top of page

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, Automation & Technology Progress

In both areas, my research primarily explores the implications for the labor market and environmental issues. I have also conducted work on financial intermediation.


Joseph Aldy

Hernan Ortiz-Molina

Kai Li

Xin Zheng


I am co-organizing a workshop on corporate carbon commitments and emissions  at Harvard Business School in Oct 2024.

Working Papers​

How Does Climate Change Reshape U.S. Entrepreneurship? A Labor Channel

Heat risks discourage entrepreneurship  in exposed industries and counties(Fig) (Fig), due to increased labor-related production and financing costs.

Adaptation to Climate-induced Regulatory Risk: A Labor Perspectivewith Hernan Ortiz-Molina and Xin Zheng

Heat-exposed plants increase IT intensity after the implementation of the Heat Illness Prevention Standard in CA and WA (Fig).

Presentations: AEA 2025

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

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

Extreme heat hurts the productivity of exposed workers (Fig). Dynamic treatment effects (Fig).

Firms respond by shifting toward more capital-intensive production functions (Fig).

This automation progress is accompanied by: (1) increases in capital expenditures and R&D expenses; (2) investment in robotics-related human capital; and (3) development of automation-related technology.

Presentations: SFS Cavalcade North America 2024, MFA 2024, Commodity and Energy Markets Association (CEMA) Annual Conference 2024 at Boston University, 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 Consumer Store Visits

with Xin Zheng and Yuxiang Zheng

Revise & Resubmit, Review of ​Accounting Studies

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

Revise & Resubmit, Journal of Financial and Quantitative Analysis

Balance Rights and Responsibilities in Liquidity Supply and Demand Contracts, with John 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 Through Technology Progress, with Hernan Ortiz-Molina and Xin Zheng

Carbon Commitments, with Harvard Net Zero Team, Funded by the Salata Institute for Climate and Sustainability

Hedging Climate Risks, with Vaibhav Anand

Other Works

Smart Beta, "Smarter" Flowswith Jie CaoJason Hsu, Linjia Song, and Xintong Zhan, Pre-PhD work

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

bottom of page