We study whether corporate greenhouse gas (GHG) emissions have an effect on firm equity risks. Based on 8,023 firm-year observations from a sample of European firms over the period from 2010 to 2020, our results imply that GHG emissions are relevant for investors’ equity risk assessments....

In this paper, I estimate the effect of mandatory greenhouse gas (GHG) emissions disclosure on corporate value. Using the introduction of mandatory GHG emissions reporting for firms listed on the Main Market of the London Stock Exchange as a source of exogenous variation, I find that firms most...

I estimate the level of emissions cost pass-through to hourly wholesale electricity prices in Germany, based on spot market data. I control for contemporaneous shocks to demand and supply by constructing a detailed supply curve for fossil generation, and intersecting it with residual demand for...

Road transportation is responsible for a significant part of the EU’s total CO2 emissions. Therefore, the automotive sector is subject to continuously strengthening environmental regulation. Regulation (EU) 2019/631 of the European Parliament and of the Council of 17thApril 2019 sets, for the...

We introduce the decomposition of carbon emissions into an expected and an unexpected component and analyze the association between these components and firm value. The expected component captures a firm's average carbon emissions inherent to its business model and operating environment. The...

This paper provides an overview of current government schemes promoting corporate reporting of greenhouse gas (GHG) emissions and analyses their main building blocks. It describes the drivers and challenges for governments, companies and investors in dealing with GHG reporting and includes 4...

Bilateral trade and capital flows have increased substantially between the United States and China yielding economic gains to both countries. However, these beneficial bilateral relations also bring about global environmental consequences including greenhouse gas emissions. We develop a...

Bilateral trade and capital flows have increased substantially between the United States and China yielding economic gains to both countries. However, these beneficial bilateral relations also bring about global environmental consequences including greenhouse gas emissions. The authors develop a...

We study the effect of climate policy on companies' greenhouse gas emissions using emissions data for the headquarters and subsidiaries of the world's biggest manufacturing, energy, and utility companies. Our results suggest that financial incentives and legal requirements to audit energy use...