2024年3月28日（周四）13:30-15:00  李明浩（北京大学）

讲座系列：前沿专题系列讲座第45场

讲座人：李明浩（北京大学国家发展研究院助理教授）

时   间：2024年3月28日（周四）13：30-15：00

地   点：博学楼1222

主持人：彭玉磊（对外经济贸易大学国际经济贸易学院经济学系副教授）

讲座题目：The Carbon Risk Premium in Production Networks

讲座摘要：This paper develops a tractable general equilibrium model with input-output linkages, carbon emissions and aggregate regulatory risks, to investigate the asset pricing implications of carbon emissions. Analytically, we demonstrate that the carbon risk premium is captured by two sufficient statistics: the direct carbon risk exposure and the indirect carbon risk exposure, the latter representing the network effect. We empirically measure these two exposures and show that the indirect carbon risk exposure accounts for most of the cross-sectional variations in firms' stock returns, over and above any direct measure of firms' carbon emissions. Specifically, stocks in the first quintile, measured by the indirect carbon risk exposure, earn an average annual return of 5.7% than those in the fifth quintile. In contrast, direct carbon risk exposure does not generate a significant risk premium.

主讲人简介：李明浩，北京大学国家发展研究院的助理教授。2020年于耶鲁大学获得经济学博士，主要研究领域是宏观经济学和货币经济学；他的研究兴趣集中在货币政策的传导机制，以及经济中的生产网络和信息摩擦。目前主持一项国家自然科学基金青年基金。

个人主页链接：https://www.minghaoli.com