北航经管学院“融实论坛”系列讲座
（2026年第2期）
讲座题目：Do Institutional Investors Price Carbon Emissions? Evidence from Carbon Neutrality Bonds
讲座时间：2026/4/28，10:00-12:00
讲座地点：新主楼A1148
讲座嘉宾：路磊，University of Manitoba 曼尼托巴大学 教授
主持人：徐扬
讲座嘉宾 简介
路磊教授，现为加拿大曼尼托巴大学阿斯珀商学院（Asper School of Business）布莱斯·道格拉斯金融学讲席教授（Bryce Douglas Chair in Finance）。主要研究方向包括资产定价、行为金融、国际金融。路磊教授获麦吉尔大学（McGill University）金融学博士学位，曾先后执教于北京大学光华管理学院（2011-2016年）和上海财经大学金融学院（2007-2011年）。路磊教授在Management Science，Journal of Financial and Quantitative Analysis, Journal of Corporate Finance，Economic Theory，Journal of Economic Dynamics and Control等顶级学术期刊发表研究成果。担任Accounting and Finance，China Finance Review International期刊副主编。
讲座概要
This study examines whether bonk markets price verifiable environmental outcomes using China's carbon neutrality bonds (CNBs), which require issuers to disclose quantified and independently verified carbon emission reductions. We find that CNBs exhibit significantly lower yield spreads than both conventional green bonds and ordinary bonds, indicating a stronger green premium. More importantly, the magnitude of the premium is directly linked to environmental output: bonds promising larger reductions in CO2 emissions have lower financing costs. Mechanism analyses show that verified carbon disclosures reduce information asymmetry, attract investors with environmental preferences, and serve as credible signals in weaker institutional environments. Overall, the evidence shows that standardized carbon-reduction metrics are priced in bond markets.
