本系擬於 11/25 (三) 邀請 Dr. H. Arthur Luo 至本所進行演講，相關訊息如下：

時間: 11/25 (三) 12:30-14:00
地點: 管理學院一號館 8 樓 804 會議室
講者: Dr. H. Arthur Luo 
講題: Social Screens and Systematic Boycott Risk

Abstract:

We consider the pricing implications of screens adopted by socially responsible investors. A model including such investors reconciles the empirically observed risk-adjusted sin-stock abnormal return with a systematic “boycott risk premium” which has a substantial financial impact that is, however, not limited to the targeted firms. The boycott effect cannot be displaced by litigation risk, a neglect effect, and liquidity considerations, or by industry momentum and concentration. The boycott risk factor is valuable in explaining cross-sectional differences in mean returns across industries and its premium varies directly with the relative wealth of socially responsible investors and with the business cycle.