发布者：殳妮 发布时间：2023-06-08 浏览次数：16
主题：ESG Transmission in Loan Relationships: Social Influence Perspective
报告人：Prof. Lingxiang Li
报告摘要： We investigate the transmission of corporate ESG within business relationships. The transmission is evident in prior research, which shows borrowers move towards their lenders in ESG performance after loan initiation (referred to as L-B effect in our study). While confirming this effect in the U.S., we find that it is substantially stronger outside of the U.S., especially in bank-based economies. The ex-ante ESG matching between lenders and borrowers is also more pronounced for non-U.S. loans. Prior research attributes the L-B effect to risk-reducing strategies by lenders acting in their own financial interest because of public scrutiny over corporate ESG behaviors. We propose a more direct cause from a behavioral perspective: the social influence between managers in loan relationships, including influence on belief, normative influence, and informational influence. We devise multiple empirical models that generate contrasting predictions from those two competing mechanisms. The results consistently support the social influence theory and reject the public scrutiny explanation. Specifically, the L-B effect exhibits a reverse home country bias, increases with lenders’ group size and within-group ESG consistency, decreases with borrower's social status, and is unaffected by the public enthusiasm to ESG issues in a country. Cross-country difference in economic development does not explain the results, as it shows no significant impact on the L-B effect. Our findings highlight the importance of social influence in spreading ESG practices across businesses.
报告人简介：Prof. Lingxiang Li，Associate Professor of Accounting, State University of New York-Old Westbury
Dr. Lingxiang Li is an accomplished scholar specializing in accounting and finance. He earned his Ph.D. from Rensselaer Polytechnic Institute (RPI) in Troy, New York. With an extensive publication record in reputable journals such as the Journal of Banking & Finance, Journal of Accounting and Public Policy, Journal of International Accounting Research, Journal of Financial Stability, and Journal of Accounting, Auditing and Finance, he has established himself as an expert in the field. In addition to his academic achievements, Dr. Lingxiang Li is a certified public accountant (CPA) and has been an active member of the New York State CPA Association since 2013. This practical experience in the field enhances his ability to bridge the gap between academia and industry, allowing him to provide valuable insights to both realms. His research interests include, but are not limited to, earnings management, stock price crash risk, banking enforcement, international accounting, and, more recently, corporate ESG behaviors. Currently serving as an associate professor at the State University of New York - Old Westbury, located in Long Island, New York, Dr. Li plays a vital role in educating future accounting and finance professionals in his region.
主题：Dark Trading and Corporate Cash Holdings
报告人：Prof. Woon Sau Leung
报告摘要：We show that firms hold less cash when its shares are traded more in “dark” venues. Exploiting the randomized variation in dark trading generated by the trade-at rule of the Tick Size Pilot Program, we show that the effect is likely casual. The relaxation of financial constraints and improved governance appear two plausible underlying channels through which dark trading affects cash holdings. Dark trading is also associated with a higher value of cash. Overall, our findings suggest that dark trading enhances informational efficiency and reduces the precautionary demand for cash through lowering the cost of external financing and improving governance.
报告人简介：Woon Sau Leung，Senior Lecturer (Associate Professor)，Finance at The University of Edinburgh
Woon Sau Leung is a Senior Lecturer (Associate Professor) in Finance at The University of Edinburgh. He is a fellow of the UK Higher Education Academy and was previously a Lecturer (Assistant Professor) in Finance at Cardiff Business School and a visiting scholar at Fordham University in the US. He holds an integrated BBA degree from the Chinese University of Hong Kong and MSc and PhD in Finance from Cardiff University. Woon Sau's work has been published in international, peer-reviewed business and finance journals, including Journal of International Business Studies (ABS 4*;FT50), Production and Operations Management (ABS 4; FT50), Journal of Corporate Finance (ABS 4), Journal of Banking and Finance (ABS 3), Journal of Empirical Finance (ABS 3), etc. Some of his papers were featured by the Harvard Business Review, Harvard Law School Forum on Corporate Governance and Regulation, the Columbia Law School Blue Sky Blog, Reuters, Bloomberg, Institutional Investors, and other media outlets. His research has been presented in major finance conferences, including the European Finance Association (EFA) annual conference, the FMA annual and regional conferences, among others. In 2016, he received Best Paper Award in Financial Institutions at the FMA annual conference in Las Vegas, US. His research interests encompass banking, corporate finance, asset pricing, corporate social responsibility, mutual funds, and the financial implications of supply-chain management.