The effects of mandatory ESG disclosure on price discovery efficiency around the world
研究了全球45个国家2000-2020年数据，发现强制性ESG信息披露提高了股票价格中公司特有信息的融入速度和程度，尤其在ESG信息需求强的国家和披露激励不足的企业中效果更显著。
We examine the effect of mandatory environmental, social and governance (ESG) disclosure on firms' price discovery efficiency around the world. Using data from 45 countries between 2000 and 2020 and a difference-in-differences method, we find that mandatory ESG disclosure increases firm-level stock price non-synchronicity and timeliness of price discovery, suggesting more firm-specific information is incorporated into stock prices in a more timely manner. Mandatory ESG disclosure improves price discovery efficiency more in countries with strong demands for ESG information and in firms with poor disclosure incentives. Mandatory ESG disclosure also leads to other real market changes, such as lower stock returns, greater changes in institutional ownership and higher firm valuation.