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...

This paper provides new evidence showing that carbon transition risk is becoming increasingly material and is priced both in equity and debt markets. We find that there is a widespread price-earnings discount linked to corporate carbon emissions. This discount varies, however, by sector and...

To advance the world’s progress toward a net zero carbon economy, the authors recommend that governments impose a mandate on corporations requiring them to report their annual direct carbon emissions