Climate Vulnerability and Stock Price Crash Risk Worldwide

（全球气候脆弱性和股价暴跌风险）

时间：2023年3月20日（周一）10:00-11:30

地点：北京大学经济学院305教室

主讲人：倪骁然  

摘要：Using a global dataset, we document that market-level climate vulnerability is positively associated with an individual firm’s stock price crash risk. We establish causality by using both an instrumental variable analysis and a 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 has adverse stock market consequences though a prominent destabilizing effect.

主讲人简介：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、金融系副主任。研究专长为利益相关者与金融风险防范。在《经济研究》《管理世界》《经济学（季刊）》《金融研究》、Journal of Corporate Finance、Journal of Banking and Finance等国内外重要学术期刊发表论文40余篇。主持国家自然科学基金面上项目、青年项目。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。