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Real Effects of Carbon FinancializationÂ
Job Market Paper
Carbon Financialization is charaterized by:
Limits to arbitrage (inelastic carbon market)
A surge in financial hedging and diversification
Association with a decline in price informativeness
Real Effects:
Firms reduce emissions less efficiently
Misallocation of carbon allowances
Runner-up prize in the 4th Annual FIASI-Gabelli School Student Research Competition on ESG
JMP_ZhiminChen.pdfA positive green technology news leads to a transitory greenflation, a temporary increase in inflation expectations, and notably a persistent rise in prices.
Patent-Based Oil Supply News Shocks and Asset Prices
Coauthor: Nikolai Roussanov
Patent-based oil supply shocks help explain the stock-oil correlation and currency puzzles.
The Shadow Cost of Sustainable Financing
Coauthors: Boris Nikolov and Enrique Schroth
We structurally estimate the effects of sustainable investing on corporate valuation.
Subjective Beliefs and Return Predictability
Coauthors: Lorenzo Bretscher and Andrea Tamoni
Subjective beliefs combined with machine forecasts can improve return predictability.
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