报告主题：Climate Change, Operating Flexibility, and Corporate Investment Decisions
主讲嘉宾：香港大学林晨教授
报告时间：2019年10月15日（周二），13：30
报告地点：会计学院206报告厅
主讲嘉宾
Professor Chen LIN joined The University of Hong Kong (HKU) as Chair of Finance at the Faculty of Business and Economics in 2013. Before joining HKU, he was on the faculty team of the Department of Finance at the Chinese University of Hong Kong (CUHK). At CUHK, he became Full Professor in Finance in 2010 and was awarded the Choh-Ming Li Professorship in Finance in 2012. He received his Bachelor of Engineering from the South China University of Technology in 2000 and a MBA (2004), M.A. (2005) and Ph.D. (2006) from Warrington College of Business Administration, University of Florida. His research interests include banking and financial institutions, corporate finance, financial technology, entrepreneurship and innovation, finance and economic development.
主讲内容
Extreme temperatures and less predictable weather lead to large fluctuations in electricity demand and the wholesale price of electricity, which in turn affects the optimal production process for firms to use. Using a large international sample of planned power plant projects, we measure the way that electric utilities’ investment decisions depend on the frequency of extreme temperatures. We find that electricity-producing firms invest more in regions where temperatures are becoming more extreme, mostly in flexible power plants that can easily adjust their output. Our results suggest that climate change is becoming a meaningful factor affecting firms’ behavior.
TOP