题　目：Short Sellers and Social Responsibility Ratings

嘉　宾：Weiming (Elaine) Zhang(章维明),助理教授,IE商学院

主持人：冯芸金融系主任、教授欧宝app官方网站下载安泰经济与管理学院

时　间：2025年12月23日（周一）10:00-11:30

地　点：欧宝app官方网站下载徐汇校区浩然楼306

内容简介:

Higher corporate social responsibility ratings limit short selling. Among firms with high expected values of short interest, those with higher ESG and environmental scores have less shorting. We find evidence consistent with higher ESG scores creating additional costs and risks for short sellers through two channels: 1) some long-side investors are reluctant to sell high ESG stocks, even if valuations warrant it, and 2) short squeeze risk—high ESG stocks experience positive sentiment-driven price jumps when public attention to ESG spikes. Our findings show that long-side investors’ ESG preferences can impact short sellers’ role in price formation.

演讲人简介：

Elaine Zhang is an Assistant Professor of Finance at IE Business School. Her primary research interests are sustainable finance and empirical asset pricing. She has published papers in leading finance and management journals, including two publications in the Journal of Financial and Quantitative Analysis and Management Science, with one additional paper recently accepted by the Journal of Financial and Quantitative Analysis. Her work has received several Best paper awards, and research support such as Spanish Ministry Grant and GIWM Research Grant.

Her papers have been presented at major international finance conferences, including the American Finance Association Annual Meeting, the Western Finance Association Annual Meeting, and the European Finance Association Annual Meeting. She serves as a referee for Review of Financial Studies, Review of Finance, Management Science, the Bank of Spain, and other academic journals.

Elaine received her Ph.D. from The Chinese University of Hong Kong and her bachelor's degree from CUHK Business School. She is a CFA Charterholder and has professional experience as a quantitative researcher at a hedge fund.

欢迎广大师生参加!