This paper analyzes the effect of environmental regulation on stock returns (as a measure of economic performance) for German energy corporations. By using event study methodology, we consider the last minute victory of the acting government in the 2002 German federal elections to the Lower...

This paper examines the relationship between corporate activities to address climate change and stock performance. By separately analyzing the US and European stock markets for different sub-periods, we highlight the impact of the underlying climate policy regime. Methodologically, we compare...

Climate catastrophe throws into stark relief the extreme, life-threatening inequalities that affect millions of lives worldwide. The poorest and most marginalized, who are least responsible for the consumption and emissions that create climate change, are the first and hardest impacted, and the...

Roads and water are generally seen as enemies, with water responsible for most of the damage to roads, and roads being a major cause of problems such as erosion, waterlogging, flooding, and dust storms. This tension, however, can be reversed. The concept of Green Roads for Water (also known as...

In this paper, we present a minimalist version of a model of bond financing and debt, to be imbedded in a stepwise dynamic CGE model. The proposed specification takes into account the following characteristics of bond financing:- bonds are issued at a given date;- they have a given face value;-...

We develop a continuous time general equilibrium yield curve model under ambiguity aversion. Even a moderate level of 'aggregate ambiguity' affects significantly the term structure and can drive the prices of common interest rate derivatives toward the patterns observed in fixed income markets....

In this paper, the standard two-period general equilibrium model with incomplete financial markets is considered. First, existence of equilibrium is proved using a stationary point argument on the set of no-arbitrage prices. Prices are normalized with respect to the market portfolio. The proof...

We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to invest as entrepreneurs or financiers, or not to invest. We show that often a lack of outside finance leads to the emergence of financial markets where availability of outside...

This paper examines the rationale for the different tax treatment of gasoline and diesel cars currently observed in Europe. First, we analyse possible justifications for a different tax treatment: pure tax revenue considerations, externality considerations and constraints on the tax instruments...