| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14568 |
| DP14568 Do Investors Care about Carbon Risk? | |
| Patrick Bolton; Marcin Kacperczyk | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper explores whether carbon emissions affect the cross-section of U.S. stock returns. We find that stocks of firms with higher total CO2 emissions (and changes in emissions) earn higher returns, after controlling for size, book-to-market, momentum, and other factors that predict returns. We cannot explain this carbon premium through differences in unexpected profitability or other known risk factors. We also find that institutional investors implement exclusionary screening based on direct emission intensity in a few salient industries. Overall, our results are consistent with an interpretation that investors are already demanding compensation for their exposure to carbon emission risk. |
| 主题 | Financial Economics |
| 关键词 | Carbon emissions Climate change Stock returns Institutional investors |
| URL | https://cepr.org/publications/dp14568 |
| 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/543474 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Marcin Kacperczyk. DP14568 Do Investors Care about Carbon Risk?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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