carbon costs at the firm level. To this end, we use a consistent dividend discount framework augmented with emission costs of …

their carbon content. We find that, when allowing some time between announcement and implementation of a cap on carbon … be extracted during other periods. Second, since low carbon energy sources are relatively more valuable when the policy … is implemented, it is optimal to conserve them ahead of enforcement. This might induce a switch to high-carbon resources …

This paper investigates the impact of the yearly announcement of realized emissions on the European carbon permit …

the costs and benefits of abatement. Investors price uncertain assets according to their expected return and risk (carbon … beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology … abatement. However, their effect on the carbon beta and risk premium of abatement can be decreasing (when innovation spillovers …

portfolios affects the stock prices of carbon-intensive companies and if it contributes to the reduction of carbon emissions …-level carbon emissions, and controlling for endogeneity, we find that portfolio divestment of carbon-intensive holdings pressures … carbon emissions as compared to non-divested firms. This confirms the divestment movement's hope that a critical mass of …

and a carbon-intensive sector. We allow for endogenous growth and three types of damages from global warming. It is shown …. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon …

carbon emission intensity. We find that high emission intensity firms tend to underperform after the release of environmental … distribution of emission intensity. These results suggest that investors care about and price carbon risk, but only when this risk …

We use carbon dioxide (CO2) emissions growth to measure consumption risk within a consumption-based capital asset …

, we offer a tool to assess the exposure of a portfolio to the risk associated with the low-carbon transition and hedge …

We explore how carbon pricing affects corporate financial performance. Our setting exploits time series changes in … European carbon allowance prices and cross-sectional heterogeneity in carbon emissions during Phase 3 of the European Union … Emissions Trading Scheme (EU ETS). We find that the relationship between carbon prices and stock prices depends critically on …