Showing 1 - 10 of 24
In their indisposed paper, Aswani, Raghunandan, and Rajgopal (ARR) provide a critique of our main findings on the pricing of carbon transition risk in Bolton and Kacperczyk (2021a, 2021b, 2022) and in Bolton, Halem, and Kacperczyk (2022). We take exception to the key elements of their critique....
Persistent link: https://www.econbiz.de/10014527102
Persistent link: https://www.econbiz.de/10011534752
Persistent link: https://www.econbiz.de/10012627494
We estimate effects of voluntary and mandatory disclosure of carbon emissions on stock returns, volatility, and turnover. We find that voluntary disclosure of scope 1 emissions by companies results in lower stock returns relative to non-disclosing companies. However, a cost of disclosing...
Persistent link: https://www.econbiz.de/10013250829
Persistent link: https://www.econbiz.de/10013252650
Persistent link: https://www.econbiz.de/10013279567
This paper provides new evidence showing that carbon transition risk is becoming increasingly material and is priced both in equity and debt markets. We find that there is a widespread price-earnings discount linked to corporate carbon emissions. This discount varies, however, by sector and...
Persistent link: https://www.econbiz.de/10013289756
Persistent link: https://www.econbiz.de/10013259950
This paper outlines a simple and robust methodology for portfolio managers to align their portfolios with the carbon neutrality goals (Net Zero Targets) set out following the Paris Agreement in 2015. The approach is based on dynamically limiting the portfolio carbon footprint so that it...
Persistent link: https://www.econbiz.de/10013212465
Persistent link: https://www.econbiz.de/10012221395