Time/时间：2026.04.24 10:00-11:30

Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室

Topic/题目：An Environmental Valuation Margin Recovered From Physical Investment and Asset Prices

Speaker/报告人：吴致霆助理教授

Content/报告内容简介

We provide a production-based estimate of an environmental valuation margin, defined as the slope of an aggregate production frontier between physical output and environmental outcomes. This valuation margin links (i) equity risk premia governed by the pricing kernel and (ii) convenience yields reflecting non-pecuniary holding benefits through the same equilibrium-implied production tradeoff, and admits a market-implied shadow-wedge interpretation. Empirically, the green premium is accounted for by equity-premium differentials net of convenience-yield differentials, and variation in environmental technology explains 49 percent of this premium.

About the Speaker/报告人介绍

吴致霆，曾在英国圣安德鲁斯大学获得金融经济学博士学位，现任厦门大学财务管理与会计研究院助理教授。主要研究方向为宏观资产定价，公司金融以及数量经济学。