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...