报告题目： Corporate Climate Change Initiatives and Stock Returns

报告时间： 2024年12月30日上午10:00

报告地点：旭日楼310

报告人： Vigdis Boasson and Emil Boasson

报告人简介：

王超（Vigdis W Boasson）博士是中密歇根大学商学院资深金融学教授。她在纽约州立大学布法罗大学获取金融博士和国际商务两个博士学位。她开创了一个基于跨学科的角度对企业财务分析深度剖析的方法，解决众多在传统金融投资学上忽视或未能解决的问题，她曾在最高层次的著名期刊如Journal of Business 等ISI 索引期刊上发表了许多高质量的学术论文。她连续几年赢得了中密歇根大学工商管理学院优秀师资奖状。此外，她在冰岛担任过中央银行的汇率研究科学家和冰岛政府的金融顾问，于1995年陪同冰岛总统芬博阿多蒂尔去中国做正式访问，受到前中国国家主席江泽民的热情接待，为促进冰中之间的友谊、 贸易、文化交流作了很大贡献。

Emil Boasson教授是中密歇根大学商学院信息系统专业的资深教授，信息系统研究生学位的教学主任。Emil Boasson教授在纽约州立布法罗大学获地理信息科学博士学位，是SSRN学者网站上是排名百分之十以上的学者。他的研究大多侧重于为区域经济发展的理论，采用地理信息系统与商业信息系统的技术，评估空间与房地产估价，金融市场摩擦等。此外，Emil Boasson曾担任冰岛总理和冰岛议会的区域经济发展方面的高级顾问，冰中文化交流协会主席，执行董事长，杂志《东方红》的主编。在冰岛参与接待江泽民、李鹏、李岚清、贺国强等中央领导准备工作，在促进中国与冰岛之间的友谊、文化、教育、贸易关系上做出了巨大贡献。

报告简介：

This study investigates the impact of climate change risks and corporate climate risk mitigation initiatives on stock returns and firm value. It addresses the gap in traditional asset pricing models by integrating climate risk factors and examines the interplay between corporate sustainability efforts, firm valuation, and risk-adjusted stock returns. Specifically, we explore the effects of climate change risks and corporate sustainability initiatives for climate change and environmental protections on stock returns and firm value. The primary motivation of this paper is four-fold.  Firstly, the traditional asset pricing model focuses on one risk factor, i.e., the market-risk premium factor. As the global climate crisis intensifies, corporations face increasing vulnerabilities stemming from physical, transition, and liability risks. Given that the global climate crisis is intensifying and there are rapid environmental changes, we can no longer ignore the impact of climate change and the environmental impact on asset pricing. Corporations face increasing vulnerabilities stemming from physical, transition, and liability risks. Secondly, although many studies have been undertaken on corporate social responsibility that include environmental variables, few studies have explored simultaneously the interplay of corporate climate risks, corporate sustainability initiatives, and firm value. To fill a gap in the academic literature, this paper empirically examines the simultaneous effects of corporate sustainability and climate change risks on firm value and risk-adjusted stock returns.  This paper contributes to several strands of literature, i.e., corporate sustainability, asset firm value, investment risk and returns, by exploring the complex interactions among multiple causal relationships.  By inserting the climate risk factor into the traditional asset pricing model, we contribute to the asset pricing literature as well as corporate sustainability literature.  The findings of this research may shed light on investment strategies that adapt to environmental and climate change.