BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Mathematical Finance - ECPv5.7.0//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:Mathematical Finance
X-ORIGINAL-URL:https://www.math.ttu.edu/mathematicalfinance
X-WR-CALDESC:Events for Mathematical Finance
BEGIN:VTIMEZONE
TZID:America/Chicago
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20230312T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20231105T070000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20231103T140000
DTEND;TZID=America/Chicago:20231103T150000
DTSTAMP:20260418T120726
CREATED:20230828T193650Z
LAST-MODIFIED:20230828T193650Z
UID:1175-1699020000-1699023600@www.math.ttu.edu
SUMMARY:When ESG talks: ESG tone of 10-K reports and its significance to stock markets
DESCRIPTION:Speaker: Dr. Konstantin Ignatov\, WHU – Otto Beisheim School of Management \nAbstract Since the ESG topic consistently gains on importance in the investment universe\, companies provide investors with information regarding recent and future ESG activities through different reporting channels. The most recent research finds relevance of ESG-related corporate activities for formation of investors’ opinion regarding companies’ valuations and growth prospects. Based on a sample of more than seventeen thousand unique 10-K reports of US companies filed with SEC in period 2013 to 2019 and the word-power methodology proposed by Jegadeesh and Wu (2013)\, this study also shows evidence for significant relation of ESG textual tone of 10-K reports to stock market returns of filing companies around the report filing dates. Using the ESG linguistic dictionary recently proposed by Baier\, Berninger\, and Kiesel (2020)\, this study shows evidence for significant relation of social and governance-related topics disclosure to stock returns\, while environmental narratives being ignored by the markets. When looking at individual words from the ESG lexicon\, such words as “community”\, “health”\, “control” imply positive reaction of markets\, while “discrimination”\, “embezzlement”\, and “crime” are related to negative returns. The robustness analysis based on the inverse document frequency word weightings and actual ESG performance scores confirms the significance of ESG information disclosure of 10-K reports for investors. Thus\, this study sheds light on the mechanics of ESG information perception and its influence on capital markets.
URL:https://www.math.ttu.edu/mathematicalfinance/event/when-esg-talks-esg-tone-of-10-k-reports-and-its-significance-to-stock-markets/
LOCATION:via Zoom
CATEGORIES:Fall 2023,Seminars
ATTACH;FMTTYPE=image/jpeg:https://www.math.ttu.edu/mathematicalfinance/wp-content/uploads/2023/08/ignatov.jpg
END:VEVENT
END:VCALENDAR