{"id":18063,"date":"2026-02-16T12:12:12","date_gmt":"2026-02-16T12:12:12","guid":{"rendered":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/?p=18063"},"modified":"2026-02-16T12:12:12","modified_gmt":"2026-02-16T12:12:12","slug":"celebrating-success-dr-zhonghao-jiang-2","status":"publish","type":"post","link":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2026\/02\/16\/celebrating-success-dr-zhonghao-jiang-2\/","title":{"rendered":"Celebrating Success &#8211; Dr Zhonghao Jiang"},"content":{"rendered":"<p>Congratulations to Dr <span data-olk-copy-source=\"MessageBody\">Zhonghao Jiang and their co authors, Yukun Shi from University of Glasgow and Lu Xing from University of Bath, whose paper entitled Climate Change Exposure and Mutual Fund Ownership has been accepted for publication the British Accounting Review.<\/span><\/p>\n<div class=\"x_elementToProof\" role=\"presentation\"><b>Highlights:<\/b><\/div>\n<div role=\"presentation\"><\/div>\n<div class=\"x_elementToProof\">The paper investigates how\u00a0mutual funds react to firms&#8217; climate change exposure. It finds that:<\/div>\n<ul data-editing-info=\"{&quot;applyListStyleFromLevel&quot;:true}\">\n<li>\n<div class=\"x_elementToProof\" role=\"presentation\">Firms\u2019 climate change exposure is negatively associated with changes in U.S. mutual fund ownership<\/div>\n<\/li>\n<li>\n<div class=\"x_elementToProof\" role=\"presentation\">The effect is driven by climate-related opportunities and regulatory risks, rather than physical risks<\/div>\n<\/li>\n<li>\n<div class=\"x_elementToProof\" role=\"presentation\">The pattern reflects mutual funds\u2019 concerns about transition risk and stock-performance pressures<\/div>\n<\/li>\n<li>\n<div class=\"x_elementToProof\" role=\"presentation\">Similar results are observed among non-U.S. mutual funds in countries with strong environmental norms<\/div>\n<\/li>\n<\/ul>\n<p><b>Abstract:<\/b><\/p>\n<div class=\"x_elementToProof\" role=\"presentation\">Using a sample of U.S. firms and a text-based measure of managerial and analyst attention to climate change issues during earnings calls, we document a negative association between firms\u2019 climate change exposure and changes in U.S. mutual fund ownership, suggesting U.S. mutual funds\u2019 cautious investment approach to climate change. We further provide causal evidence for this relation using the staggered adoptions of state-level climate change adaptation plans and renewable portfolio standards. Additional analyses show that our finding is driven by climate-related opportunities and regulatory risks, rather than physical risks. Changes in U.S. mutual fund ownership reflect concerns over firms\u2019 transition risks and stock performance pressures. Extending the analysis to non-U.S. mutual funds, we find similar results among funds domiciled in countries with strong environmental norms.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations to Dr Zhonghao Jiang and their co authors, Yukun Shi from University of Glasgow and Lu Xing from University of Bath, whose paper entitled&#8230; <br \/><a href=\"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2026\/02\/16\/celebrating-success-dr-zhonghao-jiang-2\/\" rel=\"bookmark\"><strong>Read more<\/strong><\/a><\/p>\n","protected":false},"author":11659,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[399,1196],"class_list":["post-18063","post","type-post","status-publish","format-standard","hentry","category-research","tag-celebrating-success","tag-paper-of-publication"],"acf":[],"_links":{"self":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/users\/11659"}],"replies":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/comments?post=18063"}],"version-history":[{"count":1,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18063\/revisions"}],"predecessor-version":[{"id":18064,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18063\/revisions\/18064"}],"wp:attachment":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/media?parent=18063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/categories?post=18063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/tags?post=18063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}