We show that lenders charge higher interest rates for mortgages on properties exposed to a
greater risk of sea level rise (SLR). This SLR premium is not evident in short-term loans and …

This study uses disaggregated establishment-level data to identify a firm's exposure to
physical climate risk and examines investors' reaction to natural disasters in both the US …

Under the “carbon peaking and carbon neutrality goals”, China's commercial banks are
facing a severe climate transition risk. This paper proposes a climate transition risk …

This paper investigates the relationship between country-level climate vulnerability and firm
innovation using a sample of 60,028 firms from 88 countries during 1995-2019. Our analysis …

We establish a causal link between carbon emissions and shareholder value using the
passage of the Regional Greenhouse Gas Initiative (RGGI) that imposed a cap-and-trade …

As climate has changed over the last 4 decades so has awareness of the severe
consequences that such changes can bring. Most companies, however,“are underestimating …

We construct a novel carbon risk measure to assess mutual funds' carbon risk exposure
based on mutual fund holding data and further explore how such exposure affects mutual …

We document that European banks charge higher interest rates on loans granted to small
and medium-sized firms located in areas at high risk of flooding. At 6 basis points, the …

Using a large sample of firms from 45 countries, we find that firms in countries with high
climate risk reduce their cash dividends but increasingly use share repurchases to make …

We study the impact of unexpected climate shocks on banks' individual and systemic risks.
Employing climate risk measures developed using the Billion-Dollar Weather and Climate …