題目：The Effects of Mandatory ESG Disclosure Around the World

摘要：We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting helps to improve a firm’s financial information environment: analysts’ earnings forecasts become more accurate and less dispersed after ESG disclosure becomes mandatory. On the real side, negative ESG incidents become less likely, and stock price crash risk declines, after mandatory ESG disclosure is enacted. These findings suggest that mandatory ESG disclosure has beneficial informational and real effects.

1.主要故事（Main Story & Results）

本文主要是研究強(qiáng)制ESG披露帶來(lái)的經(jīng)濟(jì)后果。研究發(fā)現(xiàn)強(qiáng)制性 ESG 披露提高了 ESG 報(bào)告的可得性和質(zhì)量，尤其是在 ESG 績(jī)效較低的公司中。強(qiáng)制性 ESG 報(bào)告有助于改善公司的財(cái)務(wù)信息環(huán)境：在 ESG 披露成為強(qiáng)制性后，分析師的盈利預(yù)測(cè)變得更加準(zhǔn)確和更少分歧（信息方面）。 在現(xiàn)實(shí)方面，強(qiáng)制性 ESG 披露實(shí)施后，負(fù)面 ESG 事件的可能性降低，股價(jià)崩盤風(fēng)險(xiǎn)下降。 這些發(fā)現(xiàn)表明，強(qiáng)制性 ESG 披露具有有益的信息和實(shí)際影響。