经济学院2024年金融学系列讲座第1期（总第6期）-张培刚发展研究院

摘要：Lately, investor psyche that finds expression in sentiments has been centralized given its crucial spillover with risk perceptions. In the context of ongoing climate vulnerability, clear comprehension of how climate policy uncertainty (CPU) drives the spillover dynamics has further demonstrated its urgency towards financial stability and green transition. This paper models the time-varying industrial spillover between sentiments and risks and its asymmetric evolutions when facing CPU. Our results, drawn based on a historical dataset in the U.S., show that the risk of technology sector and the sentiment of financial sector are the largest two information providers. Sectors related to the real economy are found to be the greatest information receivers. Moreover, sectoral spillovers are shown to be less affected by CPU in normal market conditions but are influenced with a larger magnitude during extreme events. Dirty and clean sectors exhibit similar roles in forming the sectoral spillover, while their roles show distinct responses when facing changes in CPU.

嘉宾介绍：黄莹莹，哈尔滨工业大学经济与管理学院金融系副教授，硕士生导师。博士毕业于英国南安普顿大学。现任中国运筹学会金融工程与金融风险管理分会理事、黑龙江省管理学学会理事、黑龙江省管理科学与工程学会理事、黑龙江省高层次人才（E类高级人才）。主要研究方向包括数字货币与能源金融、金融市场与运营管理、金融风险管理。以第一作者身份/通讯作者身份在Energy Economics、Cities、Journal of International Financial Markets, Institutions & Money、Finance Research Letters、《管理科学》等国际与国内高水平期刊发表论文多篇，主持国家自然科学基金青年项目1项，黑龙江省自然科学基金联合引导项目1项，参与多项国家级基金项目，包括国家社会自然科学基金重大项目、国家自然科学基金创新群体项目、重大项目、应急项目、面上项目等。