学术前沿讲座—Catering Effect in Corporate Social Responsibility Investment
发布时间: 2017-12-23

学术前沿讲座

报告题目

Catering Effect in Corporate Social Responsibility Investment

报告人(单位)

Prof. An YanFordham University, US

点评人(单位)

浦正宁副教授

(东南大学)

点评人(单位)

岳书敬副教授

(东南大学)

时间地点

20171222日(周上午1000)东南大学九龙湖校区经济管理学院二楼B201会议室

报告内容摘要


We propose that firms invest in corporate social responsibility (CSR) activities to cater to the preference of mutual funds over CSR.  We find that firm CSR activities are positively correlated with the preference of CSR by mutual funds.  We further address potential endogeneity and establish the causality from mutual funds’ CSR preference to firm CSR investment in three ways. First, we use flow differential from investors to high CSR and low CSR intensive mutual funds to proxy for mutual funds’ CSR preference. Second, we use fund-level variables such as annual flow from investors to all mutual funds each year, annual size of all mutual funds, and Herfindahl-Hirschman index of mutual fund sizes as instrumental variables (IVs). Third, we use mutual fund mergers as exogenous shocks to mutual funds’ CSR preference. We further find that the catering effect is driven by both financial and nonfinancial (social-emotional) considerations. Finally, we find that a firm’s catering effect is more pronounced with weaker stock performance and in post crisis years.


报告人简介


颜安教授是东南大学“长江学者奖励计划”讲座教授,美国福特汉姆大学加贝利商学院金融学教授、副院长、现代金融研究中心主任。本科毕业于清华大学,并在波士顿学院获得金融博士学位,现担任清华大学经济管理学院本科校友会副会长、美东校友会副会长。致力于研究理论和实证公司金融、行为金融等领域的许多课题,在信息不对称的理论和实证研究方面开展了开拓性的研究,尤其着重于研究信息不对称对于金融创新、证券设计、 租赁合同设计的影响。曾在国际著名金融领域学术刊物Journal of Financial EconomicsReview of Financial StudiesJournal of Financial & Quantitative AnalysisJournal of Financial Intermediation 等发表论文20余篇。同时,是国际一流学术杂志Journal of Banking and Finance的副主编、全美中国金融协会的学术顾问。