机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希（Brian Bushee）的论文＂The influence of institutional investors on myopic R＆D investment behavior＂（机构投资者对企业短视研发投资行为的影响,以下简称Bushee（1998））进行评价并提出相关的建议和研究方向。

《The influence of institutional investors on myopic R＆D investment behavior》述评

The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China

We investigate whether investor sentiment affects the cross-section of stock returns in China A-share market.The evidence shows that the sensitivity of stock returns to sentiment changes is different. When an index of investor sentiment takes high values,low tangible assets,high Debt-asset ratio,and non-dividend-paying stocks earn relatively higher returns,when sentiment is low,the aforementioned categories of stocks earn relatively lower returns.When sentiment is high,low-price,unprofitable and high book-market ratio stocks earn relatively higher returns and vice versa,but which is insignificant.The capitalization, volatility and institutional ownership appear to have no significant cross-section effect of investor sentiment on its characteristic Portfolio return.

Investor Sentiment and the Cross-Section of Stock Returns

The numbers game.

This paper not only attempts to survey the burgeoning literature on environmental, social and governance disclosures and performance and their effects on firm value, but its focus also lies on highlighting stylised observations coming from the most recent work that has not yet become part of the ‘conventional wisdom’ in the field. In addition, it outlines some of the crucial knowledge gaps and interesting questions that have not, as of yet, been addressed and thus outlines a potential agenda for future research on socially responsible investing. Lastly, it introduces the papers published in this special issue of the British Accounting Review.

/pdf/the-effects-of-environmental-social-and-governance-55b6iqkcvy.pdf

The effects of environmental, social and governance disclosures and performance on firm value: a review of the literature in accounting and finance

We document that corporate social responsibility (“CSR”) expenditures are not a form of corporate charity nor do they improve future financial performance. Rather, firms undertake CSR expenditures in the current period when they anticipate stronger future financial performance. We show that the causality of the positive association between CSR expenditures and future firm performance differs from what is claimed in the vast majority of the literature and that corporate accountability reporting is another channel through which outsiders may infer insiders’ private information about firms’ future financial prospects.

Signaling Through Corporate Accountability Reporting

https://www.kellogg.northwestern.edu/Departments/accounting/~/media/08D3CFEDE55249C489CED072377A8CE2.ashx

Signaling through corporate accountability reporting

We examine whether firms use social media to strategically disseminate financial information. Analyzing S&P 1500 firms' use of Twitter to disseminate quarterly earnings announcements, we find that firms are less likely to disseminate when the news is bad and when the magnitude of the bad news is worse, consistent with strategic behavior. Furthermore, firms tend to send fewer earnings announcement tweets and “rehash” tweets when the news is bad. Cross-sectional analyses suggest that incentives for strategic dissemination are higher for firms with a lower level of investor sophistication and firms with a larger social media audience. We also find that strategic dissemination behavior is detectable in high litigation risk firms, but not low litigation risk firms. Finally, we find that the tweeting of bad news and the subsequent retweeting of that news by a firm's followers are associated with more negative news articles written about the firm by the traditional media, highlighting a potential downsi...

Do Firms Strategically Disseminate? Evidence from Corporate Use of Social Media

We examine corporate adoption of social media and provide the first large-sample evidence on the determinants and market consequences of the decision to disseminate quarterly earnings news through social media. We find that social media usage for earnings news is distinct from other forms of voluntary disclosure and document a number of interesting attributes of this disclosure mechanism. Social media usage for earnings news is inversely related to the number of social media followers, suggesting that firms with large social media followings are hesitant to use social media for financial information. However, we find that earnings news is more likely to be communicated when the news is positive, suggesting that some firms are opportunistic in their use of social media. Moreover, when we examine the market response to social media communications, we find that trading volume increases and that the primary driver is increases in large rather than small trades. This is inconsistent with the notion that social media primarily benefits small investors. Lastly, we find that the market reaction is stronger for firms that follow a consistent rather than ad hoc social media disclosure policy.

Corporate Use of Social Media

We document time-varying investor sentiment for corporate social responsibility (CSR) performance. We show that announcements of CSR activities generate positive abnormal returns during pe...

James P. Naughton

Papers

Signaling Through Corporate Accountability Reporting

Signaling through corporate accountability reporting

Do Firms Strategically Disseminate? Evidence from Corporate Use of Social Media

Corporate Use of Social Media

Investor Sentiment for Corporate Social Performance