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  1. Where Is the carbon premium?
    global performance of green and brown stocks
    Autor*in: Bauer, Michael D.; Huber, Daniel; Rudebusch, Glenn D.; Wilms, Ole
    Erschienen: January 2023
    Verlag:  CESifo, Munich, Germany

    The relative equity pricing of more climate-friendly ("green") versus less climate-friendly ("brown") companies is an open question in climate finance. Previous research comes to conflicting conclusions, documenting either a "carbon premium" with... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    The relative equity pricing of more climate-friendly ("green") versus less climate-friendly ("brown") companies is an open question in climate finance. Previous research comes to conflicting conclusions, documenting either a "carbon premium" with brown stocks yielding higher returns, or the opposite, with green stocks outperforming brown. This paper provides new international evidence on this issue for a range of methodologies. Using carbon dioxide (CO2) emissions as reported by companies to measure their greenness, we document that green stocks across the G7 have generally provided higher returns than brown stocks for much of the past decade. We also try to reconcile our findings with previous work, and we provide some results for early 2022 that show that brown stocks outperformed green ones during the energy crisis.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/271890
    Schriftenreihe: CESifo working papers ; 10246 (2023)
    Schlagworte: climate risk; transition risk; carbon emissions; green stocks; brown stocks
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. Where is the carbon premium?
    global performance of green and brown stocks
    Autor*in: Bauer, Michael D.; Huber, Daniel; Rudebusch, Glenn; Wilms, Ole
    Erschienen: 20 January 2023
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP17824
    Schlagworte: climate risk; transition risk; carbon emissions; green stocks; brown stocks
    Umfang: 1 Online-Ressource (circa 46 Seiten)
  3. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Autor*in: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Erschienen: November 2023
    Verlag:  CESifo, Munich, Germany

    The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its legislative path was marked by two abrupt shifts as the likelihood of climate policy action fell to near zero and then... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its legislative path was marked by two abrupt shifts as the likelihood of climate policy action fell to near zero and then rose to near certainty. We investigate equity price reactions to these two events, which represent major realizations of climate policy transition risk. Our results highlight the heterogeneous nature of climate policy risk exposure. We find sizable reactions that differ by industry as well as across firm-level measures of greenness such as environmental scores and emission intensities. While the financial market response to the IRA was economically significant, it did not lead to instability or financial stress, suggesting that transition risks posed by climate policies even as ambitious as the IRA may be manageable.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/282427
    Schriftenreihe: CESifo working papers ; 10739 (2023)
    Schlagworte: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  4. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Autor*in: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 385
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working papers series / Federal Reserve Bank of San Francisco ; 2023, 30 (September 2023)
    Schlagworte: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen