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Zhanbing Xiao

Postdoctoral Fellow,

Harvard University, 2023 - 

Ph.D. in Finance, UBC, 2023



Google Scholar



Twitter: @zhanbingxiao

Research Interests:  
Primary area: Climate Finance
Secondary area: AI & Technology Progress

My research primarily explores the implications for the labor market and environmental issues. I have also conducted work on financial intermediation previously.


Joseph Aldy

Hernan Ortiz-Molina

Kai Li

Xin Zheng

Working Papers​

Adaptation to Climate-induced Regulatory Risk: A Labor Perspective (available upon request), with Hernan Ortiz-Molina and Xin Zheng

Labor Exposure to Climate Risk, Productivity Loss, and Capital Deepening

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

High temperatures hurt the productivity of exposed workers (Fig). Dynamic treatment effects (Fig).

Firms respond by: (1) changing production inputs - more capital (Fig)  and less labor (Fig);   

(2) investing more in robotics-related human capital (Fig);  (3) developing more automation-related technology (Fig).

Presentations: SFS Cavalcade North America 2024, MFA 2024, 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 Consumers Store Visits

with Xin Zheng and Yuxiang Zheng

Review of Accounting Studies, Revise & Resubmit

The Industry Expertise Channel of  Mortgage Lendingwith Yongqiang Chu and Yuxiang Zheng

Presentations: MFA 2023, Sydney Banking and Financial Stability Conference 2023, 36th Australian Finance and Banking Conference,  ASSA-IBEFA Meetings 2022,  AFA Ph.D. Student Poster Session 2022, FMA Annual Meetings 2021,  28th AEFIN Finance Forum,  28th AEFIN Ph.D. Mentoring Day,  AAA Annual Meetings 2021,  SWFA Annual Meetings 2021

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

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


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

Journal of Financial Intermediation, 2024

Selected Work-in-Progress

Decarbonization, with Hernan Ortiz-Molina and Xin Zheng

Hedging Climate Risks, with Vaibhav Anand and John C. Chu

Other Works

Smart Beta, "Smarter" Flowswith Jie CaoJason Hsu, Linjia Song, and Xintong Zhan

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

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