In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on … competitive market characterised by uncertainty about the commodity price, if firms can respond to the revelation of demand …

price rises at the risk-adjusted interest rate. Adding damages leads to a higher carbon price that grows more slowly. But as …, carbon prices are higher, but when the tipping point occurs, the price jumps downward. With only a temperature cap the carbon … temperature and cumulative emissions get closer to their caps, the carbon price is ramped up ever more. Policy makers should …

Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that … carbon risk affects firms' credit spread. The effect is larger for European than North American firms and varies … to carbon risk when market-wide concern about climate change risk is elevated. Finally, lenders expect that adjustments …

business lines; there is default clustering in the GI industry; different reinsurance levels also affect the credit risk of …This paper estimates a reduced-form model to assess the credit risk of General Insurance (GI) non-life firms in the UK … wider set of possible determinants of credit risk. The empirical results suggest that macroeconomic and firm …

We develop a financial-economic model for carbon pricing with an explicit representation of decision making under risk … specifications. We show that risk associated with high damages in the long term leads to stringent mitigation of carbon dioxide … emissions in the near term. Our results provide insight into how a systematic incorporation of climate-related risk influences …

for the price of risk. We also document that the survey expectations-augmented specification reduces pricing and premium …We examine the asymmetric impact of shocks to macroeconomic expectations and their underlying dispersion on equity risk …

boom yields consistently positive excess returns. This excess return compensates for the risk of high negative returns in … countries on risk aversion, and low (high) risk aversion currencies depreciate (appreciate) in times of global turmoil. …

degree of pessimism of the representative agent is the mean of the individual ones weighted by their index of absolute risk …

averse, we determine conditions on the changes in asset risk that are both necessary and sufficient for the asset price to …We examine asset prices in a representative-agent model of general equilibrium. Assuming only that individuals are risk … price of the asset need not necessarily fall. We further demonstrate how our results can be imbedded into a market that is …

estimating risk premia and highlights the proliferation of risk pricing factors that result in a wide range of different asset-price … macroeconomic variables. However, the presence of time-varying risk premia requires an adjustment of market prices to obtain the … market’s rational assessment of future price and policy developments. This paper reviews empirical approaches for recovering …