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1Aarhus University, Denmark; 2University of Mannheim, Germany
Discussant: Alexander Schandlbauer (University of Southern Denmark)
We use satellite-based production facility location data and provide evidence that firms from the cement and steel industry with production facilities within the EU leak emissions to countries not affected by the EU Emission Trading Systems (EU ETS). They do so by emitting more in their non-EU facilities and by acquiring new facilities outside the EU. Emissions are more likely to be leaked to pollution havens. Additionally, firms headquartered in countries with more developed financial markets and in civil law countries as well as private firms leak more emissions. Financially constrained firms are more likely to leak emissions within their existing network of facilities, while unconstrained firms are more likely to acquire new non-EU facilities.
11:30am - 12:00pm
Venture capital and scientists' selection into entrepreneurship
Xuelai Li
Imperial College London, United Kingdom
Discussant: Santanu Kundu (Aarhus University)
This paper examines the causal effect of venture capital (VC) on scientists’ selection into entrepreneurship, using the 1979 reform of the prudent-man rule under the Employee Retirement Income Security Act (ERISA) as a natural experiment. By relaxing pension fund allocation restrictions, the reform significantly expanded the capital available to VC firms. I construct a novel historical dataset of U.S. scientists from the 1960s and track their business formation activities. Exploiting variation in reliance on tangible versus intangible capital across specialties, I find that scientists’ business formations doubled following ERISA. The effects are stronger among those with intangible specialties and those employed in the private sector. These scientists were productive inventors. I propose two mechanisms.
12:00pm - 12:30pm
Who worries about the stock market: Evidence from hospitalizations
Alexander Schandlbauer1, Daniel Rettl2, Mircea Trandafir3
1University of Southern Denmark, Denmark; 2Terry College of Business, University of Georgia; 3Rockwool Foundation Research Unit and IZA Institute of Labor Economics
Discussant: Xuelai Li (Imperial College London)
This study examines the relationship between stock market fluctuations and mental health-related hospitalizations in Denmark, leveraging detailed administrative data. We find that U.S. market returns exert a significantly greater influence on Danish hospital admissions than local or other international markets, highlighting the critical role of global market dynamics in shaping stress-related health outcomes. Our analysis further identifies employees of publicly listed firms and stockholders—particularly those with substantial ownership—as more vulnerable to market volatility.
