學(xué)術(shù)講座：Standing out from the crowd via corporate social responsibility: Evidence from non-fundamental-driven price pressure

講座題目：Standing out from the crowd via corporate social responsibility: Evidence from non-fundamental-driven price pressure

主講人：高磊

時間：5月4日12:20-13:20

地點(diǎn)：博學(xué)925

主講人簡介：

高磊教授現(xiàn)任職愛荷華州立大學(xué)Ivy商學(xué)院金融學(xué)終身軌助理教授。高磊教授獲得北京大學(xué)計算機(jī)科學(xué)理學(xué)士學(xué)位，密歇根州立大學(xué)工業(yè)數(shù)學(xué)碩士學(xué)位，喬治亞大學(xué)金融學(xué)博士學(xué)位，曾執(zhí)教于密西根州立大學(xué)，喬治亞大學(xué)，孟菲斯大學(xué)。高磊教授的研究領(lǐng)域涉及金融市場，微觀結(jié)構(gòu)，資產(chǎn)回報預(yù)測, 實(shí)證公司財務(wù)，公司監(jiān)管，企業(yè)文化，文本分析和機(jī)器學(xué)習(xí)等。高磊教授的研究獲得多個研究獎項，包括 Principle Financial 教授獎, 愛荷華州立大學(xué)Research Bootstrap Grant , Eastern Finance Association Outstanding Paper Award 最佳論文獎 和 愛荷華州立大學(xué)基礎(chǔ)研究獎，孟菲斯大學(xué)科研獎，喬治亞大學(xué)Woodruff Award研究獎, Comer Award 獎，喬治亞大學(xué)Summer Research Award研究獎等。高磊教授已經(jīng)在頂級國際學(xué)術(shù)期刊上發(fā)表多篇學(xué)術(shù)論文，包括金融經(jīng)濟(jì)學(xué)雜志(JFE), 美國科學(xué)院會刊(PNAS),公司財務(wù)雜志(JCF),金融季刊，經(jīng)濟(jì)與商業(yè)雜志，策略管理雜志，統(tǒng)計方法與應(yīng)用雜志等。高磊教授的研究成果還被頂尖的業(yè)界期刊引用轉(zhuǎn)載，比如金融學(xué)雜志(JF)，會計經(jīng)濟(jì)學(xué)雜志(JAE)等。最近高磊教授開始研究中國金融問題 (政府監(jiān)管，證券, 人民幣，及機(jī)構(gòu)投資者等)，有工作論文并發(fā)表了數(shù)篇論文。高磊教授還經(jīng)常在國際會議上向業(yè)界領(lǐng)袖，學(xué)術(shù)專家，和政府官員宣講自己的研究成果。

ABSTRACT：

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.