2025年9月25日（周四）15:30-17:00 Xiaoyang Li （Deakin University）

讲座系列：现代金融理论与政策系列讲座第4场（学科发展系列讲座总期第96场）

讲座人：Xiaoyang Li （Deakin University）

时间：2025年9月25日（周四）15:30-17:00

地点：博学楼1220

主持人：李晓明（对外经贸大学国际经济贸易学院金融学系助理教授）

讲座题目： Arm’s Length or Arm-in-arm? Multibusiness firms’ Institutional Arbitrage in Medical Monitoring Claims

讲座摘要：We examine how firms respond to heightened environmental liability using the staggered adoption of Medical Monitoring Claims （MMCs） across U.S. states. MMCs allow plaintiffs exposed to hazardous substances to seek compensation for periodic medical tests, even in the absence of physical injury. We find that MMC adoption leads to a significant decline in the toxic emissions of facilities, particularly carcinogenic and airborne pollutants. These effects are driven by single-unit and single-state firms, while multi-unit, multi-state firms arbitrage and adjust emissions strategically. Emission reduction is more pronounced in counties with stronger social activism and among facilities with greater environmental capability. We provide some of the first empirical evidence that multibusiness firms arbitrage to internalize external shocks.

主讲人简介：

Xiaoyang Li is a Professor of Finance and Chair of the Finance Discipline Group at Deakin Business School. Before joining Deakin, he was an Associate Professor at the Shanghai Advanced Institute of Finance （SAIF）, Shanghai Jiao Tong University. He received his PhD from the University of Michigan in 2011. He has published in the Journal of Financial Economics, Review of Finance, Strategic Management Journal, and Journal of Corporate Finance, among others. His teaching and research interests cover topics in mergers and acquisitions, corporate governance, entrepreneurial finance, and innovation.