题　目：Opioid Epidemic and the Implied Cost of Equity

嘉　宾：曹杰（Jie Cao） 教授 香港理工大学

主持人：黄立 助理教授 金沙威尼斯欢乐娱人城

时　间：2024年12月26日（周四）10:00-11:30

地　点：金沙威尼斯欢乐娱人城 徐汇校区安泰楼A507室

内容简介:

This paper examines the effect of public health emergencies on corporate financing costs. We document that firms’ exposure to opioid abuse is associated with a higher implied cost of equity capital. Relying on the staggered adoption of state-level Prescription Drug Monitoring Programs, which exogenously reduces local firms’ opioid exposure, we establish the causality. The adverse effects are exacerbated for firms with lower bargaining power than employees. We rule out demand shocks, i.e., the focal firm’s customers exposed to the opioid pandemic. Our evidence shows that equity investors demand compensation for bearing the labor risks caused by public health emergencies. As a consequence, opioid-exposed firms tend to issue debt rather than equity.

演讲人简介：

曹杰教授现任香港理工大学会计与金融学院正教授, 博士生导师。他亦担任香港证监会学术评审咨询委员会委员, 香港金融管理局金融研究院咨询委员，联合国可持续证券交易所倡议组织学术委员。在加入香港理工大学之前, 曹杰教授曾执教于香港中文大学商学院并获得终身教职。他的研究领域为实证资产定价、金融衍生品、以及可持续金融等。他的研究成果见诸于 Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science 等顶级金融学及管理学期刊。曹杰教授目前担任国际知名金融期刊 International Review of Finance 的共同主编以及国际权威金融期刊 Financial Management 的副主编。他亦担任CFA创办的金融业界国际权威期刊 Financial Analysts Journal的编委会成员。

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