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报告人简介：
高昊宇，中国人民大学吴玉章特聘教授，博士生导师，财政金融学院货币金融系副主任，国家优秀青年科学基金项目获得者、第5届中国科协“青年人才托举工程“入选人。研究兴趣主要集中在银行与金融中介、金融风险管理、可持续金融与中国资本市场等方面。代表性学术成果发表在 The Journal of Finance （JF）、The Review of Financial Studies (RFS). Journal of Financial Economics (JFE). Journal of Financial and Quantitative Analysis （JFQA）、《管理世界》、《金融研究》、《系统工程理论与实践》、《管理科学学报》、《世界经济》、《经济学季刊》等国内外金融管理领域权威刊物。他结题一项国家自然科学基金青年项目（后评估特优），主持一项国家自然科学基金面上项目。
报告内容简介：
Biodiversity conservation incurs substantial economic costs. We investigate how financial markets price the risks such costs induce, exploiting the "Green Shield Action," a major regulatory initiative launched in China in 2017 to enforce biodiversity preservation rules in national nature reserves.While improving biodiversity, the initiative led to significant increases in bond yields for municipalities with these reserves, effectively increasing the cost of public capital. The effects are driven by increases in local governments' fiscal risk due to expected increases in transition costs resulting from shutting down illegal economic activities within reserves and additional public spending on biodiversity. Investors show little non-financial consideration towards endeavors counteracting biodiversity loss.
