金融与财务学系列讲座之310期

时   间：2024年10月18日（星期五）14:00-15:30

地   点：管理学院史带楼603

主   题：The Pricing of Carbon Risk in the Corporate Bond Market: An International Study

主讲人: 王姝晶   同济大学教授

主持人：耿哲    复旦大学管理学院青年副研究员

摘   要：

We analyze the pricing of carbon risk in a cross section of 102,313 corporate bonds issued by 4,728 publicly traded firms across 70 countries. We find that prior to the Paris Agreement, the relationship between carbon intensity and future bond returns is insignificant. However, following the Paris Agreement, a positive carbon risk premium starts to emerge. The positive carbon premium observed in the post-Paris Agreement period is more pronounced in countries with stricter climate policies and greener energy structures. The findings suggest that the market demands a risk premium due to the anticipation of climate policy risk, and carbon risk is partially priced in the global corporate bond market.

简   介:

Shujing Wang is currently Professor in Finance at School of Economics and Management, Tongji University. She received her bachelor’s degree from Peking University and PhD degree from University of Rochester in Physical Chemistry. She then received a PhD degree in Finance from HKUST. Her main research interests are theoretical and empirical asset pricing, fintech, and Chinese financial markets. Her research is published in top finance journals including MS, JFQA, JCF, JBF, JEF et al. She has been selected as one of the top young talents in the National "Ten Thousand Talents Plan". She is also selected into the Shanghai young Oriental scholar program and Pujiang talent program. She is the principal investigator of the research grant from the National Natural Science Foundation of China.

金融与财务学系

2024-10-11