Qixiang Gao
Qixiang Gao
Embedded Files
Thanks for stopping by! I am a PhD Candidate in Finance at the Simon Business School, University of Rochester. I obtained MS in Applied Economics from Cornell University. I will be on the 2026 - 2027 job market.
My job market paper studies the endogenous green transition in firms' capital allocation, highlighting how technology innovation facilitates the real effect of clean investment.
Research Interest:
Investments
Asset Pricing
Sustainable Finance
Capital Allocation
Curriculum Vitae
Email: qgao9@simon.rochester.edu
Job Market Paper
Greening the Production
Abstract: Using global firm level environmental expenditure data from 2002 to 2024, I study how firms accumulate clean capital and increase its substitutability with dirty capital. Under a balanced productivity CES benchmark, the two capital stocks are gross substitutes, with substitutability varying across industries and rising over time. Allowing for unbalanced productivity, clean productivity jumps are predicted by clean investment and the installed clean capital share. I develop and estimate a dynamic model that jointly endogenizes clean productivity jumps and the elasticity of substitution. The two channels reinforce one another, implying that the green transition reshapes not only capital allocation but also the production technology itself.
Page updated
Google Sites
Report abuse