来源：深圳高等金融研究院
ESG评级机构能否塑造企业可持续信息披露？来自路孚特(Refinitiv)评级方法校准的证据
Can ESG Raters Shape Corporate Sustainability Disclosures? Evidence from Refinitiv’s Methodology Recalibration
讲座信息
主讲人
汪京教授
香港科技大学
日期和时间
2025年9月26日（周五）
10:30 - 12:00
地点
会议楼II，103会议室
讲座概述
We study the impact of ESG ratings on firms’ voluntary disclosures of sustainability data. Our analysis exploits Refinitiv’s 2020 methodology recalibration, which penalizes non-disclosure of ESG data points and generates widespread revisions in firms’ ESG scores, absent changes in their fundamentals. Using the comprehensive sustainability data points underlying Refinitiv’s ESG scoring, we find that firms with a more negative recalibration-driven score revision exhibit a greater subsequent increase in the disclosure intensity of these data points. The effect is stronger among firms with larger ownership by sustainability-sensitive institutional investors and covered by alternative leading ESG raters. Additional analyses find that firms with more negative score revisions improve their subsequent ESG scores and are more likely to receive E&S certifications, particularly those with increased disclosures. Overall, these findings are consistent with ESG ratings incentivizing firms to provide transparent and relevant sustainability data disclosures to meet investor demand.
主讲人简介
汪京教授
香港科技大学
汪京是香港科技大学的会计学助理教授。她的研究探讨了公司信息披露在资本市场中的作用，近期侧重于ESG法规和可持续性发展报告。她获得了英属哥伦比亚大学的会计学博士学位和南洋理工大学的经济学博士学位。
企业集团、信贷冲击与创新驱动增长
Conglomerates, Credit Shocks, and Innovation-Led Growth
讲座信息
主讲人
Payne Hennigan 教授
早稻田大学
日期和时间
2025年9月26日 (周五)
10:30 - 12:00
地点
综合教学楼D904会议室
讲座概述
I develop a dynamic model of internal capital allocation within conglomerates facing liquidity shocks, in which affiliate firms differ in their innovation potential. I define cutoff rules for when to liquidate low-productivity firms, coerce intermediate types into short-term strategies, or preserve high-potential firms for long-term R&D. Embedding these margins into an endogenous growth model, I show that the optimal strategy evolves over time: coercion preserves liquidity in early stages of conglomerate development but becomes suboptimal as gains from short-term innovation diminish once the conglomerate approaches the technological frontier. I illustrate the changing tradeoff across conglomerate development level through comparing the optimal strategy with two inefficient ones: a coercion trap, where short-termism persists too long, and a liquidation fallacy, where viable firms are discarded prematurely. My framework offers microfoundations for internal capital reallocation and policy insights for restructuring within business groups.
主讲人简介
Payne Hennigan 教授
早稻田大学
Payne Hennigan是一位宏观经济学家，现为东京早稻田大学访问教授。他的研究聚焦中国房地产市场、地方政府财政、经济周期与货币政策。近期曾任北京大学经济学助理教授，当前的研究探讨金融摩擦与内部资本配置如何影响创新与经济增长，尤其关注东亚经济体。他拥有经济学博士学位，并曾在早稻田大学、牛津大学和香港大学等院校展示其研究成果。
分位数过程与 P-P 过程在 L1(0,1)空间中
分布收敛的充要条件
Necessary and sufficient conditions for convergence in distribution of quantile and P-P processes in L1(0,1)
讲座信息
主讲人
Brendan K Beare 教授
悉尼大学
日期和时间
2025年9月26日（周五）
15:30 - 17:00
地点
综合教学楼D904会议室
讲座概述
We establish a necessary and sufficient condition for the quantile process based on iid sampling to converge in distribution in L1(0,1). The condition is that the quantile function is locally absolutely continuous on the open unit interval and satisfies a slight strengthening of square integrability. We further establish a necessary and sufficient condition for the P-P process based on iid sampling from two populations to converge in distribution in L1(0,1). The condition is that the P-P curve is locally absolutely continuous on the open unit interval. If either process converges in distribution then it may be approximated using the bootstrap.
主讲人简介
Brendan K Beare 教授
悉尼大学
Brendan K. Beare 是悉尼大学的计量经济学教授。他的研究兴趣包括分布比较、重尾现象、期权误定价和时间序列分析。
智慧还是一时兴起？
社交媒体与人工智能解读零售战略
Wisdom or Whims?
Decoding Retail Strategies with Social Media and AI
讲座信息
主讲人
周德馨教授
纽约市立大学巴鲁克学院
日期和时间
2025年9月29日 (周一)
10:30 - 12:00
地点
综合教学楼D804会议室
讲座概述
We use rich social media data and large language models to classify retail investors’ trading strategies and link them to sentiment and market outcomes. Investors’ strategy adoption is highly dynamic, shifting with news arrivals, past performance, and social feedback. Sentiment from Fundamental Analysis predicts positive future returns, while sentiment from Technical Analysis and other speculative strategies predicts negative returns. Technical sentiment is especially correlated with retail buying, most prominently among Robinhood investors. These findings provide new evidence on how retail investors form and adapt strategies, and on the conditions under which retail trading informs or distorts markets.
主讲人简介
周德馨教授
纽约市立大学巴鲁克学院
周德馨博士是纽约市立大学巴鲁克学院经济学与金融学副教授。他的研究探讨了媒体、社交网络和机构投资者在金融市场中的作用。他的研究成果发表于《Journal of Financial Economics》、《Review of Financial Studies》和 《The Accounting Review》等顶级金融与会计期刊，并被《华尔街日报》、《经济学人》和《金融时报》等媒体提及。他获得埃默里大学博士学位以及巴德学院学士学位。
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