Although a growing number of investors are engaging with sovereign entities on environmental, social, and governance (ESG) issues, little academic research investigates this new form of investor activism. Applying universal ownership theory and drawing on eleven case studies of policy...

This paper studies how a climate shock is transmitted through the financial system. Our empirical strategy combines data on climate and banking with El Niño, a natural experiment producing quasi-random variation in US climate. El Niño generates heterogeneous changes in lending across counties,...

The paper reviews a number of commercial and public data sources to examine their potential for increasing coverage and understanding of the volume and characteristics of private climate finance beyond renewable energy projects. Such information is needed to assess progress towards the global...

We document the investment and financing decisions of firms that experience monetary losses due to extreme weather events. Our sample covers firms operating in 41 economies, mainly emerging and developing markets. Consistent with the need to either replenish damaged capital or to adapt to...

In this study, we link records of fir rm performance, forecasts of analysts, and the returns after earnings announcements to fi rm-specifi c measures of heat exposure for 4,400 fi rms in 57 countries from 1995 to 2017. We fi nd that increasing exposure to extremely high temperatures reduces...

Companies are increasingly concerned with current and future climate change risks that have the potential to generate a substantial change in their business operations, revenue and/or expenditure. Therefore, the paper focusses on the companies' perspective and aims to create a higher awareness...

Climate change related risks impact and challenge the private sector in many different ways. This also applies to risk drivers like a companies' reputation and a changing consumer behavior. Since significant risk drivers for companies differ just as much as companies themselves, a sector...