作者
Stefano Giglio, Bryan Kelly, Johannes Stroebel
发表日期
2021
期刊
Annual Review of Financial Economics
卷号
13
页码范围
15–36
简介
In this article, we review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in macrofinance models. We then review the empirical literature that explores the pricing of climate risks across a large number of asset classes, including real estate, equities, and fixed income securities. In this context, we also discuss how investors can use these assets to construct portfolios that hedge against climate risk. We conclude by proposing several promising directions for future research in climate finance.
学术搜索中的文章
S Giglio, B Kelly, J Stroebel - Annual review of financial economics, 2021
S Giglio, B Kelly, J Stroebel - Annual Review of Financial Economics13, 2021
B Kelly, S Giglio, J Stroebel - Annual Review of Financial Economics, 2021