This study examines the relationship between carbon policy risk and corporate capital structure in China. Using a sample of A-share listed firms from 1997 to 2018, we find that carbon policy risk reduces firms’ financial leverage. The result is robust to the introduction of...

Technological progress has been regarded as one of main driving forces to facilitate the society’s transition to a low carbon economy. Exploring the effect of carbon policy risk on firms’ green innovation is important for understanding how regulatory risk impacts on firm innovation during...

Using daily data, we provide fresh international evidence that an occurrence of natural disaster is accompanied by an increase in the market implied volatility of the main equity index in the same country contemporaneously and in the future. The relation between market implied volatility and...

This paper investigates the transmission channel of climate risk in a financial system by applying the Diebold-Yilmaz connectedness approach based on time-varying parameter vector auto-regressions (TVP-VAR). Our results demonstrate that climate risk not only affects a single financial market,...

This study examines the relationship between carbon risk and corporate capital structure in China. Using a sample of A-share listed firms from 1997 to 2018, we find that carbon risk reduces firms’ financial leverage. The result is robust to the introduction of difference-in-differences tests,...

This paper investigates the effect of climate risk on systemic financial risks by employing the network approach. Our results demonstrate that climate risk not only affects a single financial market, but also induces risk co-movement, which aggravates potential systemic financial risks. More...

Some perspectives of neo-institutional economics are used to reexamine the common pool fishery. Applications of properly rights theory in models simulating the evolution of fisheries management suggest that even in the presence of positive information and transactions costs (ITCs), resource...

The new orientation of regional innovation policies in Europe requires the development of research and innovation smart specialisation strategies (RIS3) so as to support Science, Technology and Innovation (STI) investments where there are clear synergies with existing productive capacities and...