| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29994 |
| 来源ID | Working Paper 29994 |
| Climate Regulatory Risk and Corporate Bonds | |
| Lee H. Seltzer; Laura Starks; Qifei Zhu | |
| 发表日期 | 2022-05-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and higher yield spreads, particularly when their facilities are located in states with stricter regulatory enforcement. Using the Paris Agreement as a shock to expected climate risk regulations, we provide evidence that climate regulatory risks causally affect bond credit ratings and yield spreads. Accordingly, the composition of institutional ownership also changes after the Agreement. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w29994 |
| 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/587667 |
| 推荐引用方式 GB/T 7714 | Lee H. Seltzer,Laura Starks,Qifei Zhu. Climate Regulatory Risk and Corporate Bonds. 2022. |
| 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 | ||
| w29994.pdf（719KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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