题　目：Does ESG reporting impact the cost of debt? Evidence from mandatory disclosures around the world

嘉　宾：Quentin Moreau 助理教授 HKUST

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年5月16日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

The integration of environmental, social, and governance (ESG) information in investment decisions is becoming increasingly important. In this paper,we use the staggered implementation of mandatory ESG reporting around the world to examine how ESG reporting affects the cost of bond financing. We find that mandatory ESG disclosures decrease bond yield spreads by reducing information asymmetry and catering to institutional investors’ preferences for ESG disclosure. In addition, we uncover a pivotal role for bank relationships in helping firms enjoy more favorable terms. Thus, our results suggest that mandatory ESG reporting helps firms obtain cheaper financing.

演讲人简介：

Quentin Moreau is an Assistant Professor in Sustainable Finance at the Hong Kong University of Science and Technology, Division of Environment and Sustainability. He obtained his Ph.D. in Finance from Université Paris-Dauphine and was previously a faculty member at the University of Glasgow. His research interests primarily focus on sustainable finance. His recent work examines topics such as the impacts of climate risks on financial stability and firms' financial decisions, corporate decarbonization strategies, and firms' ESG disclosure, among other topics. He teaches courses on ESG reporting and corporate environmental strategy.

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