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中国人民大学许年行教授讲座通知

发布时间: 2020/10/26 10:01:22     点击次数:次   打印本页

北航经管学院商学悦道列讲座

2020年第8期,总第24期)

中国人民大学许年行教授讲座通知

讲座题目:Financial Analysts Earnings Forecasts of Polluting Firms – Does Polluting Aversion Matter?

讲座时间:2020.10.26(周一)19:00-20:30

腾讯视频会议ID907366816

讲座嘉宾:许年行 教授

主讲人简介

许年行,现任中国人民大学商学院财务与金融系主任,教授、博士生导师,Yale University访问学者。主要研究领域:公司财务与资本市场。先后在Journal of Financial Economics, Management Science, Contemporary Accounting Research及《经济研究》、《管理世界》和《经济学》(季刊)等国内外高水平期刊发表学术论文30多篇。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖和三等奖、全美华人金融协会(TCFA)最佳论文奖、中国金融国际年会(CICF)、中国金融学年会等知名国内外财务学会议最佳论文奖。获得国家自然科学基金“优秀青年基金项目”(2016),全国优秀博士学位论文(2009),教育部长江青年学者(2016),入选“万人计划”青年拔尖人才(2012)。。

 

主持人:邓路 副教授

讲座概要

We investigate whether pollution aversion has an effect on financial analysts’ earnings forecasting for polluting firms. Using the distance to polluting firms to reflect pollution aversion, we find that financial analysts tend to make less optimistic (more pessimistic) earnings forecasts for nearby polluting firms. We find the effect of pollution aversion on forecasts is stronger if the analysts live in highly polluted areas, suggesting that a polluted environment intensifies one’s pollution aversion. Moreover, we find that the less favorable forecasting for nearby polluting firms is more salient for analysts who prefer to follow firms with a high corporate social responsibility (CSR) performance but less so for polluting firms with better CSR initiatives and those domiciled in regions with rigorous environmental regulations, suggesting that financial analysts are pollution conscious. Importantly, we find that analysts’ pollution aversion has the positive effect of strengthening polluting firms’ CSR performance, suggesting that financial analysts perform a social responsibility role.