Time: 13:30, Tuesday, June 9, 2026

Venue: Guoshun Campus, Starr Building, Room 504

Moderator: Assistant Professor Detian Yang

Speaker: Wentao Yao, Xiamen University

Topic: Quantifying the Ecological Costs of Corporate Toxic Emuments

Abstract: We estimate the ecological costs of corporate toxic emissions using managerial pressure to meet earnings benchmarks as an instrument for toxic releases. Linking plant-level emissions to millions of U.S. birdwatching records from 2002–2018, we examine changes in local bird populations around manufacturing facilities owned by U.S. public firms. Bird abundance declines significantly near plants during quarters in which parent firms just meet earnings benchmarks, with effects persisting for up to two years and varying with emission toxicity and species traits. Species richness also declines, though the effects are smaller and less persistent. Combining benchmark-induced changes in toxic releases and bird abundance implies that a 10 percent increase in emissions is associated with a 1.5 percent decline in local bird abundance. Back-of-the-envelope calculations suggest that regulatory and private efforts to curb toxic emissions preserved approximately 8.1 percent of local bird populations between 1998 and 2023.