SWEE-SUM LAM, WEINA ZHANG AND GABRIEL HENRY JACOB (2015). “THE MISPRICING OF SOCIALLY AMBIGUOUS GREY STOCKS”. FINANCE RESEARCH LETTERS, VOL. 13, 81-89.
The study examines how stock market prices the stocks of socially ambiguous “Grey” firms, who are socially responsible in certain corporate social responsibility (CSR) dimensions while being socially irresponsible in other dimensions. Using firm data from 1992 to 2011, we find that the value-weighted “Grey” portfolio earns an annual abnormal return up to 3.6% relative to “Neutral” portfolio that consists of neither socially responsible nor irresponsible firms. Interestingly, “Community” and “Environment” sub-dimensions of CSR are the main drivers for the overpricing. The overpricing phenomenon is robust and is not driven by small firms, the “Sin” stocks or “Controversial” industries.
SWEE-SUM LAM AND WEINA ZHANG (2015). “THE MODERATING EFFECT OF BUREAUCRATIC QUALITY IN THE PRICING OF POLICY INSTABILITY” CHINA FINANCE REVIEW INTERNATIONAL, VOL 5(3), 303-334.
We examine how policy instability is priced in interest rates. Policy instability refers to the likelihood that the current policy will be changed in the future in the absence of political power shifts. Chinese government’s experimental policymaking approach provides an ideal set of frequent policy flip-flops which allows us to identify the effect of policy changes. Conditional on the bureaucratic quality of policymaking, a good-quality policy reversal is related to reductions in interest rate term spread and volatility; a bad-quality policy reversal is related to increases in the spread and volatility. The bureaucratic quality is multi-dimensional and the moderating effect is stronger on interest rates when it is measured more precisely.
ROB JOHN (2014). “GIVING CIRCLES IN ASIA: NEWCOMERS TO THE ASIAN PHILANTHROPY LANDSCAPE”, THE FOUNDATION REVIEW, VOL. 6(4), ARTICLE 9.
Giving circles are a well-established phenomenon in contemporary American philanthropy. While the act of distributing pooled donations to charitable or community causes is not new, giving circles have grown in number and variety since the mid-1990s, fueling the interest of philanthropy support organizations and academic researchers.