| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26968 |
| 来源ID | Working Paper 26968 |
| Do Investors Care about Carbon Risk? | |
| Patrick Bolton; Marcin Kacperczyk | |
| 发表日期 | 2020-04-13 |
| 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 ; Portfolio Selection and Asset Pricing ; Public Economics ; Taxation ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w26968 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584641 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Marcin Kacperczyk. Do Investors Care about Carbon Risk?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26968.pdf（1226KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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