SPEAKER：王昊 （香港理工大学）

TIME/DATE：2026.4.7   12:00-13:00

CLASSROOM：A505

TENCENT：924109583，PW：166390

LINK：https://meeting.tencent.com/dm/0LFznkcgLCMr

ABSTRACT：We analyze the pricing of carbon risk in the cross-section of global corporate bond returns. We find that the relation between carbon emission intensity and future bond returns is insignificant before the Paris Agreement, but becomes significantly positive afterward. The positive carbon premium is more pronounced in countries with stricter climate policies and greener energy structures. Our results are robust to various specifications and cannot be explained by investor overreaction. Our findings suggest that the market demands a risk premium due to the anticipation of climate policy risk, and carbon risk is priced in the global corporate bond market.

GUEST BIO：王昊是香港理工大学会计与金融学院博士生。他拥有悉尼大学商学硕士学位，并在于蒙纳士大学获得商学学士（荣誉）学位。他的研究方向包括资产定价、固定收益市场、国际金融以及气候金融。