ZOOM App下载链接：https://zoom.us/download, 亦可点击以下链接直接参加会议：https://ucincinnati.zoom.us/j/95010819321

【报告人简介】

Professor Kee-Hong Bae is a professor of finance and Bob Finlayson Chair in International Finance at the Schulich School of Business at York University. He received his B.A. and M.A. from Korea University and Ph.D. degree from the Ohio State University. Before joining York University, he has taught at the City University of Hong Kong, Hong Kong University of Science and Technology, Korea University, and Queen’s University. His research focuses on international finance. Research topics include financial globalization, home bias, and international corporate finance and corporate governance. He has published numerous research articles in top finance/accounting/management journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Business, Accounting Review, and Journal of International Business Studies. Professor Bae serves in the editorial board of several journals including Pacific Basin Finance Journal, and International Review of Finance.  

【内容摘要】

We examine the impact of mandatory non-financial disclosure on firms’ investment decisions within the realm of mergers and acquisitions (M&As). Leveraging the staggered adoption of environmental disclosure mandates across the globe, we find that 1) acquirers increasingly target firms with better environmental performance post-mandate, 2) these acquirers realize positive short-term and long-term abnormal stock returns, 3) they experience substantial reductions in greenhouse gas emissions and environmental damage costs following the acquisitions, and 4) the positive influence of environmental disclosure mandates on M&A outcomes is more pronounced among acquirers with a higher concentration of long-term investors. Our evidence suggests that augmenting environmental disclosure through regulatory changes can precipitate a shift toward pro-environmental behavior by acquirers.

撰稿：赵鹏辉 审核：史永东 单位：金融科技学院