讲座题目 | Internal Emission Markets: Emission Management by Multi-Plant Firms | ||
主讲人 （单位） | 颜安 (福特汉姆大学) | 主持人 （单位） | 尹威、朱冬梅 （东南大学） |
讲座时间 | 5月27日上午10点 | 讲座地点 | 经管楼B203 |
主讲人简介 |
颜安，福特汉姆大学商学院教授、现代金融研究中心主任、金融系系主任、北京大学与福特汉姆大学合作工商管理博士项目主任。研究方向包括∶公司社会责任，ESG金融，行为金融，金融创新，公司重组。在Journal of Financial Economics，Journal of Banking and Finance, Quarterly Journal of Finance，Journal of Corporate Finance等高水平国际期刊上发表论文几十篇，并担任Journal of Financial Stability，China Accounting & Finance Review，Journal of Economics and Business等学术期刊的副主编。 | ||
讲座内容摘要 | This paper examines how multi-plant firms strategically manage greenhouse gas (GHG) emissions among their facilities in response to local community pressures, proxied by neighborhood property values. Our analysis identifies the presence of “internal emission markets,” wherein plants are allocated a disproportionately higher share of emissions if affiliated plants under the same parent firm are located in higher-value neighborhoods. To address potential endogeneity concerns, we use California’s cap-and-trade program, plant divestitures, and parent firm IPOs as quasi-exogenous shocks. Furthermore, we find that cross-plant emission management is more pronounced among private firms relative to public ones, in less-educated neighborhoods, and within industries characterized by higher pollution intensity, lower profitability, and slower growth. Additionally, internal emission markets are accentuated when affiliated plants are located in Democratic-leaning areas and the focal plant is not. Collectively, these findings suggest that multi-plant firms systematically redistribute environmental burdens toward facilities in lower value communities. | ||
