主题：Financial Constraints
and Corporate Environmental Policies（融资约束和企业环境政策）
主讲人：徐奇萍，圣母大学门多萨商德州扑克大小
金融学助理教授
日期：2017年12月27日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We show
that financial constraints affect corporate environmental policies because of significant
abatement costs associated with hazardous waste management. Exploiting two experiments
in which a firm’s external financing constraints are likely exogenously
impacted, we find that relaxation (or tightening) of external financing
constraints reduces (or increases) the firm’s toxics release. The impact of
financial constraints on toxics releases is amplified by weaker regulatory
monitoring and enforcement, by myopic managers with short horizons, and when
firms are under pressure to meet earnings targets. Overall, our evidence
highlights the real effects of financial frictions in the form of environmental
pollution.
主讲人简介:
Qiping
Xu is an Assistant Professor of Finance at Mendoza College of Business,
University of Notre Dame. She received her Ph.D. in Finance from University of
Chicago, Booth School of Business, her M.A. in Economics, M.A. in Statistics
from Ohio State University and her B.A. in Finance from Zhejiang University. Her
research interests focus on Corporate Finance, Capital Markets, Financial
Intermediaries.
