申論題

This question contains two parts: bland fillings and inquiries. (32%)
 1. Filling the blanks (Select the appropriate word for each blank that best complete the sentence and thus the paragraph. Indicate your answers with alphabet place before cach word. @2%, 22%)
(A) sequence (B) disagreement (C) performance (D) subsequent (E) heterogeneity (F) institutional (G) systematized (H) formalized (I) judgements (J) pluralistic (L) workplace (N)homogeneity (K) structured (M) differential (O) sustainability (P) ratings

Because the information flow of ESG data is less __(1)__ than the flow of financial data, which is __(2)__ by__(3)__ arrangements such as earnings calls and investor presentations, it can lead to further increases in __(4)__ . As analysts are more likely to receive and evaluate ESG information in a less __(5)__way, analysts might seek and reuricve different pieces of information at different points in time and in a different __(6)__. This in turn leads to formation of /expectations about a firm's ESG __(8)__and therefore to different interpretations of __(9)__ information. In other words, analysts' prior evaluations of specific ESG data can influence their subsequent evaluations of other ESG data, leading to __(10)__ jn judgements. For example, a prior assessment of a firm's__(11)__ practices might affect an analyst's evaluation of product safety.

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