毓秀讲堂 |【Seminar 预告】No.683--Lei Lu (University of Manitoba)

时 间：2026年5月14日（Thur.）

15:30 - 17:00 p.m.

地 点：同德楼111

主 讲：Lei Lu (University of Manitoba)

This study examines whether bonk markets price verifiable environmental outcomes using China's carbon neutrality bonds (CNBs), which require issuers to disclose quantified and independently verified carbon emission reductions. We find that CNBs exhibit significantly lower yield spreads than both conventional green bonds and ordinary bonds, indicating a stronger green premium. More importantly, the magnitude of the premium is directly linked to environmental output: bonds promising larger reductions in CO₂ emissions have lower financing costs. Mechanism analyses show that verified carbon disclosures reduce information asymmetry, attract investors with environmental preferences, and serve as credible signals in weaker institutional environments. Overall, the evidence shows that standardized carbon-reduction metrics are priced in bond markets.

Lei Lu, Professor of Finance and Bryce Douglas Chair Professor of Finance at the Asper School of Business, University of Manitoba, Canada. Professor Lei Lu's research interests include asset pricing (both theory and empirical research), investor behavior, international finance, and the Chinese financial market. His research results have been published in nearly 40 finance and economics journals, including Management Science, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Financial Markets, Financial Management, Journal of Futures Markets, Journal of Economic Dynamics and Control, Economic Theory, Journal of Management Science , and Financial Research . Professor Lei Lu has presided over research projects funded by the Social Sciences and Humanities Research Council of Canada, a general project of the National Natural Science Foundation of China, a project of the Shanghai Pujiang Talent Program, and a research project of the China Financial Futures Exchange. Currently, he serves as an associate editor of Accounting and Finance, China Finance Review International, Financial Review, and Journal of Management Science and Engineering.