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DESCRIPTION:Vivian Fang\n\nProfessor of Finance\n	Indiana University\n\nDoes
  Corporate Purpose Conflict With Shareholder Returns?\n\nDate: Friday\, Fe
 bruary 21\, 2025\n	Time: 10:30 AM – 12:00 PM\n	Location: Bronfman building\,
  Room 210\n\n\nAbstract\n\nThis paper studies the link between purpose sta
 tements and future shareholder returns. We use deep neural networks to ide
 ntify a “purpose statement” as one that views stakeholder value as a means
  to ultimately improve shareholder value\, in contrast to “purpose-like” s
 tatements that put shareholders and stakeholders on an equal footing. A va
 lue-weighted portfolio of companies with purpose statements earns a 0.25% 
 monthly alpha above characteristics benchmarks\; a long-short portfolio th
 at buys firms with purpose statements and sells those with purpose-like st
 atements earns a 0.28% monthly alpha. These results are stronger for large
  firms\, consistent with their greater latitude and pressure to invest in 
 stakeholders even if inconsistent with shareholder value. Purpose statemen
 ts are positively linked to future earnings surprises\, suggesting a chann
 el through which they lead to higher stock returns\, but purpose-like stat
 ements are not. They are positively associated with unvested but not veste
 d CEO equity ownership\, suggesting that long-term equity more effectively
  aligns managers with shareholders’ long-term interests.\n\nNote: The pape
 r is coauthored with Alex Edmans at LBS and Lijun (Gillian) Lei at UNC-Gre
 ensboro. I would caution that we are still revising the paper so the abstr
 act may change.\n
DTSTART:20250221T153000Z
DTEND:20250221T170000Z
LOCATION:Room 210\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Accounting Area: Ernst & Young and AAAI Research Seminar Series - V
 ivian Fang
URL:https://www.mcgill.ca/desautels/channels/event/accounting-area-ernst-yo
 ung-and-aaai-research-seminar-series-vivian-fang-363428
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