气候变化
温室气体
可再生能源
气候风险
能量转换
库存(枪支)
化石燃料
风险溢价
业务
自然资源经济学
经济
金融经济学
地理
生态学
病理
考古
生物
替代医学
医学
灵丹妙药
作者
Patrick Bolton,Marcin Kacperczyk
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.
科研通智能强力驱动
Strongly Powered by AbleSci AI