BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:The ESG home bias - Dr Moqi Groen-Xu\, Senior Lecturer\, Queen Mar
 y University of London\, School of Economics and Finance
DTSTART:20221018T114500Z
DTEND:20221018T130000Z
UID:TALK185117@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:Firms shift undesirable environmental\, social\, and governanc
 e (ESG) activities abroad rather than avoid them altogether. We show that 
 this is consistent with shareholder preferences: we find ESG incident retu
 rns to be less negative when they take place outside offenders’ headquar
 ter countries. Our analysis is based on 7\,209 ESG incidents involving 63 
 incident countries and more than 6\,000 firms. We exploit events that invo
 lve firms from multiple countries to show that geographic heterogeneity in
  investor preferences explains variation in foreign incident returns. Fore
 ign incident returns are (i) more negative for firms with a larger shareho
 lder base from the incident country\, (ii) less negative for firms headqua
 rtered in more patriotic countries\, and (iii) more negative for firms hea
 dquartered in more environmentally friendly countries.
LOCATION:W4.05 CJBS
END:VEVENT
END:VCALENDAR