Do investors care about carbon risk?

Abstract

NBER WORKING PAPER SERIES DO INVESTORS CARE ABOUT CARBON RISK? Patrick Bolton Marcin Kacperczyk Working Paper 26968 http://www.nber.org/papers/w26968 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2020 We thank Franklin Allen, Eric Bouyé, Kent Daniel, Charles Donovan, Gerry Garvey, Lukasz Pomorski, Ailsa Roell, Zacharias Sautner, Gireesh Shrimali, Michela Verardo, Jeff Wurgler and the referee for helpful suggestions. We also appreciate comments from seminar participants at Blackrock, Newcastle University, NHH Bergen, the New Frontiers in Investment Research conference, University of Cardiff, and University College Dublin. We are grateful to Trucost for giving us access to their corporate carbon emissions data, and to Jingyu Zhang for very helpful research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Patrick Bolton and Marcin Kacperczyk. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Do Investors Care about Carbon Risk? Patrick Bolton and Marcin Kacperczyk NBER Working Paper …

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