报告题目：Indebted to Nature: Corporate Biodiversity Endowment and Bond Market Reactions
报告人：Xing Han 高级讲师
邀请人：高雅 副教授
报告时间及地点：2025年10月17日 10：30 经济管理学院B312
报告人简介：
Dr. Xing Han’s research revolves around empirical asset pricing, behavioral finance, financial development and FinTech. His research work has appeared in peer-reviewed finance and economics journals such as Critical Finance Review, Financial Management, Journal of Empirical Finance, and Journal of Economic Dynamics and Control.
Dr. Xing Han has been the recipient of multiple external and internal research grants and awards. Over the years, Dr. Xing Han has presented his work extensively at international academic conferences including annual meetings of the Financial Management Association International (FMA), the European Financial Management Association (EFMA), the Royal Economics Society (RES), the German Finance Association (DGF), and the New Zealand Finance Meeting (NZFM).
Personal website (https://sites.google.com/view/xinghan) for recent working papers, data, and etc.
Qualifications: B.Econ (Fudan), MSc (Maastricht), M.Fin (Antwerp), PhD (Ghent), CFA
报告内容和摘要：
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 a plausibly exogenous shock to regulatory enforcement, we find support of increased regulatory concerns: After the shock, highBDE firms experience a sharp rise in bond spreads and suffer disproportionately with less bond issuance. These firms also experience more post-shock curbs on business operations and a larger deterioration in firm fundamentals, confirming the transition risk channel. Finally, high-BDE firms’ transition risk exposure is magnified by local regulatory intensity, but is not mitigated by their prior ESG performance.
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