金融与财务学系系列讲座之261期

时    间：2021年11月30日（周二）13:30-15:00

腾讯会议号：769-602-875

会议链接： https://meeting.tencent.com/dm/vDzSJmwUW9Yl

主    题：Global Carbon Divestment and Firms' Actions

演讲者：Ph.D.  Zhenyu Gao  Associate Professor, The Chinese University of Hong Kong

摘    要：We examine the actions of financial institutions and firms regarding greenhouse gas emissions. We find that financial institutions around the world reduce their exposure to stocks of high-emission industries after 2015, especially for those located in high-climate-awareness countries, suggesting that institutions are concerned about climate risks in recent years. In the presence of divestment, public high-emission firms in the same countries tend to experience lower price valuation ratios, but they increase capital expenditure, research and development (R&D) expenses, and green innovation activities, and reduce emissions resulting from their operations. We do not obtain the same results using private firms. Our results support the notion that divestment campaigns by financial institutions exert pressure on public firms to adopt climate-friendly policies and decrease carbon footprints.

简    介：Prof. Zhenyu Gao is an Associate Professor of Department of Finance at The Chinese University of Hong Kong (CUHK) Business School. Prof. Gao joined CUHK in 2014. His primary research interests are in asset pricing, behavioral finance, real estate finance, and Chinese economy. His papers have been published in top journals such as the Review of Financial Studies, Journal of Econometrics, and Journal of Financial and Quantitative Analysis. He received his PhD in Economics from Princeton University and MA in Economics as well as BS in Astrophysics from Peking University.

金融与财务学系

2021.11.26