主讲人：常鑫（南洋理工大学）

讲座摘要：We study whether industrial plants exploit wildfire smoke episodes as cover to increase emissions. Using a difference-in-differences approach, we find that relative to air quality monitors without proximate industrial plants, those located near industrial plants record a significantly larger increase in SO₂ concentrations from non-smoke to smoke days, consistent with plants strategically timing emissions to coincide with wildfire smoke. At the same time, satellite-based thermal infrared radiation indicates intensified plant activity, pointing to opportunistic increases in production rather than coincidental factors. The emission response to wildfire smoke vanishes on weekends and holidays but is stronger among plants with more flexible production capacity or operating in financially distressed industries, reinforcing the role of deliberate operational choices under economic incentives. Moreover, the extent of the response is affected by local regulatory monitoring, suggesting that enforcement capacities moderate firms’ incentives to pollute strategically. Overall, our findings reveal that wildfires not only degrade air quality directly but also create opportunities for industrial polluters to conceal emissions, underscoring the need for regulatory frameworks that anticipate and deter such opportunistic behavior.

讲座时间：2025年12月23日（星期二），下午14：30-16：00

讲座地点：学院南路校区实验楼303会议室

主讲人简介：常鑫教授是南洋理工大学南洋商学院副院长和银行与金融系终身教授，研究领域涵盖公司金融，资产定价，会计研究。具体研究方向包括资本结构、企业创新，企业社会责任，企业并购重组，政治腐败，公司治理，财务报告，信息披露等。常鑫教授已在国际顶级英文学术期刊发表论文十余篇，其中包括四大国际顶尖金融学术期刊（JF, JFE, RFS, and JFQA）及会计顶级学术期刊（JAR, TAR and CAR）。常鑫教授还担任International Review of Finance和Asia-Pacific Journal of Financial Studies两家SSCI学术期刊的副主编, 以及Risk Sciences，the International Journal of Theoretical and Applied Finance，Journal of Internet and Digital Economics的主编。

此次学术活动获“中央高校基本科研业务费资助”（supported by “the Fundamental Research Funds for the Central Universities”），特此致谢。

撰稿：黄冰雁      排版：王昱洁

初审：孙宝文      复审：王红梅