BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//132.216.98.100//NONSGML kigkonsult.se iCalcreator 2.20.4//
BEGIN:VEVENT
UID:20250917T205942EDT-2642TkW0Ms@132.216.98.100
DTSTAMP:20250918T005942Z
DESCRIPTION:Lin William Cong\n\nCornell University \n\nUnintended Consequen
 ces of Biodiversity Conservation\n\nDate: Friday\, October 4\, 2024\n	Time:
  10:30-11:45 am\n	Location: Bronfman Bldg. (1001 Sherbrooke St. West)\, Roo
 m 340\n\nAll are cordially invited to attend.\n\nAbstract:\n\nBiodiversity
  conservation stands as one of the most urgent and pivotal challenges faci
 ng humanity today. Yet it often incurs substantial economic or financial c
 osts and brings fortuitous benefits beyond policymakers and environmentali
 sts consider. I describe two cases where such conservation efforts have in
 creased public financing cost or advanced science. In the first case that 
 I briefly summarize\, we investigate how financial markets price the risks
  biodiversity transition costs induce\, exploiting the 'Green Shield Actio
 n\,” a major regulatory initiative launched in China in 2017 to enforce bi
 odiversity preservation rules in national nature reserves. While improving
  biodiversity\, the initiative led to significant increases in bond yields
  for municipalities with these reserves. The effects are driven by increas
 es in local governments' fiscal risk due to expected increases in transiti
 on costs resulting from shutting down illegal economic activities within r
 eserves and additional public spending on biodiversity. Investors show lit
 tle non-financial consideration towards endeavors counteracting biodiversi
 ty loss.\n\nIn the second case\, which is the main focus of the seminar\, 
 we examine the first strict seasonal fishing ban along the Yangtze River i
 n 2003 has since successfully preserved fishery resources as originally in
 tended. Its broader socioeconomic implications\, however\, remain unknown.
  Exploiting the setting with a difference-in-differences design\, we provi
 de the earliest causal evidence of how local biodiversity conservation pol
 icies affect scientific research\, which hinges on having abundant and div
 erse natural resources as research materials. Specifically\, the ban is es
 timated to spur an increase\, other things being equal\, in quality resear
 ch inquiry about Yangtze River fish (funded programs doubling and funding 
 amount more than tripling)\, with scientific outputs manifold greater in b
 oth quantity (publications more than tripling) and impact (i.e.\, citation
 s more than quintupling and related books\, patents\, awards\, and media c
 overage all increasing). We demonstrate that the relative increase in biol
 ogical research materials drives the result\, rather than other attention-
 based or policy-based channels. We conclude that preserving nature is not 
 only an ecological duty but also a strategic investment in the future of s
 cience and innovation.\n
DTSTART:20241004T143000Z
DTEND:20241004T154500Z
LOCATION:Room 340\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Lin Willi
 am Cong
URL:/channels/channels/event/desmarais-global-finance-
 research-centre-dgfrc-seminar-lin-william-cong-360120
END:VEVENT
END:VCALENDAR