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Annual Conference

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Sustainable and Green Finance

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May 2025

Pricing the Priceless: The Financing Cost of Biodiversity Conservation

Fukang CHEN, Minhao CHEN, Lin William CONG, Haoyu GAO, Jacopo PONTICELLI
Biodiversity conservation incurs substantial economic costs. We investigate how financial markets price the risks such costs induce, exploiting the “Green Shield Action,” a major regulatory initiative launched in China in 2017 to enforce biodiversity preservation rules in national nature reserve...
Keywords: Alternative Data, Biodiversity Transition, Bonds, China, Sustainability
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Annual Conference

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Sustainable and Green Finance

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May 2022

Polluted IPOs

Meng MIAO, Zhengyu ZUO, Wei WANG
Using location- and time-specific fine particulate matter pollution (PM2.5) data in Beijing, we document that regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for listing firms’ characteristics, the composition of the IPO revie...
Keywords: Air Pollution, IPO, Regulatory Oversight, China, Cognitive Ability, Mood
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Annual Conference

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Sustainable and Green Finance

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May 2024

Opening the Brown Box: Production Responses to Environmental Regulation

Rebecca DE SIMONE, S. Lakshmi NAARAAYANAN, Kunal SACHDEVA
We study production responses to emission capping regulation on manufacturing firms. We find that firms reduced their pollution as they transitioned from self-generated to externally sourced electricity, shifted toward producing less coal-intensive products, and increased their abatement expenditure...
Keywords: Abatement, Firm Production, Profitability, Environmental Regulation
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Annual Conference

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Sustainable and Green Finance

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May 2023

Impact Investing and Venture Capital Industry: Experimental Evidence

Ye ZHANG
This paper studies the effect of startups’ ESG characteristics on venture capitalists’ investments by linking investors’ behavior in an incentivized experiment to their real-world portfolio data. I find that investors perceive impact ventures to be less profitable and harder to evaluate than s...
Keywords: Sustainable Finance, Field Experiments, Venture Capital, Entrepreneurship
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Annual Conference

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Sustainable and Green Finance

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May 2025

Green Mortgages

Joao F. COCCO, Bernardo MENDES, S. Lakshmi NAARAAYANAN
Using data on the universe of mortgages on offer in the United Kingdom, we study the prevalence and features of green mortgages, used for the financing of energy-efficient properties. We uncover substantial heterogeneity in their financial benefits. Products with preferential rate provide discounts ...
Keywords: Real Estate, Household Finance, Financial Institutions, Energy Efficiency, Climate Change
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