报告题目：The Determinants of ESG Ratings

报 告 人：汤勇军

时    间：9月29日（周三）下午15:00-17:00

腾讯会议：577 306 732

报告人简介：

汤勇军现任香港大学金融学教授,博士生导师，2020年起任亚洲金融学会旗舰学术期刊《International Review of Finance国际金融评论》主编。2017-2020任香港大学金融系主任。香港绿色和可持续金融中心特邀专家，曾任亚洲开发银行绿色金融顾问专家和香港金融管理局香港金融研究中心访问研究员。他多次在国际学术会议上获得最佳论文奖，包括2021年Global Research Alliance for Sustainable Finance and Investment最佳论文奖，并且获得了包括中国国家自然科学基金，香港研究基金委员会，国际ClimateWorks Foundation,美国Q-Group，瑞士BSI Gamma Foundation，加拿大IFSID拨付的研究基金在内的多项研究资金支持以及2013年香港大学研究成果奖,2015年香港大学经管学院杰出研究学者奖。他指导博士生获得首届中国经济学优秀博士论文奖。

报告摘要：

Ratings on environmental, social, and governance (ESG) are largely obscure but have become widely used by investors. We show that firms held by the same owners as the rater (“sister firms”) receive higher ESG ratings. Exogenously created sister firms through acquisitions reveals causality for the common ownership effect. Sister firms receive higher ratings when the common owners have larger stakes in the ESG rater. Notwithstanding their higher initial ratings, sister firms have worse future ESG outcomes. These findings suggest that the quality of ESG ratings can be undermined by conflicts of interest and have important implication for practitioners and regulators.

经济与金融学院

2021年9月27日