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理悦CEMA?知与行系列研讨会：“Indebted to Nature: Corporate Biodiversity Endowment and Bond Market Reactions”

主题：Indebted to Nature: Corporate Biodiversity Endowment and Bond Market Reactions

报告人：韩兴，奥克兰大学

摘要：Regulatory concerns of biodiversity conservation prompt creditors to markdown firms surrounded by rich wildlife species: Combining a proximity-based biological diversity endowment (BDE) measure with an exogenous shock to regulatory enforcement, we show that high-BDE firms experience a sharp rise in bond spreads and suffer with less bond (re-)issuance after the shock. Geospatial and thermal evidence indicates that high-BDE firms experience more post-event curbs on business operations. They also experience a larger deterioration in firm fundamentals, confirming the transition risk channel. Finally, high-BDE firms’ transition cost is magnified by local regulatory intensity, but is not mitigated by their prior ESG performance.

报告人简介：韩兴博士现任奥克兰大学商学院金融学高级讲师。他的研究领域涵盖实证资产定价、行为金融、金融创新与可持续发展，并在Critical Finance Review、Financial Management、Financial Review、Journal of Empirical Finance 以及 Journal of Economic Dynamics and Control 等国际期刊发表论文。韩博士曾多次获得校内外研究资助与奖项，并在国际学术会议上广泛展示研究成果，包括金融管理学会国际年会（FMA）、欧洲金融管理学会（EFMA）、英国皇家经济学会（RES）、德国金融学会（DGF）以及新西兰金融学术会议（NZFM）。他在比利时根特大学取得博士学位，并拥有特许金融分析师（CFA）资格。

时间：2025年12月22日（周一）11:30-13:00

地点：新万博体育,新万博体育app学院南路校区学术会堂712会议室

主办单位：创新发展学院中国经济与管理研究院