金融与财务学系列讲座之329期

Time：14:00-15:30, Tuesday, Dec 2, 2025

Location: Room 603, Starr Building（史带楼603室）

Topic: Nature Transition Risk

Speaker: Haoyu Gao (高昊宇)

Renmin University of China

Abstract: We investigate how investors assess transition risks arising from the discretionary regulatory mandates for nature conservation. We focus on the UN Biodiversity Conference in Kunming, China, a policy shock signaling heightened political commitment to protection. During the conference, firms exhibited negative abnormal stock returns on average. Using a machine learning approach, we identify historical nature-related subsidies to capture firm-level variations in expectations of mandated conservation engagement, beyond measuring corporate environmental (ecological) impacts. This metric negatively correlates with returns during the conference, particularly for firms with high operational volatility, and those in regions with limited fiscal flexibility and stringent conservation pressures. Investor concerns primarily stem from policy uncertainty, without positive earnings expectations from conservation. Our findings underscore the role of authoritative discretion in shaping nature transition risks.

Bio: 高昊宇，中国人民大学吴玉章特聘教授（破格），博士生导师，财政金融学院货币金融系副主任，中国银行业研究中心副主任，国家优秀青年科学基金项目获得者、第5届中国科协“青年人才托举工程”入选人。研究兴趣主要集中在银行与金融中介、金融风险管理、可持续金融与中国资本市场等方面。代表性学术成果发表在The Journal of Finance (JF)、The Review of Financial Studies (RFS)、Journal of Financial Economics (JFE)、Journal of Financial and Quantitative Analysis (JFQA)、《管理科学学报》、《管理世界》、《金融研究》等国内外金融管理领域权威刊物。他受邀担任Corporate Governance: An international Review、International Journal of Finance、《系统科学与数学》等国内外多本权威期刊副主编。他还是中国系统工程学会理事、金融系统工程专业委员副主任、河北省委金融委员会智库专家、中国工商银行总行和华夏银行总行博士后流动站学术导师。