伟德BETVlCTOR1946学术系列活动之金融学系列Seminar第91期
主题：Climate Policy Uncertainty, Carbon Intensity and Stock Returns: Evidence from China
主讲人：陈汕 西南财经大学
主持人：林智韬 BETVLCTOR伟德官网下载
时间：2023年11月15日（周三）下午14:30
地点：BETVLCTOR伟德官网下载石牌校区伟德BETVlCTOR1946大楼（中惠楼）102室
摘要
We investigate the Climate Policy Uncertainty (CPU) premium and the carbon premium in the Chinese stock market, both unconditionally and conditionally. In the univariate sorting portfolio test, no clear relationship between CPU exposure and stock returns emerges. However, we discover a notable and negative CPU premium for firms with low carbon intensity. The carbon premium is robust in both unconditional and conditional tests, and stronger for firms with higher CPU exposure. These findings are consistent with the q-theory of investment with carbon emission process, not with the intertemporal CAPM framework.
主讲人简介
陈汕，香港城市大学金融学博士，现任西南财经大学金融学院副教授。研究方向为资产定价、股票期限结构和收益率预测。主持西南财经大学中央高校青年成长项目一项，参与香港特别行政区研究资助局优配研究资金项目多项，研究成果发表于Pacific-Basin Finance Journal。
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校对 | 林智韬
责编 | 麦嘉杰
初审 | 黄 振
终审发布 | 郑 贤
