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Displaying results 1 to 4 of 4.

  1. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Author: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Published: November 2023
    Publisher:  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... more

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    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.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282427
    Series: CESifo working papers ; 10739 (2023)
    Subjects: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Author: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Published: [2023]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 385
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2023, 30 (September 2023)
    Subjects: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  3. Where Is the carbon premium?
    global performance of green and brown stocks
    Author: Bauer, Michael D.; Huber, Daniel; Rudebusch, Glenn D.; Wilms, Ole
    Published: January 2023
    Publisher:  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... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    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.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271890
    Series: CESifo working papers ; 10246 (2023)
    Subjects: climate risk; transition risk; carbon emissions; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  4. Where is the carbon premium?
    global performance of green and brown stocks
    Author: Bauer, Michael D.; Huber, Daniel; Rudebusch, Glenn; Wilms, Ole
    Published: 20 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17824
    Subjects: climate risk; transition risk; carbon emissions; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 46 Seiten)