We estimate effects of voluntary and mandatory disclosure of carbon emissions on stock returns, volatility, and turnover. We find that voluntary disclosure of scope 1 emissions by companies results in lower stock returns relative to non-disclosing companies. However, a cost of disclosing...

Who engages in green R&D and how is corporate behavior affected by green technical progress? Based on global patent filings, corporate financial reporting, and corporate carbon emissions we analyze corporate green and brown R&D activity and its effects in reducing carbon emissions. We find...

The overwhelming majority of publicly listed companies around the world still does not disclose their carbon emissions, and even fewer privately held companies do so. We argue that mandatory carbon disclosures for public and private companies can make an elementary but essential contribution to...

Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks’ financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly...