management of transition risk exposures. Banks that signed the Net-Zero Alliance have reduced their exposures compared to non …

Municipal bond markets begin pricing sea level rise (SLR) exposure risk in 2013, coinciding with upward revisions to …-maturity bonds and is not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied …

We examine the impact of the U.S. withdrawal from the Paris Agreement on the relationship between climate risk and … systemic risk of U.S. global banks. We find that after 2017, investors stopped pricing climate risk into U.S. systemic risk … directly, consistent with domestic investors expecting climate risk deregulation. However, climate risk still indirectly …

This paper sheds light on the impact of firms' risk measures on systemic risk. Firm risk, which is captured by the … volatility of stock market returns, is also decomposed into systematic and idiosyncratic risk. Using a sample of 2,667 US banks … for over 30 years, it is shown that idiosyncratic risk can surge systemic risk, while systematic risk plays a less …