演讲题目：Firm-level Climate Change Exposure

报告人：张瑞申 助理教授

时 间：4月14日（周三）15：00-16：30

地 点：嘉庚二205

主持人：戚树森 副教授

参加者：对会计、财务研究有兴趣的师生

摘要：We introduce a method that identifies climate change exposure from earnings confer- ence 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 identi- fied 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院会计学助理教授，他于2017年至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；并于2018-2019学年在麻省理工斯隆管理学院访学。他擅长将应用非结构化数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、政治经济学及可持续金融。