The Rise of Corporate Social Responsibility: When Firms Set Personalized Prices for Network Goods

时间：3月8日（周三）北京时间 9:30-11:00

Time: Wednesday, March 8, 9:30 - 11: 00 a.m. Beijing Time

           Tuesday, March 7, 8:30 - 10:00 p.m. U.S./Canada EST 

地点/Venue：ZOOM

          https://us02web.zoom.us/j/85361273342?pwd=SlJySURoazhla3BMZkZiQnlickVPUT09

         会议号/Meeting ID number：853 6127 3342

         密码/Password：420621

主讲人/Speaker：Liyan Yang 

主持人/Host：胡佳胤 Jiayin Hu             

摘要/Abstract:

We propose a theory of corporate social responsibility by linking it to the firm’s product markets. The firm’s product exhibits network effects in the sense that the product’s value to each consumer increases with the number of consumers. Moreover, with the technology development, the firm can adopt personalized pricing for each consumer. We show that such a firm could use social responsibility as a commitment device for low product prices, which helps overcome the coordination problem among consumers. In this way, the firm’s material payoff increases, supporting the notion of “doing well by doing good.

主讲人介绍/Biography:

Liyan Yang is a Professor of Finance and Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School of Management, University of Toronto (with a cross-appointment in the Department of Economics). In 2010, Professor Yang received his Ph.D. in economics at Cornell University. His research interests mainly focus on financial markets, asset pricing, and behavioral finance. He is serving as a co-editor at Journal of Financial Markets and Journal of Economic Dynamics and Control. He is a current associate editor at Journal of Economic Theory and Management Science, and a former associate editor at Journal of Finance, Journal of Financial Markets and Journal of Economic Dynamics and Control. He is a fellow of the Accounting and Economics Society, a fellow of Cornell FinTech Initiative, a fellow of Luohan Academy, and a fellow of UIUC Office for Futures and Options Research. Professor Yang’s research has been published in Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies, etc. He has received the 2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada’s Governor’s Award, and the 2015 Roger Martin Award for Excellence in Research, among others.