演讲人：战昕彤（复旦大学管理学院，李达三讲席教授、博士生导师）

时间：2024年11月4日（周一）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：547978521

会议密码：585720

参会链接：https://meeting.tencent.com/dm/BIz57DOJZAM7

摘要：This paper examines the impact of opioid abuse on firms’ financing costs in the equity market. We document that firms’ exposure to opioid abuse leads to a higher implied cost of equity capital. Using the staggered adoption of state-level Prescription Drug Monitoring Programs, we establish the causality of this relationship. The adverse effects are exacerbated for firms that rely more on labor and in states with enacted labor-protective laws, and can be alleviated if firms have more power to regulate employees. We conclude that investors demand return compensation for labor risks associated with higher opioid abuse exposure. Additional evidence shows that firms’ cost of debt capital is not significantly affected by firms’ exposure to opioid abuse. And the equity (bond) issuance is less (more) sensitive to Tobin’s q for firms exposed to opioid abuse. Consequently, firms’ leverage ratio significantly increases. In total, the results indicate that firms turn to the debt market when facing higher equity financing costs caused by opioid abuse.

个人简介： Xintong Zhan is currently a Professor of Finance and Li-Dasan Endowed Chair at Fudan University School of Management (FDSM), a fellow at Asian Bureau of Finance and Economics (ABFER), and a honorary fellow at Lau Chor Tak Institute of Global Economics and Finance at Chinese University of Hong Kong. She is both a CFA Charterholder and a CAIA Charterholder. Prof. Zhan’s research interests are in empirical asset pricing, sustainable finance, and derivatives. She currently serves as associate editors at China Accounting and Finance Review (CAFR) and International Review of Finance (IRF). Her work has appeared in a variety of academic journals including the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and Management Science.