Workshop’s Topic: Using account-level transaction data of carbon allowances in the EU Emissions Trading System, I examine the role of information in firms’ carbon trading and carbon management. Leveraging the EU’s Non-Financial Reporting Directive that improved firms’ internal information environments, I find that newly-disclosing firms significantly reduce average carbon costs through more informed trading behavior and improved internal carbon reallocation. Additionally, the effects are stronger for firms with lower carbon accounting quality and those not previously engaged with financial intermediaries.

Time and Location: 13:30-14:30 PM (GMT+8), Room A423 (School of Management)

Language: Bilingual (Chinese and English)