We show that carbon-price shocks affect firms’ investment and emission-intensity via a debt-channel. Our identification exploits a reform-driven carbon-price surge in the EU Emission Trading System (EU-ETS) and loan-level credit registry data for Italy. Highly-exposed ETS-firms increase their...

This paper examines the impact of the pandemic outbreak on Italian insurers’ investment decisions between 2017 and 2020. By adopting a unique security-by-security holding dataset, we test how the investments of insurance companies in a single security varies when its price changes. Our...

We examine the Italian insurers’ investments between 2017 and 2020, focusing on the interplay between the companies’ balance sheet structure and the financial market conditions. Our findings suggest that insurers play a stabilizing role in financial markets by increasing their exposure to...