题目：Climate Vulnerability and Stock Price Crash Risk Worldwide

    时间：2022.6.29（周三） 19:00

    地点：腾讯会议：669-731-633

    报告人：倪骁然 副教授（厦门大学）

    主持人：张   浩 副教授

    报告摘要：

    Using a global dataset, we document that market-level climate vulnerability is positively associated with individual firms’ stock price crash risk. We establish causality by using both an instrumental variable analysis and the difference-in-differences analysis. Furthermore, we show that an increase in climate vulnerability is associated with several strong determinants of stock price crashes, including dampened firm fundamentals, more aggressive bad-news hoarding, lower dedicated institutional ownership, and the decreased breadth of institutional ownership. Our overall findings indicate that climate vulnerability can have adverse stock market consequences though a prominent de-stabilizing effect.

    报告人简介：

    倪骁然  副教授

    倪骁然，厦门大学经济学院、王亚南经济研究院副教授、博士生导师。主要研究领域为公司金融，当前研究专长主要包括：企业利益相关者与政策评估；制度变迁与企业发展；企业信息环境。在《经济研究》、《管理世界》、《经济学（季刊）》、《金融研究》、《中国工业经济》、Journal of Corporate Finance、Journal of Banking and Finance等国内外重要学术期刊发表论文30余篇。入选福建省百千万人才工程、福建省“雏鹰计划”青年拔尖人才、福建省引进高层次人才、厦门大学南强青年拔尖人才。获得厦门大学教学比赛理论文科组一等奖和福建省社会科学优秀成果二等奖、洪银兴经济学奖等多项教学科研奖励。

图文 | 湛彩华

编辑 | 顾哲喻 湛彩华

初审 | 顾哲瑜

复审 | 张 浩

终审 | 徐昶斌