金融与财务学系-企业管理系“联合讲座”之第一期

时间：2022年4月22日（周五）13:30-15:00

腾讯会议号： 144 785 787

密码：111111

主题：ESG Preference, Institutional Trading, and Stock Return Patterns

演讲者：战昕彤 教授, 复旦大学管理学院金融与财务学系

主持人与评论人：吴哲颖 副教授, 复旦大学管理学院企业管理系

摘要：

Socially responsible (SR) institutions tend to focus more on the ESG performance and less on quantitative signals of value. Consistent with this difference in focus, we find that SR institutions react less to quantitative mispricing signals. Our evidence suggests that the increased focus on ESG may have influenced stock return patterns. Specifically, abnormal returns associated with these mispricing signals are greater for stocks held more by SR institutions. The link between SR ownership and the efficacy of mispricing signals only emerges in recent years with the rise of ESG investing, and is significant only when there are arbitrage-related funding constraints.

简介：

Xintong Zhan is currently a Professor of Finance and Li-Dasan Endowed Chair at Fudan University School of Management (FDSM). She was formally an assistant professor at Erasmus University Rotterdam and The Chinese University of Hong Kong. Prof. Zhan received her Ph.D. in Finance from the Chinese University of Hong Kong and B.A. in Finance from Guanghua School of Management, Peking University. She is both a CFA Charterholder and a CAIA Charterholder.

Prof. Zhan’s research interests are in empirical asset pricing, sustainable finance, and derivatives. Her work has appeared in a variety of academic journals including the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and Management Science. She is the Principal Investigator of several Hong Kong competitive RGC grants and many other research grants from both academic and industry sponsors such as The Canadian Derivatives Institute (CDI) and Geneva Institute for Wealth Management. She has received various research awards such as AAM–CAMRI Prize in Asset Management by Asia Asset Management and NUS, the ETF Research Academy Award by the Paris–Dauphine House of Finance and Lyxor Asset Management, Chicago Quantitative Alliance (CQA) Academic Competition Award, and the best paper awards at various academic conferences.