报告人简介

曹杰教授现任香港理工大学会计与金融学院正教授，博士生导师。他亦担任香港证监会学术评审谘询委员会委员，香港金融管理局金融研究院谘询委员，联合国可持续证券交易所倡议组织学术委员，以及芝加哥数量联盟（亚洲）协会理事。他的研究领域为实证资产定价、金融衍生品以及可持续金融等。他的研究成果见诸于Journal of Financial Economics,Review of Financial Studies,Journal of Financial and Quantitative Analysis,Management Science等顶级金融学及管理学期刊。曹杰教授目前担任国际知名金融期刊International Review of Finance的共同主编以及国际权威金融期刊Financial Management的副主编。他亦担任CFA创办的金融业界国际权威期刊Financial Analysts Journal及国际知名会计期刊China Accounting and Finance Review的编委会成员。他承担多种国际一流期刊的评审工作，并担任香港研究局及加拿大社会科学和人文科学研究理事会的外部评审专家。

内容简介

We explore how the opioid crisis exposure affects firm downside tail risks implied from equity options. Using a large sample of US public firms from 1999 to 2020, we find that firms headquartered in regions with higher opioid death rates face higher downside tail risks, i.e., the cost of option protection against left tail risks is higher. The effects are reversed following exogenous anti-opioid legislation, supporting a causal interpretation. Further analysis shows that the opioid crisis heightens firm risk by lowering labor productivity. We document more pronounced impacts among firms with higher reliance on labor, limited local labor supply, and lower workplace safety.