School of Business and Management Department of Finance 182 The Economics of Data in Financial Markets Supervisor: XIONG Yan / FINA Student: HONG Zhaoyang / QFIN Course: UROP1100, Fall In the process of participating in this project, I mainly completed two aspects of work. They are the research of the voluntary disclosure of corporate site visits and the hand collection of IPO data. About the research of the voluntary disclosure of corporate site visits, we focus on the observability of investors' information acquisition. Usually, people's prior is that funds are very secretive about their research activities. So, we want to study examples of voluntary disclosure of company field visits by funds. About the hand collection of IPO data, our research topic is a new regulation-testing the waters and we want to explore its implications for the market. We studied this act, especially the influence of water testing on the market. The Economics of Data in Financial Markets Supervisor: XIONG Yan / FINA Student: ZHANG Zirui / ECOF Course: UROP1100, Fall In the U.S., a decrease in the number of the public companies has attracted high-level concern from regulators, prompting changes to the IPO process to welcome more young, high growth firms (the JOBS Act of 2012). However, there is always a controversy about the impact of the JOBS Act on the IPO processes and results of small but high growth enterprises. To have a better understanding of the specific impact the JOBS Act had since the decree went into effect, we selected 208 small companies and focused on their S-1 financial reports and made statistical analysis on relevant data. Institutional Investors and Environmental, Social, and Governance (ESG) Preferences Supervisor: YEGEN Eyub / FINA Student: CHAWLA Anhad Singh / SUSEE Course: UROP1100, Fall This report analyses ESG-related shareholder proposals from institutional and individual investors to see their ESG preferences. Shareholder proposals are a powerful tool to raise and communicate issues to management, with the potential to drive change. Proxy proposals and data is collected from SEC’s EDGAR and ISS databases to conduct analysis. Evaluation of the data reveals majority of proposals come from institutional funds that act or are aligned with public interest (SRI, religious funds, pension funds, etc.). The Board almost always recommends voting “Against” ESG-related shareholder which creates doubt on the effectiveness of such proposals, but they are nevertheless excellent ways to raise management awareness via presentations in Annual General Meetings. Most reports ask for additional disclosures and transparency, while the minority ask for major changes in company operations. Future trends regarding shareholder proposals relating to quantity, type, and blockchain applications are discussed.
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