讲座题目：Spillover effect of insurers' climate risk disclosure on their investees' carbon emissions
主讲人简介：Professor CHENG, Jiang is currently a faculty member at Lingnan University in Hong Kong SAR, where he specializes in insurance regulation, insurance accounting, and ESG topics in insurance. Prior to joining Lingnan, he taught at Shanghai Jiao Tong University and Shanghai University of Finance and Economics. In addition, he has also served as a visiting professor at National Taiwan University and Indiana State University. With over 20 academic papers published in leading finance, insurance, and actuarial science journals such as JFQA, JRI, Geneva Review, and NAAJ, he is a highly accomplished researcher. He was the primary investigator for the general project of the National Natural Science Foundation of China, as well as numerous provincial and ministerial level projects. He is currently the main investigator for two Hong Kong Research Grants Council General Research Funds. Professor CHENG has received numerous academic awards, including best paper awards in international annual conferences such as the Asia Pacific Risk and Insurance Association.
内容提要：We investigate how insurers’mandatory climate risk disclosure affect their corporate bond investees’environmental friendliness by relying on the adoption of the Climate Risk Disclosure Survey (CRDS) by the U.S. insurance industry and a difference-in-differences research design. We find that the adoption reduces carbon emissions by treated insurers’investees, consistent with investors’climate risk disclosure having transmission effects on improving investees’environmental performance. This reduction is more pronounced when there is more public pressure on the insurers and/or their investees to be more climate friendly, when the insurers are likely to monitor their investees more closely, when the investees are more dependent on financing from the insurers, and when the insurers face less competition in their underwriting business.