Annual Conference

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Sustainable and Green Finance

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May 2024

The Effect of Carbon Pricing on Firm Performance

Tinghua DUAN, Frank Weikai LI, Hong ZHANG
Carbon pricing is considered as one of the most cost-effective ways to reduce carbon emissions. However, a major block to pricing carbon pollution is the concern about the economic costs. This paper examines the impacts of carbon pricing initiatives on the operating performance and market value of p...
Keywords: Climate change, carbon pricing, carbon tax, emission trading systems, carbon premium, distributional effects
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Annual Conference

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Sustainable and Green Finance

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May 2024

Fighting Climate Change with FinTech

Antonio GARGANO, Alberto G. ROSSI
We study the environmental sustainability of individuals’ consumption choices using unique data from a FinTech App that tracks users’ spending and emissions at the transaction level. Using a randomized encouragement design, we show that individuals are likely to purchase carbon calculator servic...
Keywords: FinTech, Climate Change, Household Finance, Sustainable Behavior
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Annual Conference

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Sustainable and Green Finance

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May 2024

Feedback on Emerging Corporate Policies

Sean CAO, Itay GOLDSTEIN, Jie HE, Yabo ZHAO
We explore the role of market feedback in navigating emerging corporate policies on AI/green technologies. By assembling and analyzing a comprehensive sample of corporate disclosures in which managers discuss their forward-looking investment plans on AI/green technologies, we find that firms adjust ...
Keywords: Emerging Technologies, Artificial Intelligence, Carbon Emissions, Green Investment, Feedback, Managerial Learning
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Annual Conference

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Sustainable and Green Finance

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May 2024

Dirty Air and Green Investments: The impact of pollution information on portfolio allocations

Raymond FISMAN, Pulak GHOSH, Arkodipta SARKAR, Jian ZHANG
We study exposure to pollution information and investment portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework, we show that retail investors' investments in ``brown'' stocks are negatively related to local air pollution afte...
Keywords: ESG, Sustainable Investing, Pollution Information
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Annual Conference

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Household Finance

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May 2024

Mutual Risk Sharing and Fintech: The Case of Xiang Hu Bao

Hanming FANG, Xiao QIN, Wenfeng WU, Tong YU
Unlike standard insurance where an intermediary–the insurance company–collects premiums and pays reimbursements for the enrollees, mutual risk sharing directly shares losses among participants. Meaning ‘mutual aid’ in Chinese, Xiang Hu Bao (XHB) was the largest online mutual risk sharing pla...
Keywords: Mutual risk sharing, FinTech, Separating equilibrium, Advantageous selection, Sharing economy
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