题　目：Profits Lost in the Haze: Effects of Wildfire Smoke on Firm Performance

嘉　宾：Michael Shen Assistant Professor National University of Singapore

主持人：黄立 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年02月28日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A503室

内容简介:

This paper examines the causal effects of climate change–induced air pollution on corporate performance. Using wildfire smoke exposure as a novel setting, we find that wildfire smoke exposure at firm headquarters adversely affects firms’ operating performance. This effect is more pronounced for firms with more skilled workers, because those employees have higher marginal productivity and are more costly to replace. Additional analyses reveal that wildfire smoke leads to a disruption in firms’ human capital, evidenced by higher turnover rates, lower employee tenure, and higher operating expenses. However, firms’ green innovation helps mitigate such adverse effects of wildfire smoke. Overall, our study documents evidence that wildfire smoke, a byproduct of climate-induced events, significantly impairs U.S. firm performance.

演讲人简介：

Assistant Professor Michael Shen is an assistant professor of accounting at the NUS Business School, National University of Singapore from 2018. He received his Ph.D. from Michigan State University in 2018.

His research explores the application of labor market information in capital market research. His research focuses on 1) the consequences of financial reporting on labor market outcomes; 2) the determinants and consequences of new technology implemented by corporate firms and audit firms; and 3) information content in public disclosure using textual analysis.

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