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....

Current odious debt doctrine - using the term "doctrine" loosely, since it has never formally been adopted by a court or international decision maker - dates back to a 1927 treatise by a wandering Russian academic named Alexander Sack. Sack suggested that debt obligations are odious and...

For at least two decades now, commentators have suggested that international policymakers should establish a sovereign bankruptcy regime. In 2002, the debate intensified when the International Monetary Fund (IMF) explicitly endorsed the sovereign bankruptcy concept, and offered a detailed...