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皆様のご参加をお待ち申し上げます。
We are pleased to announce a workshop.
We look forward to your participation.
日程 [Date&Time] : 2023年10月13日（金）[13 (Fri.) October, 2023] 17:00-18:30
開催場所 [Place] : 7号館209号室 [Room 209 of Building 7 (Waseda campus, Waseda Univ.)]
報告者 [Speaker] : John Duffy (University of California)
報告タイトル [Title] : Trade, Voting, and ESG Policies: Theory and Evidence
使用言語 [Language] : English
概要[Abstract] ：Environment, social and governance (ESG) policies have become important to many investors. We model the interaction between ESG policy proposals and shareholder trading and voting under different sets of preferences, and we test the predictions of our model in a laboratory experiment. In a first stage, shares are traded with knowledge of the policy costs and benefits. In a second stage, shareholders vote for or against the policy, which yields a positive externality if adopted. In one environment, voter preferences are highly polarized regarding the policy while in a second environment voter preferences are more dispersed, following a uniform distribution. Our experiment reveals that low policy costs generally favor adoption of the policy in both environments, even when rejection is an equilibrium outcome. For intermediate costs, the adoption rate is lower under dispersed preferences than under polarized preferences. In the experiment, share prices are usually well above the equilibrium prediction when the policy is adopted, apparently due to a voting premium. This suggests that the cost to shareholders of adopting ESG policies may be less than anticipated.
申込方法[Application]：事前申し込みは不要です。直接開催場所までお越しください。
No advance registration is required.Please come directly to the Place.
