- Published
- 2023-08-12
- Venue
- The Journal of Finance, vol. 78, no. 6, pp. 3677-3754
- Cited by
- 1,013
- Open access
- Yes, hybrid
- DOI
- 10.1111/jofi.13272
Abstract
The energy transition away from fossil fuels exposes companies to carbon‐transition risk. Estimating the market‐based premium associated with carbon‐transition risk in a cross section of 14,400 firms in 77 countries, we find higher stock returns associated with higher levels and growth rates of carbon emissions in all sectors and most countries. Carbon premia related to emissions growth are greater for firms located in countries with lower economic development, larger energy sectors, and less inclusive political systems. Premia related to emission levels are higher in countries with stricter domestic climate policies. The latter have increased with investor awareness about climate change risk.
Cite this paper
Formatted from the source metadata, not typed by hand. For a whole reference list, use the citation generator or ask your assistant through Find Research.
- APA 7
Bolton, P. G. M., & Kacperczyk, M. T. (2023). Global Pricing of Carbon‐Transition Risk. The Journal of Finance, 78(6), 3677–3754. https://doi.org/10.1111/jofi.13272
- MLA 9
Bolton, Patrick G M, and Marcin T. Kacperczyk. "Global Pricing of Carbon‐Transition Risk." The Journal of Finance, vol. 78, no. 6, 2023, pp. 3677–3754, https://doi.org/10.1111/jofi.13272.
- Chicago
Bolton, Patrick G M, and Marcin T. Kacperczyk. "Global Pricing of Carbon‐Transition Risk." The Journal of Finance 78, no. 6 (2023): 3677–3754. https://doi.org/10.1111/jofi.13272.
- GOST
Bolton P. G. M., Kacperczyk M. T. Global Pricing of Carbon‐Transition Risk // The Journal of Finance. — 2023. — Vol. 78, № 6. — P. 3677–3754. — URL: https://doi.org/10.1111/jofi.13272
- BibTeX
@article{bolton2023global, title = {{Global Pricing of Carbon‐Transition Risk}}, author = {Patrick G M Bolton and Marcin T. Kacperczyk}, journal = {The Journal of Finance}, year = {2023}, volume = {78}, number = {6}, pages = {3677--3754}, doi = {10.1111/jofi.13272}, url = {https://doi.org/10.1111/jofi.13272} }- RIS
TY - JOUR AU - Bolton, Patrick G M AU - Kacperczyk, Marcin T. TI - Global Pricing of Carbon‐Transition Risk JO - The Journal of Finance VL - 78 IS - 6 SP - 3677 EP - 3754 PY - 2023 DA - 2023/08/12 DO - 10.1111/jofi.13272 UR - https://doi.org/10.1111/jofi.13272 ER -