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Adaptation Using Financial Markets : Climate Risk Diversification through Securitization

Kahn, Matthew E.; Ouazad, Amine; Yönder, Erkan - National Bureau of Economic Research - 2024

In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that … to climate risk may be a drop in the ocean of cash flows. This paper builds a data set of the entire securitization chain … optimal deals by finding the portfolio weights in an asset demand system that targets return and risk. Extrapolating wildfire …

Persistent link: https://www.econbiz.de/10014512098

A Quantity-Based Approach to Constructing Climate Risk Hedge Portfolios

Alekseev, Georgij; Giglio, Stefano; Maingi, Quinn; … - National Bureau of Economic Research - 2022

climate risk beliefs. We exploit two types of idiosyncratic belief shocks: (i) instances when fund advisers experience local … hedge portfolios for aggregate unemployment and house price risk …

Persistent link: https://www.econbiz.de/10013477195

Renewable Asset Price Volatility and Its Implications for Decarbonization

Hong, Harrison G.; Kubik, Jeffrey D.; Shore, Edward P. - National Bureau of Economic Research - 2025

some utilities to use renewables while exempting others. This extra risk is related to more volatile electricity prices and …

Persistent link: https://www.econbiz.de/10015409819

Industrial Composition of Syndicated Loans and Banks' Climate Commitments

Hale, Galina; Meisenbacher, Brigid; Nechio, Fernanda - National Bureau of Economic Research - 2024

In the past two decades, a number of banks joined global initiatives aimed to mitigate climate change by "greening" their asset portfolios. We study whether banks that made such commitments have a different emission exposure of their portfolios of syndicated loans than banks that did not. We...

Persistent link: https://www.econbiz.de/10015056201

Divestment and Engagement : The Effect of Green Investors on Corporate Carbon Emissions

Kahn, Matthew E.; Matsusaka, John G.; Shu, Chong - National Bureau of Economic Research - 2023

This paper studies whether green investors can influence corporate greenhouse gas emissions through capital markets, either by divesting their stock and limiting polluters' access to capital, or holding polluters' stock and engaging with management. We focus on public pension funds, classifying...

Persistent link: https://www.econbiz.de/10014421217

Climate Change, Directed Innovation, and Energy Transition : The Long-run Consequences of the Shale Gas Revolution

Acemoglu, Daron; Aghion, Philippe; Barrage, Lint; … - National Bureau of Economic Research - 2023

We investigate the short- and long-term effects of a natural gas boom in an economy where energy can be produced with coal, natural gas, or clean sources and the direction of technology is endogenous. In the short run, a natural gas boom reduces carbon emissions by inducing substitution away...

Persistent link: https://www.econbiz.de/10014372414

Quantifying Climate Change Loss and Damage Consistent with a Social Cost of Greenhouse Gases

Burke, Marshall; Zahid, Mustafa; Diffenbaugh, Noah; … - National Bureau of Economic Research - 2023

Climate change is generating demonstrable harm around the world. Political and legal efforts have sought to associate climate impacts with specific emissions, including in recent international policy discussion of Loss and Damage (L&D). However, no quantitative definition of L&D exists, nor does...

Persistent link: https://www.econbiz.de/10014372415

Does Unilateral Decarbonization Pay For Itself?

Bilal, Adrien; Känzig, Diego R. - National Bureau of Economic Research - 2025

This paper shows that unilateral decarbonization pays for itself in large economies. We estimate economic damages from global temperature shocks and combine them with a climate-economy model to construct Domestic Costs of Carbon: $226 per ton for the United States and $216 per ton for the...

Persistent link: https://www.econbiz.de/10015195010

Carbon Burden

Pástor, Ľuboš; Stambaugh, Robert F.; Taylor, Lucian A. - National Bureau of Economic Research - 2024

We quantify the U.S. corporate sector's carbon externality by computing the sector's "carbon burden"--the present value of social costs of its future carbon emissions. Our baseline estimate of the carbon burden is 131% of total corporate equity value. Among individual firms, 77% have carbon...

Persistent link: https://www.econbiz.de/10015145061

International Climate Agreements and the Scream of Greta

Maggi, Giovanni; Staiger, Robert W. - National Bureau of Economic Research - 2022

Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so...

Persistent link: https://www.econbiz.de/10013462728