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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 and Technology Investment

In both areas, my research explores implications for the labor market and environmental issues.


Joseph Aldy

Hernan Ortiz-Molina

Kai Li

Xin Zheng

Working Papers​

    Labor Exposure to Climate Risk and Capital Deepening (new draft coming soon)

           Significant heterogeneity in workers' temperature exposure within and across sectors (Fig).
           Hot 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: MFA 2024, 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

    Adaptation to Climate-induced Regulatory Risk: A Labor Perspective (draft coming soon)

    The Economic and Financial Impact of Negative Environmental and Social Practices: Evidence from Consumers Store Visits

            with Xin Zheng and Yuxiang Zheng

           Presentations: NFA 2023, 3rd UMass Boston Conference on Corporate Social Responsibility, 15th Annual Alliance for Research on Corporate

           Sustainability (ARCS) Conference, Hawaii Accounting Research Conference 2024.

    The Industry Expertise Channel of  Mortgage Lending, with 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 of Rights of Liquidity Supply and Demand, with John C. Chu

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


     Agree to Disagree: Within-Syndicate Conflicts and Covenant Design, with Yongqiang Chu and Luca X. Lin 

          Journal of Financial Intermediation, Forthcoming

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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