| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14567 |
| DP14567 Carbon Premium around the World | |
| Patrick Bolton; Marcin Kacperczyk | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper explores how the carbon premium varies around the world. We estimate the stock return premium associated with carbon emissions at the firm level in a cross-section of over 14,400 firms in 77 countries. We find that there is a widespread carbon premium—higher stock returns for companies with higher carbon emissions—in all sectors over three continents, Asia, Europe, and North America. Stock returns are affected by both direct and indirect emissions through the supply chain. In addition, the carbon premium has been rising in recent years. We also find widespread divestment based on carbon emissions by institutional investors around the world, but institutional investors tend to focus their divestment on foreign companies. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp14567 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543473 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Marcin Kacperczyk. DP14567 Carbon Premium around the World. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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