财务与金融系学术讲座系列2020年第4讲

主 题：伪装下的工业污染

主讲人: SUMIT AGARWAL（新加坡国立大学)

协调人: 高晓丹

时 间：2020-10-16 10:00

地 点：Zoom 会议室

语 言：英文

协调人：高晓丹

Zoom 会议室地址：

https://zoom.com.cn/j/69565574246?pwd=VFROVDIyMXdCYjQ2MEg4bURCaTlOZz09

会议 ID：695 6557 4246

密码：107027

讲座摘要：

In this paper, we study the disguised pollution of industrial firms in China. We find that sulfur dioxide (SO2) readings increase by 15.9% in monitoring stations four hours after sunset, relative to four hours before, in high factory density areas, controlling for station-day and city-hour fixed effects. In addition, we also find significantly increased readings for PM2.5 and PM10 in these areas after sunset. However, we do not find an increase in SO2 and other pollutants in firms directly monitored by the Continuous Emissions Monitoring System (CEMS) system. Next, using daily hospital visits data, we document that such disguised pollution behavior has unforeseen health consequences: cumulative exposure to SO2 above 40 ????????g/m3 for three days increases hospital visits on the entire population’s respiratory diseases by 15.6%. Physical inspections by the Ministry of Environmental Protection can only temporarily reduce pollution and hospital visits. Our findings suggest that reliance on physical inspections to enforce regulations is ineffective if firms can increase production activities to non-daylight hours. Direct monitoring, as is done with some large polluters in China, can prevent this and should be cost effective to extend to all the industrial polluters.

主讲人简介：

Sumit Agarwal is the Low Tuck Kwong Professor at the School of Business and Professor in the departments of Economics, Finance and Real Estate at the National University of Singapore. Previously, he held positions as a Professor of Finance at Georgetown University, senior financial economist in the research department at the Federal Reserve Bank of Chicago and a senior vice president and credit risk management executive in the Small Business Risk Solutions Group of Bank of America. 

Sumit’s research interests include issues relating to financial institutions, household finance, behavioral finance, international finance, real estate markets, urban economics and capital markets. He has published over eighty research articles in journals like the American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial Intermediation, Journal of Money, Credit, and Banking among others. Additionally, he has co-written a book titled Kiasunomics and co-edited a collected volume on Household Credit Usage: Personal Debt and Mortgages.