An Institutional Perspective of Selective ESG Engagement
Institutional contexts shape selective ESG engagement in REITs across regions; strategies enhance profitability in the U.S. but reduce it in Europe.
Working Papers
Lobbying and Fossil Fuel Investment
Lobbying increases fossil fuel investments and improves financial performance without reducing political risks; raises emissions at plant level.
Regulatory Arbitrage by Governments and Land Conveyance
Local governments strategically respond to geographically imbalanced regulations, manipulating land conveyance prices to attract polluting industries, with implications for growth and air pollution.
Saving planet earth or maximizing financial gains: A global analysis of environmental performance positioning as an ESG strategy
This study examines environmental performance positioning as an ESG strategy in a global context, analyzing the trade-off between environmental commitment and financial objectives.
ESG Arbitrage and Environmental Outcomes in REITs
This study examines environmental materiality in REIT ESG strategies, finding selective ESG practices associated with better growth and profitability, but adverse environmental consequences.
Rewriting the Contract: How Bureaucratic Incentives Ended China’s Race-to-the-Bottom
Integrating environmental criteria in cadre evaluation reduces race-to-the-bottom land pricing; monitoring pressure lessens low-price conveyance.
The Twin Transition: Does Intelligent Manufacturing Crowd Out or Catalyze Green Innovation?
This study examines the relationship between intelligent manufacturing adoption and green innovation, analyzing whether digitalization supports or hinders environmental innovation efforts.
The Unintended Socioeconomic Consequences of Housing Demand Shock: Evidence from the Home-purchase Restriction Policy in China
This study examines the unintended socioeconomic consequences of housing demand shocks induced by China’s home-purchase restriction policy.
Belief to Behavior: The Role of Community and Institutional Trust in Driving Entrepreneurial Green Innovation
This paper explores how community and institutional trust influence entrepreneurial decisions to adopt green innovation practices.
Can fintech enhance household climate resilience? Evidence from P2P lending platform
This study examines how fintech platforms can enhance household resilience to climate shocks through P2P lending mechanisms.
Climate Lobbying under uncertainty: Corporate Strategies and consequences
This study examines corporate climate lobbying strategies under policy uncertainty and their consequences for investment decisions and environmental outcomes.
Climate Risk and Green Transformation in Real Estate Sector
This paper analyzes how climate risk exposure drives green transformation strategies in the global real estate industry.
Developer’s ESG Reputation Concern and Green Building Development
This study examines how developers’ ESG reputation concerns influence their green building development decisions.
Environmental Regulatory Independence and Corporate Environmental Performance
Environmental verticalization reform increased regulator independence and improved local SOEs’ environmental performance without harming profitability or valuation.
Leverage constraints and financial manipulation in the real estate sector
This study examines how leverage constraints affect financial manipulation practices in the real estate sector.
Performance Measurability and Air Pollution Control: Evidence from a Quasi-experiment in China
This study examines the impact of performance measurability on the effectiveness of local governments in mitigating air pollution. Utilizing a difference-in-differences approach leveraging the 2013 Air Pollution Prevention and Control Action Plan in China, the reduction in PM2.5 is more pronounced with stronger career concern incentives and higher reliance on financial transfers.
The Patient Capital Catalyst: Government Support and Global Green Real Estate Projects
This study investigates how government support mechanisms facilitate patient capital investment in sustainable real estate development.
The Price of Pandemic Fear in the Residential Rental Market: Evidence from Hong Kong
This study examines how pandemic fear affects rental prices in Hong Kong’s residential market.
Judicial independence and audit costs
Manuscript in progress.
Property presale and extra-budgetary revenue
Data cleaning in progress.
Unfinished buildings and loan suspension
Data cleaning in progress.