学术午餐会 | 学术午餐会 | 阮宏勋：ESG Spillovers

ESG Spillovers

《学术午餐会》2022年第2期，总第178期

主讲人： 阮宏勋

阮宏勋现任北京大学光华管理学院金融学助理教授。他毕业于宾夕法尼亚大学沃顿商学院金融系，获金融学博士学位。研究方向是机构投资者、实证资产定价和结构性估计。研究成果发表于国内外顶级学术期刊Journal of Finance、Review of Financial Studies以及《金融研究》。

讲座时间：9月23日12:30-14:00

讲座地点：经济学院107会议室

主持人：高明 长聘副教授

报告摘要

We study ESG and non-ESG mutual funds managed by overlapping teams. We find that non-ESG mutual funds include more high ESG stocks after the creation of an ESG sibling, and the high ESG stocks they select exhibit superior performance. The low ESG stocks selected by ESG siblings also exhibit superior performance and despite being more constrained, the ESG funds outperform their non-ESG siblings. The latter result is consistent with fund families making choices that favor ESG funds. Specifically, ESG funds tend to trade illiquid stocks prior to their non-ESG siblings and get preferential IPO allocations.

美编&校对 |吕欣怡