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Net-zero transition and divestments of carbon-intensive assets

Gözlügöl, Alperen Afşin; Ringe, Wolf-Georg - 2023

popularity of divestments. That is, many firms seeking to fulfill a net-zero plan are passing on carbon-intensive assets (i … less pressure from investors, stakeholders, and regulators. Such divestments, technically mergers and acquisitions (M … can be operated by new owners in a way that causes more emissions. In any case, such divestments undermine the credibility …

Persistent link: https://www.econbiz.de/10014283730

Climate change and firm valuation : evidence from a quasi-natural experiment

Krüger, Philipp - 2015

In this paper, I estimate the effect of mandatory greenhouse gas (GHG) emissions disclosure on corporate value. Using the introduction of mandatory GHG emissions reporting for firms listed on the Main Market of the London Stock Exchange as a source of exogenous variation, I find that firms most...

Persistent link: https://www.econbiz.de/10011412402

The SEC’s Costly Power Grab : The Securities and Exchange Commission’s Climate Disclosure Risk Proposal Threatens an End-Run around Congress on Climate Policy

Morrison, Richard - 2022

In March 2022 the U.S. Securities and Exchange Commission (SEC) published a notice of proposed rulemaking titled “The Enhancement and Standardization of Climate-Related Disclosures for Investors” that would require public companies to make detailed public disclosures of their energy use and...

Persistent link: https://www.econbiz.de/10013492057

'Offsetting' Crisis? - Climate Change Cap and Trade Need Not Contribute to Another Financial Meltdown

Flatt, Victor Byers - 2012

In 2009, the promise of a comprehensive federal cap and trade bill to address climate change fell apart. At least in part, this was due to the fears that exotic 'carbon' financial instruments might cause more financial crises. As California launches it economy wide carbon trading system, and...

Persistent link: https://www.econbiz.de/10013107537

The Case for Corporate Climate Ratings : Nudging Financial Markets

Mormann, Felix; Mormann, Milica - 2022

Capital markets are cast as both villain and hero in the climate playbill. The trillions of dollars required to combat climate change leave ample room for heroics from the financial sector. For the time being, however, capital continues to flow readily toward fossil fuels and other...

Persistent link: https://www.econbiz.de/10014359244

Climate Choice Architecture

Mormann, Felix - 2022

Personal choices drive global warming nearly as much as institutional decisions. Yet, policymakers overwhelmingly target large-scale industrial facilities for reductions in carbon emissions, with individual and household emissions a mere afterthought. Recent advances in behavioral economics,...

Persistent link: https://www.econbiz.de/10013290991

Financing of employer sponsored health insurance plans before and after health reform: What consumers don’t know won’t hurt them?

Miller, Amalia R.; Eibner, Christine; Gresenz, Carole Roan - In: International Review of Law and Economics 36 (2013) C, pp. 36-47

This paper studies the potential impact on consumers of regulatory arbitrage based on financing of employment-based health insurance plans in the United States. Consumers enrolled in self-insured health plans, for which employers are financially responsible for medical claims, make up a majority...

Persistent link: https://www.econbiz.de/10010709044

Capital Markets Union: The Need for Common Laws and Common Supervision

Friedrich, Jan; Thiemann, Matthias - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 61-75

This paper examines the supervision of Central Clearing Counterparties (CCPs) in Europe, since they function as an important pillar of the Capital Markets Union. Our research indicates that the current national-based supervision of CCPs leads to regulatory arbitrage and exposes the EU to huge...

Persistent link: https://www.econbiz.de/10012054627

Uneven regulatory treatment of different funded positions: Regulatory arbitrage opportunity

Karaś, Małgorzata - In: e-Finanse: Financial Internet Quarterly 9 (2013) 4, pp. 48-52

Regulations treating in a diversified way different types of funded positions introduced over decades, do not take into consideration the increasing opportunities of financial innovation and regulatory arbitrage. These opportunities seem to significantly benefit the most sophisticated market...

Persistent link: https://www.econbiz.de/10011551410

On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership

Hatfield, John; Kominers, Scott Duke; Barry, Jordan M. - Becker Friedman Institute for Research in Economics, … - 2012

In the past twenty-five years, derivatives markets have grown exponentially. Large, modern derivatives markets increasingly enable investors to hold economic interests in corporations without owning voting rights, and vice versa. This leads to both empty voters â€” investors whose voting...

Persistent link: https://www.econbiz.de/10010891163