Ejemplo de buena presentacion

Solo disponible en BuenasTareas
  • Páginas : 4 (758 palabras )
  • Descarga(s) : 0
  • Publicado : 5 de enero de 2011
Leer documento completo
Vista previa del texto
Why Investors Value Information on Firms' Social Performance
Delphine Prady Toulouse School of Economics & Ecole Polytechnique

February 8, 2010

Dealing With

Results

Agenda

Puzzle andMotivation

1

Social rating agencies necessarily target a larger customers' base than the social, value-driven or responsible investors.

2

Why would an investor with no particularconcern for the environment care to learn whether Total captures natural gas at its oil eld?

Delphine Prady (TSE)

The Value of Non-Financial Information

February 8, 2010

2 / 11

DealingWith

Results

Agenda

Three Research Questions

1

How do nancial markets incorporate social information privately held by responsible investors?

2

Under which circumstances is thisinformation worth purchasing by mainstream investors?

3

Why is social information valuable to mainstream investors?

Delphine Prady (TSE)

The Value of Non-Financial Information

February8, 2010

3 / 11

Dealing With

Results

Agenda

Two Types of Investors
Responsible Investors Mainstream Investors

are indierent to enjoy a non-pecuniary payo from holdingresponsible stocks, account for the rms' broad social impact. the rms' broad social impact.

Delphine Prady (TSE)

The Value of Non-Financial Information

February 8, 2010

4 / 11

Dealing WithResults

Agenda

Social Information
The Real World
Greater reporting transparency by rms. Large engaged funds co-produce social information with rating agencies, e.g. Swedish pension funds.Integrated into nancial information sector, e.g. Thomson Reuters acquiring Asset4 (2009).

The Model

Signal or report about an uncertain externality generated by a rm.



Responsibleinvestors know of the rm's externality. Mainstream investors can purchase information on the rm's externality.



The externality level and the rm's nancial performance are independently...
tracking img