has been made to 'green' the economy, an important challenge that remains is to internalize global and local externalities …

externalities, treatment of one unit often affects other units. To explore the implications of applying standard quasi …

externalities and their cost of debt using data on European corporate bonds. For direct environmental costs as well as for carbon … emissions, we find that policy is a key driver of the capital market's valuation of these externalities. The size as well as … direction of the effect of externalities on bond spreads depends on the stringency of policy and a firm’s pollution- and carbon …

implications of different assumptions about the degree to which global externalities are internalized are analyzed. Subsequently …