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Essays in Sustainable Finance and Asset Pricing /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Sustainable Finance and Asset Pricing /Mingye Cynthia Yin.
作者:	Cynthia Yin, Mingye,
面頁冊數:	1 electronic resource (237 pages)
附註:	Source: Dissertations Abstracts International, Volume: 87-05, Section: A.
附註:	Advisors: Stulz, René M.; Zhang, Lu Committee members: Ben-David, Itzhak; Goncalves, Andrei S.
Contained By:	Dissertations Abstracts International87-05A.
標題:	Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32412279
ISBN:	9798263310943

Essays in Sustainable Finance and Asset Pricing /
Cynthia Yin, Mingye,

Essays in Sustainable Finance and Asset Pricing /Mingye Cynthia Yin. - 1 electronic resource (237 pages)

Source: Dissertations Abstracts International, Volume: 87-05, Section: A.

This dissertation examines how financial markets influence real economic outcomes through sustainability preferences, disaster risk, and institutional ownership, focusing on sustainable finance and asset pricing questions.The first chapter studies the real effects of investors? sustainability preferences on firms? investment decisions. While prior research highlights investor-driven reallocation from dirty to clean capital, I show that dirty and clean capital are highly complementary, limiting substitution. Using a novel empirical strategy and a model incorporating both risk-based and nonpecuniary investor preferences, I find that current levels of complementarity restrict the impact of sustainability preferences, underscoring the need for technological innovation.The second chapter addresses the "credit spread puzzle" the disconnect between high corporate credit spreads and low realized default losses. I develop a dynamic capital structure model with long-term debt and disaster risk. Unlike short-term debt models, long-term bonds serve as hedges in disaster scenarios. At the firm level, disaster risk drives spreads through default risk, risk premia, and capital structure choices. I show that real and financial frictions lead firms to lower leverage in normal times, while financially constrained firms face sharp spread increases following disasters.The third chapter explores the link between socially responsible institutional ownership and gender pay equality using administrative employee-level data. I find no direct association between social ownership and the unexplained gender pay gap. However, socially responsible investment is significantly associated with a lower gap in firms with female directors. We show that managers talk more about topics related to gender equality during earnings calls when there are more female directors, suggesting that firms with female directors pay more attention to gender equality.

English

ISBN: 9798263310943Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Sustainable finance

Essays in Sustainable Finance and Asset Pricing /
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520 $a This dissertation examines how financial markets influence real economic outcomes through sustainability preferences, disaster risk, and institutional ownership, focusing on sustainable finance and asset pricing questions.The first chapter studies the real effects of investors? sustainability preferences on firms? investment decisions. While prior research highlights investor-driven reallocation from dirty to clean capital, I show that dirty and clean capital are highly complementary, limiting substitution. Using a novel empirical strategy and a model incorporating both risk-based and nonpecuniary investor preferences, I find that current levels of complementarity restrict the impact of sustainability preferences, underscoring the need for technological innovation.The second chapter addresses the "credit spread puzzle" the disconnect between high corporate credit spreads and low realized default losses. I develop a dynamic capital structure model with long-term debt and disaster risk. Unlike short-term debt models, long-term bonds serve as hedges in disaster scenarios. At the firm level, disaster risk drives spreads through default risk, risk premia, and capital structure choices. I show that real and financial frictions lead firms to lower leverage in normal times, while financially constrained firms face sharp spread increases following disasters.The third chapter explores the link between socially responsible institutional ownership and gender pay equality using administrative employee-level data. I find no direct association between social ownership and the unexplained gender pay gap. However, socially responsible investment is significantly associated with a lower gap in firms with female directors. We show that managers talk more about topics related to gender equality during earnings calls when there are more female directors, suggesting that firms with female directors pay more attention to gender equality.
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653 $a Asset pricing
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720 1 $a Zhang, Lu $e degree supervisor.
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