Do inventors care carbon risk
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Do inventors care carbon risk
ecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImper Do inventors care carbon risk rial College London and CEPR€ Patrick Bolton and Martin Kacperczyk 2020. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided tltat full credit, including © notice, is given to the source.This paper can be downloaded without ch Do inventors care carbon risk arge from: http: ssrn.com abstract_id=339S441www.ecgi.global content working-papersECGI Working Paper Scries in FinanceDo Investors Care about CarbonDo inventors care carbon risk
Risk?Working Paper N' 711/202044136Patrick Bolton Marcin KacperczykWe lltank Jawad Addoum. I ranklin Allen, Erie Buuye. Kent Daniel, Charles Donovan, ecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImper Do inventors care carbon risk ful suggestions. We also appreciate comments from seminar participants at Blackroek. 1.1 A Conference, II SI . Newcastle University, the New Eronliers ill Investment Research conference. NIDI Bergen, NYU I.aw Roundtable on climate Disclosure, UBS, University of Cardiff. and University College Dublin Do inventors care carbon risk . We are grateful to Trucost for giving US access to their corporate carbon emissions data, and to Jingyu Zhang for very helpful research assistance.Do inventors care carbon risk
This project has received funding from the European Research Council (ERC) under the I RC Advanced Grant programme (grant agreement No. SK5552 InvestoecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImper Do inventors care carbon risk oted without explicit permission provided that full credit, including © notice, is given to the source.Electronic copy available at: https://ssrn.conVabstract=3398441AbstractWe study whether carbon emissions affect the cross-section of U.S. stock returns. We find that stocks of firms with higher tot Do inventors care carbon risk al C02 emissions (and changes in emissions) earn higher returns, controlling for size, book-to-market, and other return predictors. We cannot explainDo inventors care carbon risk
this carbon premium through differences in unexpected profitability or other known risk factors. We also find that institutional investors implement eecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImper Do inventors care carbon risk consistent with an interpretation that investors are already demanding compensation for their exposure to carbon emission risk.Keywords: Carbon Emissions, Climate Change, stock Returns, Institutional InvestorsJEL Classifications: G12. G23. G30. D62Patrick BoltonBarbara and David Zalaznick Professor Do inventors care carbon risk of Business Columbia University. Columbia Business School 804 Uns HallNew York NY 10027 . United Statesphone: +1 212 854 9245e-mail: pb2208@columbia.Do inventors care carbon risk
eduMarcin Kacperczyk*Professor of FinanceImperial College LondonTanaka Building. South Kensington CampusLondon SW7 2AZ. United Kingdom phone: +44 20 7ecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImperecgiDo Investors Care about Carbon Risk?Finance Working Paper N’ 711/2020Patrick DoltonColumbia University, CEPR. NBER and ECGIMarc in KacperczykImperGọi ngay
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