This paper aims at analysing the effect of democratic institutions on environmental quality (carbon dioxide per capita, sulfure dioxide per capita) and at identifying potential channel transmissions. We use panel data from 1960 to 2008 in 122 developing and developed countries and modern...

This article examines the impact of monetary policy (MP) on firms’ stock prices across CO2 emission levels. We provide a theoretical model in which green firms are less sensitive to MP shocks than brown firms, because they are less exposed to transition risk and provide nonpecuniary utility to...

This article examines the impact of monetary policy (MP) on firms across CO2 emissions. We provide a theoretical model in which green firms are less sensitive to MP shocks than brown firms, because they are less exposed to transition risk and provide non-pecuniary utility to investors. We test...

Environmental, social and governance (ESG) funds are among the fastest growing investment styles. ESG funds can be used either to only mitigate risk (input ESG) or to go beyond that to create impact (output ESG). We argue that the governance by ESG is characterised by three potential...