The 2025 Massey Sustainable Finance Conference

8:30 - 9:00 (30min)

Registration & Coffee

Welcoming Foyer

9:00 - 9:30 (30min)

Welcome & Opening Remarks

NUFE Library Auditorium

9:30 - 10:30 (1h)

The “Chilling” Effect of Climate Laws on Cross-Border Mergers and Acquisitions

NUFE Library Auditorium

Professor Dragon Tang

10:30 - 11:00 (30min)

Morning Tea

Welcoming Foyer

11:00 - 12:30 (1h30)

B1: Corporate Social Responsibility I

Room 01

Amine Tarazi (Université de Limoges, France)

› Shareholder Conflicts of Values and Preferences, Policy Uncer-tainty, and Price Gaps between Dual-Listed A- and H-Shares in China - Zhang Haofei, Ningbo University of Technology 11:00-12:30 (1h30)

› Mending Fences: Do Target Firms Bolster Corporate Social Responsibility after Unsuccessful Takeovers? - Zhenyu Zhang, Hong Kong Baptist University 11:00-12:30 (1h30)

› Prior Lending Relationships and the Effectiveness of Commitments in Sustainability-Linked Loans - Amine Tarazi, Université de Limoges, France 11:00-12:30 (1h30)

11:00 - 12:30 (1h30)

B2: Environmental, Social and Governance I

Room 02

Tuan Shew Chng (Xi'an Jiaotong-Liverpool University, China)

› Human Capital Disclosure in Corporate Earnings Call - Lu Zhou, The Chinese University of Hong Kong, Shenzhen 11:00-12:30 (1h30)

› Climate Risk Disclosure and Return Anomalies: A Textual Analysis of Chinese A-Shares - Xiao-Ming Li, Massey University 11:01-12:30 (1h29)

› Nothing environmental, its just business - Michael Chng, Xi'an Jiaotong-Liverpool University 11:02-12:30 (1h28)

11:00 - 12:30 (1h30)

B3: Green Finance I

Room 03

Luca Lin (State University of New York at Buffalo, United States of America)

› The monitoring costs of green lending - Luca Lin, State University of New York at Buffalo 11:00-12:30 (1h30)

› The Dynamics of Assurances in the Global Green Bond Market - Jiahang Zhang, The University of Hong Kong 11:00-12:30 (1h30)

› Unlocking Financial Benefits: How Green Bond Issuance Lowers Bank Loan Costs Globally - Lanhao Gao, Newcastle Business School, University of Newcastle 11:01-12:30 (1h29)

11:00 - 12:30 (1h30)

B4: Behavioral Finance & Sustainability I

Room 04

Ruobing Yan (Harbin Institute of Technology, China)

› Trust and Lottery-Related Anomalies - Ya Gao, University of South Australia 11:00-12:30 (1h30)

› The Puzzle of Successful Repurchase: Market Inefficiencies, Managerial Skill, or Both? - Han Zhou, Monash university 11:00-12:30 (1h30)

› From Equity Greenium to Carbon Return: Discovering Social Signal of Climate Conscience - Ruobing Yan, Harbin Institute of Technology 11:00-12:30 (1h30)

11:00 - 12:30 (1h30)

B5: Artificial Intelligence & Sustainability

Room 05

Wang Yaqi (Nanyang Technological University, Singapore)

› Target Employee Reviews and Acquisition Outcomes: Does a Private Target Make a Difference? - Wang Yaqi, Nanyang Technological University, Singapore 11:00-12:30 (1h30)

› How Artificial Intelligence Shapes the Breadth and Depth of Intercity Green Collaborative Innovation? A Network Centrality Perspective - Chengxinge Yang, Hunan University 11:00-12:30 (1h30)

› Machine Learning Forecasts of Tail Risk Spillovers in Carbon and Energy Markets - Lu Lu, Nanjing University of Finance & Economics 11:01-12:30 (1h29)

12:30 - 14:00 (1h30)

Lunch Break

Welcoming Foyer

14:00 - 15:00 (1h)

Meet-the-Editors

NUFE Library Auditorium

Prof. Sabri Boubaker, Prof. Duc Khuong Nguyen, Prof. Dragon Tang

15:00 - 15:30 (30min)

Afternoon Tea

Welcoming Foyer

15:30 - 17:00 (1h30)

D1: Corporate Social Responsibility II

Room 01

Wei (Maggie) Hao (Massey University, New Zealand)

› Credible CSR and Credit Ratings: How State-Led CSR Enhances Firm Creditworthiness - Wei (Maggie) Hao, Massey University 15:30-17:00 (1h30)

› Public and Private Interventions in ESG: Evidence from Global Syndicated Lending Guideline Reform - Xiaoyu Zhu, Sun Yat-Sen University [Guangzhou] 15:30-17:00 (1h30)

› Do Female Directors Drive Corporate Social Responsibility Performance? Evidence from Korea's Board Gender Quota Mandate - BOXIAN WANG, Yonsei University 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D2: Climate Finance I

Room 02

Isaac Otchere (Carleton University, Canada)

› The Fiscal Impact of Local Environmental Commitment: Evidence from China's Green Bond Market - Haojun Yuan, Massey University 15:30-17:00 (1h30)

› Are exclusions by large public investors effective in changing the behavior of the excluded firms? - Isaac Otchere, Carleton University 15:30-17:00 (1h30)

› Central banks sowing the seeds for a green financial sector? NGFS membership and market reactions - Marc Steffen Rapp, Philipps-Universität Marburg, School of Business and Economics, Copenhagen Business School, Department of Accounting, Center for Corporate Governance 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D3: Green Finance II

Room 03

Sasha Molchanov (Massey University, New Zealand)

› When Green Meets Digital: The Surprising Relationships Between Eco-Investments and Crypto Assets in Turbulent Times - Sasha Molchanov, Massey University 15:30-17:00 (1h30)

› Sustainable Debt, Sustainable Returns? The Impact of Green Bonds on Firm Performance in China - Olga Alekseeva, HSE University 15:31-17:00 (1h29)

› Go Green or Go Rich? - Future Investors' choice in an Experimental Asset Market - Ye Bai, Xian Jiaotong Liverpool University 15:32-17:00 (1h28)

15:30 - 17:00 (1h30)

D4: Environmental, Social and Governance II

Room 04

Amanjot Singh (University of New Brunswick, Canada)

› The Green Ripple: Does Foreign Environmental Norm Shape Corporate Green Sustainability through Global Supply Chains? - Jing Liao, Massey University 15:30-17:00 (1h30)

› Do Repurchases Facilitate Shareholder Exit? Evidence from CEO Pay Ratio Disclosure - Feng Yue, University of Science and Technology of China 15:30-17:00 (1h30)

› Corporate Misconduct and Labor Leverage - Amanjot Singh, University of New Brunswick 15:30-17:00 (1h30)

15:30 - 17:00 (1h30)

D5: Digital Transformation & Sustainability

Room 05

Mei Qiu (Massey University, New Zealand)

› Digital transformation and the advancement of new quality productivity: a supply chain perspective - Shengnan Liu, Nanjing University of Finance & Economics 15:30-17:00 (1h30)

› Household digital transformation and financial resilience: Evidence from China - Mei Qiu, Massey University 15:31-17:00 (1h29)

› How Does Data factor Marketization Boost Urban Green Productivity? Evidence from Chinese Quasi-Natural Experiments - Jing Li, School of Finance, Jiangxi University of Finance and Economics 15:32-17:00 (1h28)

18:30 - 21:30 (3h)

GALA DINNER & BEST PAPER AWARDS

InterContinental Hotel Nanjing (47th Floor)