时间：2018年11月6日（星期二）上午10：30-12：00 

地点：商学院B1003

报告题目：Is Corporate Social Responsibility Priced?

暨英文论文写作投稿经验

报告人：Hoje JO, Gerald and Bonita A. Wilkinson Professor of Finance 

Hoje JO现为Santa Clara University金融系讲席教授，研究方向为公司金融、风险资本、创业企业金融、企业社会责任等，已发表SSCI期刊论文85篇，包括金融领域顶级期刊Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis等，在European Finance Association, Global Finance Association等金融协会获奖，并于2009年获得社会责任投资领域唯一的全球奖项Moskowitz Prize。

主持人：孙凌霞助理教授

Corporate Finance & Financial Markets Academic Forum (No. 80)

Time: 10:30-12:00, 6 Nov. 2018     Venue: B1003 Business School 

Title: Is Corporate Social Responsibility Priced?

Speaker：Hoje JO, Gerald and Bonita A. Wilkinson Professor of Finance. Santa Clara University

Abstract: We provide evidence that firms with higher corporate social responsibility (CSR) activities earn lower future returns in asset pricing context initially. The quintile (or decile) hedging strategy of buying the lowest CSR portfolio and selling the highest CSR portfolio earns 3.36%–3.96% (4.23%–4.52%) annual returns on average. In addition, we find that the impact of cumulative CSR on future returns become positive over the long term between two and two and a half years after CSR engagement. Two-year cumulative CSR produces 3.84%–19.2% annual positive returns over time. Combined results support the social-norm pressure (short term) and conflict-resolution (long-term) explanations.

Moderator：Dr. Lingxia Sun