| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28510 |
| 来源ID | Working Paper 28510 |
| Global Pricing of Carbon-Transition Risk | |
| Patrick Bolton; Marcin Kacperczyk | |
| 发表日期 | 2021-03-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Companies are exposed to carbon-transition risk as the global economy transitions away from fossil fuels to renewable energy. We estimate the market-based premium associated with this transition risk at the firm level in a cross-section of over 14,400 firms in 77 countries. We find a widespread carbon premium—higher stock returns for companies with higher levels of carbon emissions (and higher annual changes)—in all sectors over three continents, Asia, Europe, and North America. Short-term transition risk is greater for firms located in countries with lower economic development, greater reliance on fossil energy, and less inclusive political systems. Long-term transition risk is higher in countries with stricter domestic, but not international, climate policies. However, transition risk cannot be explained by greater exposure to physical (or headline) risk. Yet, raising investor awareness about climate change amplifies the level of transition risk. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w28510 |
| 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/586182 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Marcin Kacperczyk. Global Pricing of Carbon-Transition Risk. 2021. |
| 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 | ||
| w28510.pdf（2012KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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