativeness of current returns on future earnings. Using an exogenous shock to SRI ownership, we show this relationship is causal. Such effect is strengthened when the ESG information attracts more attention from SRIs. Meanwhile, the market reaction to earnings (ESG) news turns weaker (stronger) with the increase in SRIs’ holding. We conclude that SRIs, due to their ESG preferences, weight less (more) on earnings (ESG) information and thus hinder (facilitate) the incorporation of earnings (ESG) information into the stock price. Additional evidence indicates that SRIs enhance the relation between current returns and future ESG performance.