报告题目：Broker in-house ESG research（券商内部ESG研究）
报告人：Lily Chen副教授（澳洲国立大学）
时间：2024年9月11日16:00-17:30
地点：管理学院A南506
【报告内容摘要】
While a large body of literature examines research by equity analysts in brokerage houses, other types of broker-provided research remain largely unexplored. This study aims to examine the determinants and consequences of broker in-house ESG research. Using manually collected brokerage ESG research data, we find that the provision of in-house ESG research is positively related to both demand-side factors (client demand, internal demand, and local ESG awareness) and supply-side factors (broker size and coverage of sustainable industries). In terms of the consequences of such research, we find that in-house ESG research is associated with improved equity research outcomes (earnings forecast accuracy and informativeness) in industries where ESG is more salient, including environmentally sensitive industries, controversial industries, and industries with more Sustainability Accounting Standards Board (SASB) disclosure topics. Further, we find that adding additional ESG analysts and bringing in analysts with more experience and different perspectives can produce more meaningful ESG research for firms in non-heavy ESG industries. Finally, we find that ESG research supports equity analysts in both the discovery and interpretation of ESG information.
虽然大量文献研究了券商股票分析师的研究，但其他类型的券商提供的研究在很大程度上仍未得到探索。本研究旨在探讨券商内部ESG研究的决定因素和后果。利用手工收集的券商ESG研究数据，我们发现，提供内部ESG研究与需求因素（客户需求、内需和本地ESG意识）和供给因素（券商规模和可持续行业的覆盖范围）呈正相关。就此类研究的后果而言，我们发现，在ESG更突出的行业中，包括环境敏感行业、有争议的行业以及具有更多可持续发展会计准则委员会（SASB）披露主题的行业，内部ESG研究与改善股票研究结果（盈利预测准确性和信息量）有关。此外，我们发现，增加额外的ESG分析师，并引入具有更多经验和不同观点的分析师，可以为非重ESG行业的公司带来更有意义的ESG研究。最后，我们发现ESG研究在发现和解释ESG信息方面都为股票分析师提供了支持。
【Lily Chen个人简介】
Lily Chen is an Associate Professor in Accounting. She joined ANU in July 2023. Prior to that, she worked at the University of Auckland where she obtained her PhD. Lily’s research interests include financial reporting and disclosure, financial analysts, corporate governance, ESG, integrated reporting, and machine learning. Her research has been published in international journals such as The Accounting Review, Accounting, Organizations and Society, Journal of Banking & Finance, Journal of Business Finance and Accounting, Journal of Management Accounting Research, Journal of Business Ethics, Accounting and Finance, Journal of International Accounting Research, Meditari Accountancy Research, IEEE Transactions on Knowledge and Data Engineering, and Natural Language Engineering. Her work has been widely cited by regulatory bodies, major accounting firms, and professional bodies in their publications, and has received several manuscript awards and conference best paper awards. Lily is an editor for Pacific Accounting Review and serves on the editorial board for Accounting and Finance and Meditari Accountancy Research. She also serves on the board of the Accounting and Finance Association of Australia and New Zealand.
Lily Chen是澳洲国立大学会计系副教授。研究兴趣包括财务报告和披露、财务分析师、公司治理、ESG、综合报告和机器学习。Lily的研究成果发表在The Accounting Review, Accounting, Organizations and Society, Journal of Banking & Finance, Journal of Business Finance and Accounting, Journal of Management Accounting Research, Journal of Business Ethics, Accounting and Finance, and Journal of International Accounting Research, IEEE Transactions on Knowledge and Data Engineering, Natural Language Engineering等国际期刊。Lily是Pacific Accounting Review的编辑和Accounting and Finance, Meditari Accountancy Research的编辑委员会成员。她还是澳大利亚和新西兰会计金融协会（AFAANZ）的董事会成员。
欢迎有兴趣的教师，全体博士生、硕士生参加。
