讲座：Mandatory Pollution Abatement, Firm Value and Stock Market Reaction
题 目：Mandatory Pollution Abatement, Firm Value and Stock Market Reaction
演讲人：王自干 助理教授 香港大学经济与工商管理学院金融系
主持人：舒海兵 助理教授 上海交通大学安泰经济与管理学院金融系
时 间：2018年5月16日14:30-16:00 新上院S209
We examine the effects of an exogenous regulatory shock in the U.S., mandatory pollution abatement, on firm performance and stock market reaction. When a greater portion of a firm’s plants are forced to spend on pollution abatement, the firm’s Tobin’s Q and stock return decrease. Moreover, the mandatory pollution abatement causes higher capital expenditure that crowds out R&D spending. The firm value decrease is consistent with a lower net income in the long run. Our results imply that the stock market responded quickly to the environmental regulatory information, and suggest that firms voluntarily choose pollution level to maximize shareholder value.
WANG Zigan is an Assistant Professor in Finance at Faculty of Business and Economics, The University of Hong Kong. His main research interests are empirical asset pricing and empirical corporate finance. He holds a PhD and a MA in Economics from Columbia University in New York, and a BA in Economics from Tsinghua University in Beijing.