Investor concerns about climate and other environmental regulatory risks suggest that these
risks should affect corporate bond risk assessment and pricing. We test this hypothesis and …

We analyze survey data on ESG beliefs and preferences in a large panel of retail investors
linked to administrative data on their investment portfolios. The survey elicits investors' …

Highlights•The paper analyzes the current knowledge in the field of climate-related financial
risks.•It highlights the growing involvement of central banks in addressing climate change.•It …

We explore the effects of physical and regulatory risks related to biodiversity loss on
economic activity and asset values. We first develop a news-based measure of aggregate …

We exploit regional variations in exposure to heat stress to study if physical climate risk is
priced in municipal and corporate bonds as well as in equity markets. We find consistent …

We find that banks' credit exposures to transition risks are modest. We build on the estimated
sectoral effects of climate transition policies from general equilibrium models. Even when we …

This paper reviews the literature on banks, climate change, and the global shift towards a
low-carbon economy. I first examine the contribution of banks to climate change mitigation …

Economics recommends combating climate change with carbon pricing, but green finance
(ESG investing, sustainable finance regulation) is becoming widespread. In a unified model …

This paper proposes a comprehensive climate stress testing approach to measure the
impact of transition risk on investment portfolios. Unlike most climate stress testing models …

The role of central banks in addressing the emerging challenges posed by climate change
has garnered significant attention from practitioners and academics alike. Through …