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海外学者经济学前沿讲座|英国埃克塞特(Exeter)大学金融学教授张晨迪

[发表时间]:2021-09-14 [浏览次数]:

讲座主题:行为金融专题研究课程——社会责任与股利政策专题

授课教师:张晨迪,英国埃克塞特(Exeter)大学金融学教授,科研副院长(代),Exeter可持续金融中心主任。

授课对象:博士生和硕士生,高年级本科生

讲座内容:社会责任投资(social responsibility investment)与公司股利(company dividend)。

讲座时间:2021年9月16日(周四)19:00-21:40;2021年9月21日(周二)19:00-21:40

讲座地点:腾讯会议(具体会议号见下方)

授课教师简介

张晨迪,英国埃克塞特(Exeter)大学金融学教授,科研副院长(代),Exeter可持续金融中心主任。此前于英国华威(Warwick)大学商学院任教十余年,担任金融学助理教授(2007-2012)及终身教职副教授(2012-2019)。曾任职世界银行拉美局(华盛顿)咨询顾问,剑桥大学经济系客座讲师。

研究领域:主要研究领域为可持续金融,公司金融,行为金融。研究成果发表在Management Science, Journal of Financial and Quantitative Analysis等国际知名期刊。

讲座内容及安排

专题1:社会责任投资 (social responsibility investment)

授课时间:2021年9月16日(周四),北京时间19:00-21:40

腾讯会议ID:151897610

参考文献:Albuquerque R, Koskinen Y, Yang S, Zhang C (2020). Resiliency of Environmental and Social Stocks: an Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593-621.

摘要:The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows that stocks with higher ES ratings have significantly higher returns, lower return volatility, and higher operating profit margins during the first quarter of 2020. ES firms with higher advertising expenditures experience higher stock returns, and stocks held by more ES-oriented investors experience less return volatility during the crash. This paper highlights the importance of customer and investor loyalty to the resiliency of ES stocks.


专题2:公司股利(company dividend)

授课时间:2021年9月21日(周二),北京时间19:00-21:40

腾讯会议ID:927735979

参考文献:Kumar A, Lei Z, Zhang C (2020). Dividend Sentiment, Catering Incentives, and Return Predictability. University of Miami Business School Research Paper, 2875114.

摘要:Using Internet search volume of dividend-related keywords to measure investor preference for dividends that varies over time and across states, we show that dividend sentiment affects corporate policies and asset prices. Investors search more for dividends when economic conditions are poor, with the peak volume reached during the recent COVID-19 pandemic. Firms initiate or increase dividends when dividend sentiment is stronger, especially in regions with strong dividend sentiment. Shifts in dividend sentiment predict higher investor demand for dividends and higher returns for high dividend stocks. Further, mutual funds that pay high dividends receive more inflows when dividend sentiment is stronger.


本项目受到校级引智项目(编号:GDWZ2021003)的支持