德勤－复旦会计论坛系列248期讲座
时间：2025年 5月9日（周五）下午1:30
地点：李达三楼105教室
主持人: 施海娜 副教授
报告人: 曹杰 Jie (Jay) Cao（The Hong Kong Polytechnic University）
题 目: Carbon Emissions Trading and Stock Price Informativeness: The International Evidence
摘 要: This paper shows that emissions trading systems (ETS) globally enhance stock price informativeness at both country and firm levels. At the firm level, ETS is particularly beneficial for firms where carbon-related information is financially significant, earnings and returns are uncertain, and investors focus on carbon data. Our findings suggest that ETS reduces the cost of integrating carbon information by providing benchmarks for carbon costs and aligning investor expectations. This leads to more accurate market prices and better-informed trading decisions. Moreover, analysts offer more precise and frequent earnings forecasts and are more likely to follow these firms after ETS implementation.
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