Finance Webinar（2021-12)

Topic: The Tangible Benefits of Environmental and Social Considerations

Speaker: Lily Fang, INSEAD

Time: Friday, 9 April, 16:00-17:30 Beijing Time

Location: Microsoft Teams Online Conference Room

Abstract:

We investigate whether, when, and how firms' Environmental and Social (E&S) scores impact future performance. We find that E&S scores predicts superior operating performance and stock returns for tangible-asset intensive firms, but not for intangible-asset intensive firms. But the return predictability disappears after controlling for improvements in operational performance. Our findings suggest that the type of asset on which firms rely affect the way E&S considerations impact firm value.

Introduction:

Lily Fang is a Professor of Finance at INSEAD and the holder of the AXA Chair in Financial Market Risk. Professor Fang joined INSEAD in 2003. She is currently based in the European campus, after having spent twelve years in the Asian campus.

Professor Fang’s primary research interest is financial market information and investment strategies. She has published numerous papers on the performance, behavior, and incentives of financial analysts, fund managers, and financial institutions in top academic journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. Her work on the relation between media coverage and stock returns received the prestigious Smith Breeden prize for outstanding papers published in the Journal of Finance. Professor Fang has advised a number of large institutional investors on investment strategies.

At INSEAD Professor Fang teaches corporate finance, capital markets, valuation, private equity, venture capital and entrepreneurial finance in the MBA, EMBA, and Executive Education programmes. She has won the Dean's Commendation Award for Excellence in MBA Teaching numerous times and has taught and directed numerous Executive Education programmes. Professor Fang has also been a Visiting Professor of Finance at the MIT Sloan School of Management where she won the Outstanding Teacher Award.

Professor Fang obtained her PhD in Finance from the Wharton School, University of Pennsylvania. Prior to that, she studied mathematics, actuarial science and management science at Simon Fraser University in Vancouver.

https://www.insead.edu/faculty-research/faculty/lily-hua-fang

Your participation is warmly welcomed!