-implied credit risk across various time horizons. Findings show that firms with higher GHG emissions have higher CDS spreads at all … exposure to transition risk for a firm across different time horizons. However, it fails to account for a company's efforts to … to risk-differentiate ETS-participating firms from other firms. …

) adjusted allowance endowments to compensate China, and 3) altered Armington elasticities when Nationally Determined …. Yet, while the EU prefers full linking, China favors restricted allowance trading. Transfer payments through adjusted … allowance endowments cannot sufficiently compensate China so as to make full linking as attractive as restricted trading. Gains …