We estimate financial institutions' portfolio tilts that relate to stocks' environmental, social,
and governance (ESG) characteristics. We find ESG-related tilts totaling 6% of the …

Despite increasing efforts to better understand the financial consequences of climate
change, the question of how climate-related financial risks could spill over across borders …

The latest European Union measures for combating climate adopted in the “Fit for 55
package” envisage the extension of the Emissions Trading System, the first “cap-and-trade” …

Capital flows in primary markets are key to the low-carbon transition, as capital raised can
finance low or high-carbon assets. Yet, fund-level climate-related disclosures have focused …

Firms that share similar business structures produce carbon emissions on a similar scale. In
this paper, we estimate a large panel of carbon emission data by US firms with a novel …

Compliance carbon allowances and voluntary carbon credits are important tools to reduce
carbon emissions and align production and consumption with the Paris Agreement. The four …