PhD Defence: Jinhong Wu
In order to obtain the PhD degree, Jinhong Wu has submitted her thesis entitled:
Essays on Climate Change, Bank Lending, and Firm Innovation
Over the past two decades, climate-related risks have increased significantly, including extreme weather events (physical risks) and the implementation of climate change mitigation policies (transition risks). These shifts have also heightened firms’ and banks’ perceptions of climate risks. This PhD thesis contains three stand-alone chapters and examines how firms and banks respond when climate-related risks become salient.
Chapter 1 investigates how banks adjust lending outcomes in response to climate-related physical and transition risks, as well as their interaction, using Danish bank–firm linked credit data. Chapter 2 combines a theoretical model with Danish microdata to analyze how exposure to climate-related risks affects firms’ innovation activities, particularly in green technologies. Chapter 3 focuses specifically on transition risks, using global syndicated loan data and Danish register data to study bank lending as a function of emissions and growth, both within and between industries.
The thesis will be available from research.cbs.dk
Primary Supervisor:
Professor Dario Pozzoli
Department of Economics
Copenhagen Business School
Secondary Supervisors:
Associate Professor Moira Daly
Department of Economics
Copenhagen Business School
Assessment Committee:
Associate Professor David Jinkins (Chair)
Department of Economics
Copenhagen Business School
Professor Karin S. Thornburn
Centre for Corporate Finance
NHH Norwegians School of Economics
Professor Tobias Berg
Department of Finance
Goethe University Frankfurt
Date: 10 November 2025
Time: 15:00-17:00
Online: TEAMS
*Please note that the microphone and camera of all spectators must be turned off.
Location: Kilen
Room: K150
Reception: Atrium, Kilen
*The CBS PhD School will host a reception, which will take place immediately after the defence.