Title: Navigating Climate Changes: How Do Adaptation Initiatives Affect Corporate Debt Choice

Speaker: Xiaoran Ni

Time: 14:00-15:30, June 16th, 2023 (Friday)

Venue: Room 245, Quan Xue Building

Organizers: School of Accounting, Dongbei University of Finance and Economics, P.R. China & Liaoning Capital Market Finance and Accounting Graduate Innovation and Academic Exchange Center

Abstract:

Climate change adaptation initiatives are designed to navigate climate changes. However, it is unclear how firms and creditors perceive regulatory risks and adaptation strategies associated with such initiatives. Employing the staggered introduction of state-level climate change adaptation plans as quasi-exogenous shocks, we find that the initiation of such plans significantly increase the reliance on private debt financing for affected firms. This effect is more pronounced among firms that are prone to suffer from climate risks, with more fragile fundamentals and higher information asymmetries. Our overall findings throw additional light on how climate issues determine the perceptions of various types of creditors and therefore affect corporate decisions.

Introduction of Speaker:

Xiaoran Ni, an associate professor and doctoral supervisor at the School of Economics and Wang Yanan Institute of Economics, Xiamen University, and the deputy director of the Department of Finance. Ni has published more than 40 papers in important academic journals both domestically and internationally, including Economic Research, Management World, Economics (Quarterly), Financial Research, China Industrial Economy, Journal of Corporate Finance, Journal of Banking and Finance. Ni hosted general projects and youth projects of the National Natural Science Foundation of China (NSFC). Ni has been selected as one of the top young talents in the “Baiqainwan Talents Project” of Fujian Province, young top talents in Fujian Province “Eagle Plan”, high level talents introduced in Fujian Province, and young top talents in Xiamen University. Ni was awarded the first prize of Xiamen University Young Teachers’ Teaching Skills Competition, the second prize of Fujian Province Outstanding Achievement in Social Science, the Hong Yinxing Economics Award, the Best Paper Award of Asian Finance Society Annual Meeting, the Outstanding Reviewer Award of the American Accounting Association, the Best Paper Award of Southwestern Finance Association Annual Meeting, and many other teaching and research awards.

Special Reminder:

Without the permission of the author and the organizer, it is strictly prohibited to record and publicly disseminate the lecture content. Violators may be held legally responsible.