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  1. Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts
    Autor*in: Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; Xepapadeas, Anastasios
    Erschienen: November 2021
    Verlag:  Fondazione Eni Enrico Mattei, Milano, Italia

    The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission disclosure initiatives exist aimed at informing investors about the financial risks associated with a zero or low carbon transition.... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 125
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    keine Fernleihe

     

    The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission disclosure initiatives exist aimed at informing investors about the financial risks associated with a zero or low carbon transition. Stricter regulations, particularly in a few sectors, could affect operations costs, ultimately impacting companies financial performances, especially of listed companies. There are two ways these companies can disclose their transition risk exposure and are not alternatives. One is the explicit declaration of exposure to transition risk in the legally binding documents that listed companies must provide authorities. The other is the disclosure of GHG equivalent emissions, which is implicitly associated with transition risk exposure. This paper empirically analyses to what extent US companies stock returns incorporate information about transition risk by using explicit and implicit risk measures and comparing them. In addition, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on total stock returns is negative. Evidence supports the view that market operators price negatively the transition risk exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in risky companies.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/249964
    Schriftenreihe: Working paper / Fondazione Eni Enrico Mattei ; 2021, 029
    Schlagworte: Climate risk; Transition Risk; SEC-10K; Mandatory Disclosure; Text analysis; CAPM
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  2. Euro Area banks' sensitivity to changes in carbon price
    Autor*in: Belloni, Marco; Kuik, Friderike; Mingarelli, Luca
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    In recent years there has been growing attention on the risks posed by climate change. One relevant question for financial stability is to which extent the materialisation of transition risks emerging from the sudden implementation of climate change... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    In recent years there has been growing attention on the risks posed by climate change. One relevant question for financial stability is to which extent the materialisation of transition risks emerging from the sudden implementation of climate change mitigation policies would impact the financial system. In this paper we analyze the effects of changes in carbon price on the European banking system. We assess this climate change transition risk through a banking sector contagion model where firms are negatively impacted by an increase in carbon prices. Using a unique granular dataset we evaluate the consequences of a combination of different increases in carbon prices and firm emission reduction strategies. We find that taking early policy action, implying more gradual changes in carbon prices, is not expected to lead to adverse impacts on the banking system, especially if firms reduce their emissions efficiently. Conversely, a disorderly, abrupt transition to a low carbon economy requiring very high sudden changes in carbon prices might have disruptive effects on the financial system, especially if firms fail to reduce their emissions.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289949873
    Weitere Identifier:
    hdl: 10419/261188
    Schriftenreihe: Working paper series / European Central Bank ; no 2654 (March 2022)
    Schlagworte: Empirical Banking; Financial Networks; Climate Change; Transition Risk
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Disclosure without Solution
    First Evidence from Scope 3 Reporting in the Oil and Gas Sector
    Autor*in: Hoepner, Andreas G. F.; Schneider, Fabiola I.
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    Framing the mobility crisis induced by COVID-19 restrictions as a natural experiment resembling future shocks related to the transition to a net zero economy, we use a difference in differences analysis to investigate the impact of Scope 3 emission... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Framing the mobility crisis induced by COVID-19 restrictions as a natural experiment resembling future shocks related to the transition to a net zero economy, we use a difference in differences analysis to investigate the impact of Scope 3 emission reporting on share price returns for companies in the oil and gas sector. We scrutinize whether investors value Use-of-Product emission reporting as a credible signal of awareness of transition risk or whether investors instead interpret reporting devoid of remediating actions as a false signal and penalise pointing to a problem without solution. Using key performance indicators related to greenhouse gas (GHG) emission reporting from the Transition Pathway Initiative we show that reporting Scope 3 Use-of-Product emissions in a sector without a clear transition plan led to respective firms underperforming. We provide first evidence of the key influence of Scope 3 emission reporting, and specifically downstream Use-of-Product emissions, on financial market valuations representing market expectations in the oil and gas sector

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Michael J. Brennan Irish Finance Working Paper Series Research Paper ; No. 22-13
    Schlagworte: Emission Reporting; Scope 3; Use of Product Emissions; Oil and Gas; Transition Risk; Signaling Theory
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (54 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 4, 2022 erstellt
  4. Carbon policy surprises and stock returns
    signals from financial markets
    Autor*in: Hengge, Martina; Panizza, Ugo; Varghese, Richard
    Erschienen: 02 February 2023
    Verlag:  Centre for Economic Policy Research, London

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
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    Standort:
    Universitätsbibliothek Mannheim
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP17868
    Schlagworte: Carbon Emissions; Carbon Prices; Climate Change; Transition Risk; Stock Returns
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  5. What's the cost of "Saving the Planet" for Banks?
    assessing the indirect impact of climate transition risks on Slovak banks' loan portfolios
    Autor*in: Kalman, Jozef; Klacso, Ján; Vasiľ, Roman; Zeman, Juraj
    Erschienen: September 2023
    Verlag:  National Bank of Slovakia, Bratislava

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NSB Working paper / National Bank of Slovakia ; 2023,7
    Schlagworte: NGFS Scenarios; Climate Change; Climate Stress-Test; Financial Stability,Scenario Analysis; Transition Risk
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen