光華講壇——社會(huì)名流與企業(yè)家論壇第6674期
主題：Does ESG information improve the information quality of credit ratings?（ESG信息是否能提高信用評(píng)級(jí)的信息質(zhì)量？）
主講人：Aaron YoonNorthwestern University(美國(guó))
主持人：西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院 胡寧
時(shí) 間：12月5日
線(xiàn)上會(huì)議：zoom:7185785565
主辦單位：新時(shí)代中國(guó)特色財(cái)務(wù)與會(huì)計(jì)理論創(chuàng)新與方法體系研究團(tuán)隊(duì)會(huì)計(jì)學(xué)院 科研處
主講人簡(jiǎn)介：
Professor Yoon earned his Doctorate from Harvard University.Professor Aaron Yoon is interested in how to account for a firm's Environment Social Governance (ESG) efforts and integrate the information into portfolio decision making process. According to the Financial Times, his research on ESG was a turning point on how investors viewed and integrated ESG information and also a tipping point for action. His work has beenpublished at TAR, MS, RAST, andregularly cited in other outlets such as Bloomberg, Forbes, The New York Times, and The Wall Street Journal.
He also won multiple awards for his research and teaching, including the Responsible Business Education Award from the Financial Times, Best 40 Under 40 Professors Recognition from Poets & Quants, Crowell Prize for Best Paper in Quantitative Investing from PanAgora Asset Management, Chair's Core Teaching Award from Northwestern Kellogg, Best Dissertation Award from the American Accounting Association, and Graham and Dodd Scroll Award from the CFA Institute.
Aaron Yoon教授在哈佛大學(xué)獲得博士學(xué)位。Aaron Yoon教授感興趣的是如何解釋公司的環(huán)境和社會(huì)治理（ESG）工作，并將信息整合到投資組合決策過(guò)程中。據(jù)英國(guó)《金融時(shí)報(bào)》報(bào)道，他對(duì)ESG的研究是投資者如何看待和整合ESG信息的轉(zhuǎn)折點(diǎn)，也是采取行動(dòng)的轉(zhuǎn)折點(diǎn)。他的作品發(fā)表在TAR、MS、RAST上，并經(jīng)常被彭博社、福布斯、《紐約時(shí)報(bào)》和《華爾街日?qǐng)?bào)》等其他媒體引用。他還因其研究和教學(xué)獲得了多項(xiàng)獎(jiǎng)項(xiàng)，包括英國(guó)《金融時(shí)報(bào)》頒發(fā)的負(fù)責(zé)任商業(yè)教育獎(jiǎng)、Poets&Quants頒發(fā)的40歲以下最佳教授獎(jiǎng)、PanAgora資產(chǎn)管理公司頒發(fā)的Crowell定量投資最佳論文獎(jiǎng)、西北凱洛格大學(xué)頒發(fā)的主席核心教學(xué)獎(jiǎng)，美國(guó)會(huì)計(jì)協(xié)會(huì)頒發(fā)的最佳論文獎(jiǎng)，CFA協(xié)會(huì)頒發(fā)的Graham and Dodd Scroll獎(jiǎng)。
內(nèi)容提要：
We investigate whether and how the information quality of credit rating changes when a credit rating agency provides ESG ratings to a credit rating client. We take the case of S&P and its acquisition of an ESG ratings provider RobecoSAM, and find that the information quality of its credit ratings improves after the acquisition. Specifically, credit ratings become more responsive to credit risk in the post-acquisition period when firms are covered by RobecoSAM before the merger. This effect is driven by the firms with more opaque information environments, as proxied by lower analyst coverage and the absence of ESG reports. Furthermore, we find that the changes in credit ratings contain more stock price relevant information after S&P made the acquisition. Overall, our results suggest that ESG information improves the information quality of credit ratings.
我們研究了當(dāng)信用評(píng)級(jí)機(jī)構(gòu)向信用評(píng)級(jí)客戶(hù)提供ESG評(píng)級(jí)時(shí)，信用評(píng)級(jí)的信息質(zhì)量是否會(huì)發(fā)生變化以及如何變化。我們以標(biāo)準(zhǔn)普爾及其收購(gòu)ESG評(píng)級(jí)提供商RobecoSAM為例，發(fā)現(xiàn)收購(gòu)后其信用評(píng)級(jí)的信息質(zhì)量有所提高。具體地說(shuō)，如果企業(yè)在并購(gòu)前就被RobecoSAM評(píng)級(jí)，那么在并購(gòu)后，信用評(píng)級(jí)對(duì)信用風(fēng)險(xiǎn)的反應(yīng)會(huì)更靈敏。這種效應(yīng)是由信息環(huán)境更不透明的公司驅(qū)動(dòng)的，信息環(huán)境不透明的表現(xiàn)是分析師覆蓋率較低和缺乏環(huán)境、社會(huì)和公司治理報(bào)告。此外，我們還發(fā)現(xiàn)，在標(biāo)準(zhǔn)普爾進(jìn)行并購(gòu)后，信用評(píng)級(jí)的變化包含了更多與股價(jià)相關(guān)的信息?？傊?，我們的研究結(jié)果表明，ESG信息提高了信用評(píng)級(jí)的信息質(zhì)量。
