報告題目🐥： Corporate Climate Change Initiatives and Stock Returns

報告時間： 2024年12月30日上午10:00

報告地點🛫：旭日樓310

報告人： Vigdis Boasson and Emil Boasson

報告人簡介：

王超（Vigdis W Boasson）博士是中密歇根大學商沐鸣2資深金融學教授。她在紐約州立大學布法羅大學獲取金融博士和國際商務兩個博士學位🤾🏻。她開創了一個基於跨學科的角度對企業財務分析深度剖析的方法，解決眾多在傳統金融投資學上忽視或未能解決的問題，她曾在最高層次的著名期刊如Journal of Business 等ISI 索引期刊上發表了許多高質量的學術論文。她連續幾年贏得了中密歇根大學工商沐鸣2注册優秀師資獎狀。此外，她在冰島擔任過中央銀行的匯率研究科學家和冰島政府的金融顧問，於1995年陪同冰島總統芬博阿多蒂爾去中國做正式訪問，受到前中國國家主席江澤民的熱情接待👨🏿‍🍳，為促進冰中之間的友誼、 貿易🧛🏽‍♂️🔖、文化交流作了很大貢獻。

Emil Boasson教授是中密歇根大學商沐鸣2信息系統專業的資深教授，信息系統研究生學位的教學主任。Emil Boasson教授在紐約州立布法羅大學獲地理信息科學博士學位🙆🏽‍♀️，是SSRN學者網站上是排名百分之十以上的學者。他的研究大多側重於為區域經濟發展的理論，采用地理信息系統與商業信息系統的技術📒，評估空間與房地產估價，金融市場摩擦等。此外，Emil Boasson曾擔任冰島總理和冰島議會的區域經濟發展方面的高級顧問，冰中文化交流協會主席，執行董事長🧔‍♀️，雜誌《東方紅》的主編。在冰島參與接待江澤民、李鵬、李嵐清🙎🏼‍♂️、賀國強等中央領導準備工作，在促進中國與冰島之間的友誼🙅🏽、文化、教育↕️、貿易關系上做出了巨大貢獻。

報告簡介：

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.