Haojing Han - Research

Seconnd-year Summer paper

(Preliminary findings, WIP)

I study the effect of corporate venture capital (CVC) on startup outcomes. Unlike traditional independent venture capitalists (IVCs), CVCs invest in VC deals on behalf of a corporation with an existing core business, pursuing financial returns to include strategic value creation for the corporation. After matching on industry and regions to mitigate endogeneity concerns, I found that startups receiving CVC investment have a lower probability of bankruptcy and a higher likelihood of a successful exit via M&A or IPO. Furthermore, among the CVC-backed startups that are eventually acquired, approximately half are purchased by one of their existing CVC investors.

Unveiling Divergent Impact Elasticity: How Cost of Capital Affects Emissions

Abstract

This paper examines the impact of financing costs on greenhouse gas emissions across green, brown, and neutral firms. I find that green firms are highly sensitive to increases in financing costs, with higher costs of equity and debt (COE and COD), bond yields, and weighted average cost of capital (WACC) consistently being associated with increased emissions. In contrast, brown firms display mixed responses: higher COD is associated with lower emissions, while increased COE is significantly related to higher emissions. The effects of brown firms counterbalance each other, resulting in no significant overall impact on WACC. These findings highlight how financial constraints can have varying effects on firms' environmental performance, with green firms particularly vulnerable to higher capital costs across most financing sources. Brown firms, while responsive to debt and equity costs, show divergent behaviors that complicate their emissions outcomes. The study underscores the importance of designing financial policies and investment strategies that support firms' sustainability efforts, particularly for those with strong environmental commitments.

Working with: Prof. Jonathan Cohn and Prof. Clemens Sialm.
Organized a weekly reading group with Prof Andres Almazan on Corporate finance

Seconnd-year Summer paper

Unveiling Divergent Impact Elasticity: How Cost of Capital Affects Emissions

Abstract

Working with: Prof. Jonathan Cohn and Prof. Clemens Sialm.

Organized a weekly reading group with Prof Andres Almazan on Corporate finance