科学研究
报告题目：Firm-level Climate Change Exposure
报告人：张瑞申
报告时间：2021年10月19日（周二）15:40-17:10
报告地点：劝学楼245
主办单位：东北财经大学会计学院
【报告摘要】
We introduce a method that identifies climate change exposure from earnings conference calls of 10,158 firms from 34 countries. The method adapts a machine learning keyword discovery algorithm and captures exposures related to opportunity, physical, and regulatory shocks associated with climate change. The exposure measures exhibit cross-sectional and time-series variations that align with reasonable priors, and these measures are better at capturing firm-level variation than are carbon intensities or ratings. The exposure measures capture economic factors that prior work has identified as important correlates of climate change exposure. In recent years, exposure to regulatory shocks negatively correlates with firm valuations.
【报告人简介】
张瑞申，现任上海财经大学会计学助理教授。他于2017至2020年在法兰克福金融管理学院学习，并获得经济学博士学位（Summa Cum Laude），并于2018-2019学年在麻省理工斯隆管理学院访学。他擅长将非结构化数据处理应用于实证经济学研究中。他的研究兴趣包括资本市场、高管薪酬和公司治理、政治经济学和可持续金融。他的研究成果发表于Management Science等国际顶尖期刊。
