On April 26, 2023, Prof. Tang Yongjun, Professor of Finance, Doctoral Supervisor of the School of Economics and Management of the University of Hong Kong, and chief editor of the International Review of Finance, the flagship academic journal of the Asian Society of Finance, was invited by the School of Finance to give a lecture in the Youth Academic Lecture. The lecture was hosted by Prof. Fan Xiaoyun, Executive Vice Dean of the School of Finance.

The lecture centered on Climate Laws and Cross-Border Mergers and Acquisitions.The study found that a country adopting climate laws tends to decrease cross-border mergers and acquisitions targeting companies within that country. This finding was particularly pronounced for companies more susceptible to climate regulations, in countries with greater enforcement efforts, and after the Stern Review and the Paris Agreement.Furthermore, Tang Yongjun suggested that, after the adoption of climate laws in the target country, foreign acquirers are more likely to withdraw announced takeover bids, leading to a decrease in the synergistic effects of transactions and a decline in bid premiums. Overall, national climate regulations can impact international capital flows and the redistribution of resources.

Next, Tang Yongjun further discussed the “Supreme Court and the Value of Pollution: Evidence from West Virginia v. EPA,” whcih provided the first empirical study on the value relevance of environmental litigation court rulings. He believed that court rulings will affect investors' views on the value of polluting activities and corporate policies. In the concluding remarks, Tang Yunjun patiently addressed questions raised by the young faculty and students, sharing the academic feast with them.

This lecture is the 19th session of the Youth Academic Lecture Series held by the School of Finance. The series invites renowned finance and economics scholars from both domestic and international arenas, fostering academic exchange and offering a platform for young scholars and students to understand the forefront of international academia, grasp advanced methodologies, broaden research perspectives, and promote academic communication. This initiative is a crucial step for the School of Finance in cultivating multifaceted financial talents and is jointly organized by the Academic Development Center and the Master's Program Center of the School of Finance.