北航经管学院“融实论坛”系列讲座
(2024年第3期,总第60期)
讲座题目:Media Climate Change Concern and Stock Returns
讲座时间:2024.4.25(周四)19:30-21:00
讲座地点:A1148
讲座嘉宾:凃俊 教授
讲座嘉宾 简介
现任上海交通大学安泰经济与管理学院金融系教授、上海交通大学中银科技金融学院教授。凃俊教授于2004 年获得华盛顿大学金融学博士学位,并于同年加入新加坡管理大学李光前商学院。研究领域涉及行为金融, 金融科技,文本分析和机器学习,金融计量,资产定价等。研究获得多个研究奖项,包括金融研究评论 (Review of Financial Studies) 2015—2016年度最高阅读次数奖和最高被引论文奖,Lee Foundation Fellowship for Research Excellence, Sing Lun Fellowship, Pacific Basin Finance Journal Prize (First Prize), 和华盛顿大学研究奖学金。已在顶级国际学术期刊上发表多篇学术论文,包括Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science。 兼任亚洲资产证券化管理研究中心主任 (2012-2014),Journal of Economic Dynamics and Control 副主编(2018年1月 -), 《China Finance Review International》副主编 (2021年1月 -)及Emerging Markets Finance and Trade(SSCI) 领域主编 (2013 -) 等职务。
讲座概要
This paper introduces a media climate change concern (ΔCMCCC) index, derived from unexpected climate change coverage across diverse media channels, including print (newspapers), voice (radio), and video (television). The index negatively predicts aggregate stock market returns, both in-sample and out-of-sample, offering potential gains for investors. Our findings emphasize the media’s influence on market returns through climate change discussions, mainly via the cash-flow channel, not the discount-rate channel. This reveals possible shifts in product demand, while demand for green or brown stocks may not be altered as expected, possibly due to “greenwashing” by institutional investors exaggerating their environmental commitments.