主题：Internal Emission Markets: Emission Management by Multi-Plant Firms
主讲人：An Yan（颜安），福特汉姆大学教授
时间：5月23日（周五）上午10:00-11:30
地点：1-301教室
语言：英文
摘要：
This paper examines how multi-plant firms strategically manage greenhouse gas (GHG) emissions among their facilities in response to local community pressures, proxied by neighborhood property values. Our analysis identifies the presence of “internal emission markets,” wherein plants are allocated a disproportionately higher share of emissions if affiliated plants under the same parent firm are located in higher-value neighborhoods. To address potential endogeneity concerns, we use California’s cap-and-trade program, plant divestitures, and parent firm IPOs as quasi-exogenous shocks. Furthermore, we find that cross-plant emission management is more pronounced among private firms relative to public ones, in less-educated neighborhoods, and within industries characterized by higher pollution intensity, lower profitability, and slower growth. Additionally, internal emission markets are accentuated when affiliated plants are located in Democratic-leaning areas and the focal plant is not. Collectively, these findings suggest that multi-plant firms systematically redistribute environmental burdens toward facilities in lower-value communities.
主讲人介绍：
An Yan is the Robert Bendheim Chair Professor in Economics and Financial Policy and area chair at the Gabelli School of Business. Professor Yan is also the director of the Doctor of Professional Studies in Business program in collaboration with Peking University’s National School of Development, and co-director of the Center for Research in Contemporary Finance.
Professor Yan received his undergraduate degree from Tsinghua University, China, and his Ph.D. in finance from Boston College. His main research interest is in theoretical and empirical corporate finance. He has published his research in the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis and other significant academic outlets.
