Do investors care about carbon risk?

We study whether carbon emissions affect the cross-section of US stock returns. We find that stocks of firms with higher total carbon dioxide emissions (and changes in emissions) earn higher returns, controlling for size, book-to-market, and other return predictors. We cannot explain this carbon pre...

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Bibliographic Details
Published in:	Journal of financial economics Vol. 142; no. 2; pp. 517 - 549
Main Authors:	Bolton, Patrick, Kacperczyk, Marcin
Format:	Journal Article
Language:	English
Published:	Amsterdam Elsevier B.V 01.11.2021 Elsevier Sequoia S.A
Subjects:	Carbon Carbon dioxide Carbon emissions Climate change Compensation Emissions Emissions control Financial economics Greenhouse gases Institutional investments Institutional investors Investors Profitability Risk Risk factors Sales Stock returns Stocks Studies D62 Climate change G30 G12 G23 Stock returns Institutional investors Carbon emissions
ISSN:	0304-405X, 1879-2774
Online Access:	Get full text
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