Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:52:01am WEST
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Daily Overview |
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Climate Finance, Regulation and ESG Location: B128 Session Chair: Georgios P. Trachanas, National Technical University of Athens | |
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Climate sensitivity, environmental disclosure, and equity financing The Hong Kong University of Science and Technology, Hong Kong S.A.R. (China) Using a sample covering the RUSSELL 3000 constituents, we show that environmental disclosure quality is lower for firms with high stock price sensitivity to climate news. Our findings indicate that the negative association between climate sensitivity and environmental disclosure quality is stronger when firms face higher levels of stakeholder scrutiny or when their managers are risk-averse. We further show that high climate sensitivity firms issue less equity and face a heightened cost of equity when they have a higher environmental disclosure quality. These results align with the theoretical predictions of Bond and Zeng (2022) regarding the disclosure choices of firms’ managers when stakeholders’ interpretation of ESG information is ex-ante uncertain. Overall, our findings highlight the usefulness of mandatory environmental reporting to ensure the quality of environmental disclosure, particularly for firms with high degrees of climate sensitivity. | |