UROP Proceedings 2022-23

School of Business and Management Department of Finance 175 How do Personal Incentives of Mutual Fund Managers Impact ESG Investments? Supervisor: YEGEN, Eyub / FINA Student: LIU, Ka Hei / ECOF LIU, Yilan / QFIN SIN, Cheuk Kwan / GBUS SO, Eric Yik Huen / SBM Course: UROP2100, Spring UROP1100, Spring UROP2100, Spring UROP2100, Spring With a great influx of capital flowing into ESG investing, we see how ESG is transforming the financial industry. Past studies have shown that institutional shareholders were incentivized to be socially responsible with regard to reputation risks. Right now, with the concept of ESG, we expect to see more and more investors incorporate ESG into investment decisions. Mutual fund being the most popular type of investment, we believe the investment rationale behind mutual fund managers would be worth investigating. Thus, the purpose of this project is to examine whether personal incentives exist when the managers are making ESG decisions. To perform the analysis, we helped with the data clearing process with the research team of University of Chicago. The relationship between mutual fund managers' incentives and ESG decisions will be further discussed in the following. Products, Supply Chains, and Finance Supervisor: ZALDOKAS, Alminas / FINA Student: CHAN, Tsun Him / FINA GAI, Kuo / ECOF KO, Chun Him / ACCT Course: UROP1100, Fall UROP1100, Fall UROP1100, Fall The practice of Kamikaze bid rigging is prevalent in Brazil. This study aims to examine the factors that contribute to bid rigging, the legal framework surrounding bid rigging in various countries, and the auction policies of different governments. The first section of our research analyzes the various factors that can impact the bid rigging effect. For instance, the economic profit of companies engaging in bid rigging decreases with the imposition of higher penalties. The second section focuses on the different laws related to bid rigging across countries, including the penalties for such practices. Lastly, the third section examines the auction types employed by major countries and reveals that most of them are open auctions with limited regulations to prevent Kamikaze bid rigging.

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