德勤－复旦会计论坛系列225期讲座信息
时 间：2024年5月28日（周二）下午13:30
地 点：史带楼502
题 目：Prosocial Analysts and Firms’ ESG Activities
报告人: Hong Wu, Assistant Professor (Fudan University)
主持人：张金萍 青年副研究员
摘 要：
We investigate how prosocial preferences influence financial analysts. Using hand-collected data, we identify prosocial analysts through their volunteering activities. We hypothesize and find that prosocial analysts’ earnings forecasts are more optimistic for firms with high ESG performance. Consistent with the notion that prosocial analysts’ optimism for high-ESG firms is due to their personal preference, prosocial analysts’ forecasts for high-ESG firms are less accurate, and the correlation between prosocial preference and ESG-based optimism is weakened by analysts’ experience, their star status, and a reduction in firms’ operational uncertainties. We further find that prosocial analysts’ coverage is positively associated with covered firms’ ESG performance. Results based on the setting of brokerage houses’ mergers and closures are consistent with the notion that the association likely reflects a causal relationship. Our analyses based on conference call transcripts suggest that one channel through which prosocial analysts influence firms’ ESG performance is through asking ESG-related questions at conference calls. Overall, we show that financial analysts’ prosocial preferences affect their forecasts and their monitoring of firms’ ESG performance.
会计学系
2024-5-21
-
活动讲座
-
新闻动态
-
微信头条
-
招生咨询
-
媒体视角
-
瞰见云课堂
