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Global Pricing of Carbon-Transition Risk

The energy transition away from fossil fuels exposes companies to carbon-transition risk. Estimating the market-based premium associated with carbon-transition risk in a cross section of 14,400 firms in 77 countries, we find higher stock returns associated with higher levels and growth rates of carbon emissions in all sectors and most countries. Carbon premia related to emissions growth are greater for firms located in countries with lower economic development, larger energy sectors, and less inclusive political systems. Premia related to emission levels are higher in countries with stricter domestic climate policies. The latter have increased with investor awareness about climate change risk.

Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana (Koleksi Majalah)1
Penerbit USA The American Finance Association.,
Edisi Volume 78, Issue 6, December 2023, Pages 3677-3754
Subjek Economic development
Public opinion
Business leader
Governments
ISBN/ISSN 1540-6261
Klasifikasi NONE
Deskripsi Fisik First Published : 12 August 2023
Info Detail Spesifik The Journal of Finance
Other Version/Related Tidak tersedia versi lain
Lampiran Berkas Tidak Ada Data