项目

Sung Hwan Chai and Brian Nicholson, 联盟MBS; Dr George Salijeni, University of Aston

这个项目 explores auditors' changing role in the context of data-driven technologies such as machine learning, 数据可视化工具, 和人工智能, 探索财务审计人员如何部署这些技术，以及如何受到它们的影响. 特别是，它正在通过采访审计合伙人，对英国审计公司进行案例研究, 董事, 经理们为了收集组织变化的主要数据, 新要求技能, 以及数据驱动技术背景下的培训. 该报告将被用来制作一份会议文件和未来研究项目的大纲, and the academics hope to use this opportunity to gain ongoing access with at least one UK audit firm which will set a foundation for long-term collaboration between practitioners and researchers.

Viet Dang, Ning Gao, Jonatan Pinkse，和Tung Nguyen，联盟MBS

尽管气候变化的科学证据是压倒性的, 人们对气候风险和企业融资之间的联系知之甚少. 这个项目提出了一个雄心勃勃的计划, interdisciplinary research programme in order to fill this void and tackles important questions around whether and how firms strategically respond to climate change. 通过一系列研究，作者将考察全球企业部门的行为, 重点是美国的公司, 英国, 和欧盟.

本项目由Lord Alliance战略投资基金资助.

Konstantinos Stathopoulos, Alexandros Kostakis, 联盟MBS; Konstantinos Gkionis, UBS

本研究考察了美国总统选举的政治不确定性对企业风险的影响, 预期收益和交易活动. Using information embedded in short-term options it looked at firms’ political features such as their sensitivity to economic policy uncertainty, 他们的股票回报与总统政党的关系, 他们在地理上与总统政党结盟, 以及他们通过竞选捐款建立的政治联系. 研究发现，敏感, 暴露, 而结盟的公司表现出更高程度的期权隐含价格和尾部风险, 获得更高的保费, 而且在总统大选日前后，投资者信心的分散程度有所增加.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=3391544

本项目由Lord Alliance战略投资基金资助.

爱德华•李, Konstantinos Stathopoulos, 联盟MBS; Steven Xianglong Chen, 利物浦大学管理学院

This paper investigates the effect of corporate 社会 responsibility (企业社会责任) spending on labour unions’ propensity to initiate strikes. It found that firms with high levels of (non-employee) 企业社会责任 spending are 暴露 to a significantly higher risk of union strikes, while firms strategically curtail 企业社会责任 expenditure in response to unionisation in order to mitigate the increased strike risk. Such downward adjustment in 企业社会责任 spending is however less pronounced in financially constrained firms and in firms facing high levels of product market competition, 因为他们有很强的动机通过企业社会责任支出来显示质量.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=3708243

爱德华•李, Konstantinos Stathopoulos, 联盟MBS; Steven Xianglong Chen, 利物浦大学管理学院

This paper investigates the impact of employee stock options (ESO) on labour unions' likelihood to initiate strikes. 利用美国公司工会选举的独特设置, it found that firms offering higher levels of equity incentives to their employees are 暴露 to significantly lower post-unionisation strike risk. 此外, firms strategically grant more stock option incentives to employees in response to the unionisation of the labour force. The increase in option incentives is more pronounced among firms holding union elections in states with stronger union bargaining power and when the strike risk is perceived to be higher.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=3708117

保罗·夸特隆教授, 罗伯特·查诺克博士, Yasmine Chahed博士, Martin Walker教授, Johnny O Rourke, 吴文雅, 联盟MBS

这个项目, 受财务汇报局(财务汇报局)委托, will explore how companies need to adapt and the business decisions they need to make to benefit strategically (or stand to lose out) from their approach to climate-related governance and reporting. 目前, little is known about how business models and operations will be impacted by the transition to a net-zero future. 采访富时350指数英国公司的c级高管, 该项目旨在评估它们对气候情景分析的现有使用和方法. 特别是, 理解支撑当前场景分析实践的公司流程和治理, 以及他们的结果.  

保罗·夸特隆教授, 联盟MBS; Professor Ariela Caglio Bocconi University

This new CIMA (Chartered Institute of Management Accountants) project will investigate how organisations embed SDG considerations into their strategic business decisions. 标题:计算可持续性:让会计数字再次成为中心, 这项研究将提供一个管理和报告框架，使可持续发展目标与会计措施相一致. 对三家不同公司的三个深入案例进行分析, 它将说明如何通过公司治理来整合可持续发展目标, 战略与创新. These examples can be practically applied by other companies to aid financial managers in playing a leading role in the understanding, 沟通和管理公司对可持续发展目标的贡献.

环境、社会和治理(环境, 社会, and governance) and sustainable finance have increasingly become the central focus of the investment community, 现代奴隶制是一个重要的 社会 已成为许多监管机构和供应链专家关注的关键合规问题. 特别是, the 2015 UK Modern Slavery Act (MSA) makes it mandatory for all UK businesses which have global revenues exceeding £36m to produce an annual Modern Slavery Report.

这个项目 co-headed by Professor Ser-Huang Poon examines the disclosure quality of UK Modern Slavery reports, 将她之前的试点研究扩大到13个以上,000份报告,500家企业. This study uses an automated process which will manually score the reports by FTSE100 companies against benchmarks provided by the Business & 人权资源中心. 最终目标是完全自动化整个MSA报告实时评分过程, 从而使它成为一个动态的过程.

在气候变化的威胁下, companies have become increasingly reliant on stakeholders and other parties to hedge risks and increase values. 这个项目 studies various company decisions in the face of climate uncertainties which involve both transition risks and physical risks. The investigation will specifically shed light on the impact of climate risks on corporate decisions and outcomes, 这将有助于通知机构投资者, 公司利益相关者和管理者, 和政策制定者讨论气候风险对企业部门的影响，并提出适当的应对措施. It will also be a valuable input to the increasingly heated debate regarding the best way forward amongst the uncertainties imposed on economy and society by climate change.

这个项目探讨了澳门太阳集团双层结构公司的重要问题，比如信息披露, 企业社会责任, 风险管理与法规.

双层股权结构在美国已经越来越普遍.S. 股市在过去的几十年里有很大的变化, 例如, more than 20 per cent of companies listing shares on US exchanges between 2017 and 2019 having a dual-class structure. 近年来几家知名公司如谷歌, Facebook and Alibaba have gone public with dual-class share structures which deviate from the one-share one-vote principle and allows company founders and executives who hold a minority of the company shares to have special voting rights.

这为他们提供了有效的控制, 而持有该公司大部分股票的外部投资者则拥有定期投票权. As such the rise of dual-class shares and the corresponding desire by stock exchanges to attract public offerings in more recent years, 重新引起了人们对这些结构的关注.

本项目调查货架上注册的公司证券产品. Shelf registrations allow eligible firms to offer and sell securities with a delay or continuously within a specified period. 一旦注册, 发行人可以随时出售全部或部分已注册证券, 没有更多的繁文缛节, 货架覆盖期内. 只有一小部分货架注册会导致实际下架. 例如, 在2000年至2020年期间，只有不到一半的通用货架申请没有产生实际的证券产品, 随着公司将所有资金“束之高阁”.

该项目将集中于三个关键研究问题. 首先，通用货架下架的决定因素是什么? 其次, 鉴于通用货架文件允许公司在各种证券类型之间进行选择, 不同拆架类型的决定因素是什么? 第三, does the market incorporate the predicted takedown probability into its stock price reactions at the shelf filing and takedown dates?