二、主讲人：王盈，中央财经大学金融学院副教授，南洋理工大学金融博士，主要从事资产定价和公司金融的实证研究，研究成果曾发表在Management Science，Journal of Corporate Finance等国际期刊上。
三、时间：2023年5月22日 周一 19:00-20:30
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.