一、主题：Does options trading affect managerial incentives in corporate social responsibility strategies?

二、主讲人：
林则君（Tse-Chun Lin），香港大学经济及工商管理学院金融学教授。本科毕业于台湾大学，丁伯根经济研究所（Tinbergen Institute）硕士，荷兰阿姆斯特丹大学博士。他的研究领域为行为金融学，曾在American Economic Review, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance等杂志发表高水平论文十多篇，《经济学人》、《华尔街日报》、《彭博》、《投资》等杂志也对他的研究进行了专题报道，是该领域非常有影响的经济学家。他担任了Financial Management 的Associate Editor, 以及Review of Financial Studies、Management Science、Review of Finance、Financial Management、Journal of Banking and Finance、Journal of Empirical Finance等多个杂志的评审人。  

三、时间：2020年11月12日星期四，上午10:00-11:30

四、地点： 腾讯会议，ID：523 788 591

五、主持人：黄瑜琴副教授，中央财经大学应用金融系主任

摘要：We posit that more managerial hedging opportunities and lower career concerns induced by active options trading provide stronger managerial incentives to implement corporate social responsibility (CSR) strategies. We find that firms with more options trading tend to have better CSR performance. This effect can be attributed to several channels, including product market competition, takeover exposure, reputation and goodwill, CEO career horizon, and pay-risk sensitivity. We find consistent results using a quasi-natural experiment that reduces options trading costs of treated firms. Insider hedging transactions also corroborate our findings. Overall, active derivative markets have real effects on shaping firms’ CSR strategies.