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Páginas: 4 (758 palabras)
Publicado: 5 de enero de 2011
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...
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...
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