Chaifetz School Professor Cited in White House 报告
的研究 马库斯·佩因特博士.D., assistant professor of finance at Saint Louis University's Chaifetz School of Business, into how the increased risk of climate change-related events affects the market for 市政债券 has made it into an annual presidential report.
The White House Council of Economic Advisors released the 2023 Economic 报告 of the President, citing Dr. 画家的 work, on March 20. Chapter 9 of the report, “Opportunities for Better Managing Weather Risk in the Changing Climate,” cites a 2020 paper by Dr. 画家题名“An inconvenient cost: The effects of climate change on 市政债券.” The report describes how climate change's effects appear in various long-term financial outlooks and instruments.
“Several researchers have found evidence that the municipal bond market is beginning to account for these risks in its pricing of loans to municipalities,” the report 州. “Bonds for cities and towns in areas exposed to sea-level rise carry a premium, with significantly larger effects on longer-maturing bonds, implying that investors expect either a decline in cash flow or increasing volatility in exposed cities.”
Dr. 画家’s interest in the intersection of climate and the bond market began when he was working as a portfolio analyst for a bank in Columbia, Missouri.
“Part of my job was deciding how to invest our clients’ 资产s, 市政债券 were a big part of that,” said Dr. 画家. “Around that time, Warren Buffet was in the news for addressing a proxy proposal that involved the effect of climate change 关于保险费. Those change every year, so the effects aren’t as locked in, but I started to wonder if there was an effect on 市政债券 as a longer-term 资产. It turns out there was.”
Dr. 画家’s research examined the municipal bond market as a particular test case for how such long-term investments take climate change risks into account. 这篇论文 describes how 市政债券 are not just uniquely affected because of their longer terms (usually 30 years), but also because of the permanence of municipal institutions 和基础设施.
“(M)unicipalities are unable to relocate away from climate change risk in the way a corporation could,” the paper 州. “... Therefore, investors are more likely to account for climate change risk when investing in 市政债券 as opposed to corporate bonds or stocks.”
Cecilia Rouse, the chair of the Council of Economic Advisors, notified Professor 画家 by email that his work had been cited in the report.
“It’s kind of surreal,” he says. “It’s always a goal for your research to have a tangible policy impact, it’s always a great milestone in your career to have a citation like this that shows the relevance of your work.”
Dr. 画家拿的是B.S.B.A. in finance and banking from the University of Missouri 和Ph值.D. in finance from the University of Kentucky. In addition to municipal and climate finance, his research interests include investments, FinTech/Big Data and 政治经济.
Founded in 1910, the 理查德的. Chaifetz School of Business at Saint Louis University has shaped the future of industry for more than a century. As one of the oldest business schools west of the Mississippi, the Chaifetz School has built a reputation as a leader in business education committed to innovation, inclusion and impact and recognized with eight undergraduate and graduate programs nationally ranked by U.S. 新闻 & 世界 报告.