套利
气候政策
意外后果
业务
气候变化
排放交易
经济
自然资源经济学
货币经济学
财务
政治学
生态学
生物
法学
作者
Söhnke M. Bartram,Kewei Hou,Sehoon Kim
标识
DOI:10.1016/j.jfineco.2021.06.015
摘要
We document that localized policies aimed at mitigating climate risk can have unintended consequences due to regulatory arbitrage by firms. Using a difference-in-differences framework to study the impact of the California cap-and-trade program with U.S. plant-level data, we show that financially constrained firms shift emissions and output from California to other states where they have similar plants that are underutilized. By contrast, unconstrained firms do not make such adjustments. Overall, unconstrained firms do not reduce their total emissions, whereas constrained firms increase their total emissions after the cap-and-trade rule, undermining the effectiveness of the policy.
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