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 Zhanbing Xiao 





 POSTDOCTORAL FELLOW

The Salata Institute for Climate and Sustainability

Harvard University, 2023 - 



Ph.D. in Finance, UBC, 2023 



CV



Email: zhanbingxiao@fas.harvard.edu



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Twitter: @zhanbingxiao










RESEARCH INTERESTS:  

PRIMARY AREA: CLIMATE FINANCE

SECONDARY AREA: AI, AUTOMATION & TECH PROGRESS

In both areas, my research primarily explores the implications for the  labor
market and environmental issues.  I have also conducted work on financial
intermediation.



REFERENCES:

Joseph Aldy

Hernan Ortiz-Molina

Kai Li

Xin Zheng

Links:

The Salata Institute for Climate and Sustainability

Harvard University Center for the Environment

UBC Center for Climate and Business Solutions

Stanford Environmental Change and Human Outcomes 

Events: 

I am co-organizing a workshop on corporate carbon commitments and emissions at
Harvard Business School in Oct 2024.

Working Papers

How Does Climate Change Reshape U.S. Entrepreneurship? A Labor Channel  (Slides)

Heat risks discourage entrepreneurship  in exposed industries (Fig) (Fig), due
to increased labor-related production and financing costs (Fig).

Existing firms expand their networks, but this doesn't offset the decline in new
business formation.

This overall business decline contributes to a contraction in aggregate economic
activity (Fig), suggesting insufficient adaptation efforts.



Conference Presentations: NBER Place-Based Policies and Entrepreneurship 2024



Adaptation to Climate-induced Regulatory Risk: A Labor Perspective, with Hernan
Ortiz-Molina and Xin Zheng

Heat-exposed plants increase IT intensity after the implementation of the Heat
Illness Prevention Standard in CA and WA (Fig).

Conference Presentations: AEA 2025; FMA 2024; 20th Annual Haskell and White
Conference;  Hawaii Accounting Research Conference 2025

FMA Best Paper Award Semifinalist 2024





Labor Exposure to Climate Risk, Productivity Loss, and Capital
Deepening (Slides)

Significant heterogeneity in workers' heat  exposure within and across sectors
(Fig).

Extreme heat hurts the productivity of exposed workers (Fig). Dynamic treatment
effects (Fig).

Firms respond by shifting toward more capital-intensive production functions
(Fig),  accompanied by increases in capital expenditures and R&D expenses,
acquisition of robotics-related human capital, and development of
automation-related technology. 

Investors value the labor channel and firms' automation efforts.



Conference Presentations: SFS Cavalcade North America 2024, MFA 2024, Commodity
and Energy Markets Association (CEMA) Annual Conference 2024 at Boston
University, Swiss Society for Financial Market Research (SGF) Conference 2024
(cancelled), AFA 2023,  FIRS 2023,  AEA Poster Session 2023, Stanford Preparing
for a Changing Climate  Conference 2023, 15th  Annual Alliance for Research on
Corporate Sustainability (ARCS) Ph.D. Workshop, NFA 2022, FMA 2022, FMA Doctoral
Student Consortium 2022, LBS Trans-Atlantic Doctoral Conference (TADC)  2022,
UBC Summer Conference 2022, 35th Australian Finance and Banking Conference, New
Zealand Finance Meeting 2022, Liechtenstein Workshop of Sustainable Finance
2022, 6th Shanghai-Edinburgh-London Green Finance Conference, China
International Risk Forum (CIRF), Financial Markets and Corporate Governance
Conference 2022. 

           

FIRS Ph.D. Student Award 2023; CIRF Ph.D. Student Research Excellence Award
2022; FMA Best Paper Award Semifinalist 2022



The Economic and Financial Impact of Negative Environmental and Social
Practices: Evidence from Consumer Store Visits

with Xin Zheng and Yuxiang Zheng

Revise & Resubmit, Review of  Accounting Studies



The Industry Expertise Channel of  Mortgage Lending (Slides), with Yongqiang Chu
and Yuxiang Zheng

Revise & Resubmit, Journal of Financial and Quantitative Analysis



Balance Rights and Responsibilities in Liquidity Supply and Demand
Contracts, with John Chu

Presentations: FMA European Conference 2022, 34th Australian Finance and Banking
Conference





Publications

Agree to Disagree: Lender Equity Holdings, Within-syndicate Conflicts, and
Covenant Design, with Yongqiang Chu and Luca Lin

Journal of Financial Intermediation, 2024



Selected Work-in-Progres

Decarbonization Through Technology Progress, with Hernan Ortiz-Molina and Xin
Zheng

Preliminary Draft in Preparation

Funded by Insight Grants, Social Sciences and Humanities Research Council of
Canada

Corporate Net-Zero Carbon Targets, with Joseph Aldy, Jody Freeman, Carrie Jenks,
George Serafeim, and Michael Toffel

Multiple projects, Funded by the Salata Institute for Climate and Sustainability

Hedging Climate Risks, with Vaibhav Anand



Other Works

Smart Beta, "Smarter" Flows, with Jie Cao, Jason Hsu, Linjia Song, and Xintong
Zhan, Pre-PhD work

Interest Rate Risk, Prepayment Risk and Banks’ Securitization of Mortgages,
Resting

Selected Discussions

Picking Up the PACE: Loans for Residential Climate-Proofing, Aymeric Bellon,
Cameron LaPoint, Francesco Mazzola, and Guosong Xu



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