演讲人：孙成竹（香港理工大学 助理教授）
时间：2025 年6月3日（周二）12:00-13:00
地点：同济大厦A楼505室
同步#腾讯会议：707143763
会议密码：460014
链接：https://meeting.tencent.com/dm/O4tiOnIOPsYH
摘要：The possibility that investment funds use the ESG-investing label to attract investment flows without making real ESG-oriented investments is a widespread concern. Exploiting the launch of the SEC’s Climate and ESG Task Force (the Task Force hereafter), we investigate whether securities regulators’ oversight disciplines the funds to “walk the talk.” We show that ESG-labelled funds improve their fund-level ESG performance after the launch of the Task Force. Such changes are more pronounced among ESG funds located closer to the SEC and those whose prospectuses have a greater emphasis on ESG issues. Further analyses reveal that ESG funds claiming negative/positive screening strategies are more likely to exclude/include stocks as suggested by their prospectuses; those claiming ESG integration strategies reduce portfolio weights of firms with negative ESG incidents; and those claiming active ownership strategies are more likely to participate in voting of environmental and social proposals and their votes are more supportive of proposals advocating greater transparency in ESG issues. We also explore how the improved ESG-oriented investments affect fund returns and fund flows. Collectively, our results suggest the effectiveness of regulatory oversight in disciplining ESG funds to “walk the ESG talk”.
个人简介：Chengzhu Sun is an Assistant Professor of School of Accounting and Finance, Hong Kong Polytechnic University. She obtained the Ph.D. degree in accounting in 2021 and master degree in environment in 2016 from the Hong Kong University of Science and Technology. She also visited Columbia University for one semester during her PhD study. Her research interests center on information economics, regulations/laws, and ESG, and she teaches ESG investment and green finance at master level. Her papers have been published on Review of Financial Studies, Accounting Review, Management Science, and Contemporary Accounting Research.
孙成竹，香港理工大会计与金融学院助理教授。她于2016年获得香港科技大学环境硕士，2021年获得香港科技大学会计学博士，博士期间曾在哥伦比亚大学进行学术访问。孙成竹的研究领域涉及information economics，regulation /laws and ESG, 并教授 ESG 投资与绿色金融硕士课程。已有多篇学术论文在顶级国际学术期刊上发表，包括金融研究评论(Review of Financial Studies), 会计研究 (Accounting Review), 管理科学 (Management Science), 和当代会计研究(Contemporary Accounting Research).
