2026年第47期(总第1191期)

演讲主题：Anti-ESG Policy Spillovers: Evidence from US Public Pension Funds

主讲人：孙汉文 英国巴斯大学教授

主持人：李安泰 计算金融系副教授

活动时间：2026年6月24日（周三）10:30-12:00

活动地址：管院大楼107教室

主讲人简介：

孙汉文，英国巴斯大学管理学院会计与金融学教授。她的研究主要集中于公司金融与资本市场领域，重点关注信息交易、产品市场竞争、企业创新和ESG等议题。研究成果发表于或被接收于期刊包括 Journal of International Business Studies、Contemporary Accounting Research、Research Policy、Journal of Corporate Finance、Journal of Empirical Finance 和 Journal of Accounting and Public Policy 等。她曾作为项目负责人获得英国国家学术院 British Academy 研究基金资助，并担任 Corporate Governance: An International Review 编委。

活动简介：

A growing political backlash against sustainable investing has led several U.S. states to enact anti-ESG laws restricting public funds from considering ESG factors. We examine how such legislation affects firms headquartered outside implementing states through ownership networks of state pension funds. Firms with greater exposure to affected pensions experience significant declines in ESG performance. These effects operate through both exit and voice channels and are stronger in Republican-leaning states. Low-ESG firms earn positive announcement-window returns, whereas high-ESG firms do not. Treated firms also exhibit modest improvements in accounting performance. Overall, anti-ESG policies propagate across state borders through capital market linkages.