Carbon Emissions, Mutual Fund Trading, and the Liquidity of Corporate Bonds

The authors thank Wenpeng Chen (discussant), Justin Chircop (discussant), Richard Evans, Jacquelyn Humphrey (discussant), Soohun Kim (discussant), Olga Kopyrina (discussant), Yifei Li (discussant), Yueru Qin (discussant), Marco Rossi (discussant), Takafumi Sasaki (discussant), Sterling Yan, and seminar participants at the Chinese University of Hong Kong, Federal Reserve Board, University of Sydney, New York University (NYU) Shanghai, Shanghai Advanced Institute of Finance (SAIF), and Shanghai University of Finance and Economics. The authors benefited from the comments of participants at the 7th Annual Volatility Institute Conference at NYU Shanghai, Conference on Corporate Social Responsibility (CSR), the Economy and Financial Markets, 16th Annual Conference on Asia-Pacific Financial Markets, 2022 Midwest Finance Association Conference, 4th Xiamen University Finance Engineering and Quantitative Finance Workshop, 2022 Shanghai-Edinburgh-London Green Finance Conference, 2022 Finance and Accounting Annual Research Symposium, 4th Israel Behavioral Finance Conference, 2022 China International Risk Forum, the 2022 FMA European Conference, 2023 China Fintech Research Conference, and 2023 Financial Research Network (FIRN)/University of Queensland (UQ) Asset Management Meeting. All errors are our own.