Journal of Climate Finance最新文献

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REIT capital structure strategy in the aftermath of hurricanes 飓风灾后REIT资本结构策略
Journal of Climate Finance Pub Date : 2023-09-01 DOI: 10.1016/j.jclimf.2023.100014
Hana Nguyen
{"title":"REIT capital structure strategy in the aftermath of hurricanes","authors":"Hana Nguyen","doi":"10.1016/j.jclimf.2023.100014","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100014","url":null,"abstract":"<div><p>This paper studies the causal impacts of hurricanes on capital structure. The sample covers 181 US public equity Real Estate Investment Trusts (REITs) throughout 2011–2018, during which 8 catastrophic hurricanes made landfalls in the contiguous US. This study finds that a basis point (0.01%) increment in REIT sudden exposure to hurricanes leads to a negative liquidity shock of 15.3% in corporate cash. Such shock is immediately followed by a 26.4% increase in leverage, measured as total debt over total assets. The effects are temporary, lasting only one quarter during the shock. REIT reactions to hurricanes are consistent with the pecking order theory of capital structure. Overall, hurricane ramifications to REIT capital structure strategy can be as impactful as any distress event that alters corporate liquidity and ability to maintain its daily operation.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"4 ","pages":"Article 100014"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49882314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Identifying factors affecting the preference for green bonds: A Japanese case study 确定影响绿色债券偏好的因素:以日本为例
Journal of Climate Finance Pub Date : 2023-09-01 DOI: 10.1016/j.jclimf.2023.100021
Kentaka Aruga, Timothy Bolt
{"title":"Identifying factors affecting the preference for green bonds: A Japanese case study","authors":"Kentaka Aruga,&nbsp;Timothy Bolt","doi":"10.1016/j.jclimf.2023.100021","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100021","url":null,"abstract":"<div><p>International green bond (GB) guidelines and previous studies suggest that credit rating, issuer type, certification, reporting, and use of proceeds are important factors to be considered when issuing GBs. However, little is known about whether these elements are also recognized as key determinants of GBs by investors. By conducting a discrete choice experiment, this study demonstrated that these factors increase investors' preference for GBs, although they remained indifferent to the type of green project to be funded through GBs. The study also investigated how measures of investors’ social responsibility affect the preference for GBs and found that investors with higher altruism and levels of environmental awareness demonstrated a higher willingness to invest in GBs. The results indicate that the issuance of GBs should be aligned with international GB guidelines and underline the importance of providing information on how GBs can contribute to reducing environmental impacts.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100021"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Evaluating hedge fund activism: Engine Number 1 and ExxonMobil 评估对冲基金的行动主义:引擎1和埃克森美孚
Journal of Climate Finance Pub Date : 2023-08-14 DOI: 10.1016/j.jclimf.2023.100018
Robert K. Kaufmann , Nalin Kulatilaka , Melissa Mittelman
{"title":"Evaluating hedge fund activism: Engine Number 1 and ExxonMobil","authors":"Robert K. Kaufmann ,&nbsp;Nalin Kulatilaka ,&nbsp;Melissa Mittelman","doi":"10.1016/j.jclimf.2023.100018","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100018","url":null,"abstract":"<div><p>We analyze efforts by a small activist hedge fund, Engine Number 1 to affect financial and environmental performance by electing directors to ExxonMobil’s Board. We compare the performance of ExxonMobil to six peers by expanding a five-factor statistical model for asset returns to include oil prices, oil price volatility, and variables that identify one-time and sustained changes in returns. Low returns to ExxonMobil stock may be caused by its position along the supply chain, and not poor management of climate risk, which suggests that electing directors to ExxonMobil’s board will not raise returns. Efforts by Engine Number 1 affect returns to ExxonMobil stock for short periods, but electing its candidates have no permanent effect during the sample period. These results suggest that markets react to information that may not be available to the public and that using windows around public announcements may be too blunt to accurately assess the effects of hedge fund activism on stock returns. Although it is too soon to judge the new directors’ impact on environmental management, the lack of a negative effect on stock returns in the sample period contradicts the economic notion that firms who voluntarily ameliorate externalities put themselves at a competitive disadvantage relative to firms that ignore externalities. If no negative effects appear in the future, this would imply that hedge fund activism can be judged successful if it generates social benefits without negative effects on financial performance, which we call a ‘win-draw’ outcome.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100018"},"PeriodicalIF":0.0,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Portfolio allocation and optimization with carbon offsets: Is it worth the while? 碳补偿的投资组合配置和优化:值得吗?
Journal of Climate Finance Pub Date : 2023-08-10 DOI: 10.1016/j.jclimf.2023.100019
Carsten Mueller , Papa Orgen , Patrick Behr
{"title":"Portfolio allocation and optimization with carbon offsets: Is it worth the while?","authors":"Carsten Mueller ,&nbsp;Papa Orgen ,&nbsp;Patrick Behr","doi":"10.1016/j.jclimf.2023.100019","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100019","url":null,"abstract":"<div><p>We explore whether the integration of carbon offsets into investment portfolios improves performance. Using compliance and voluntary carbon offsets from around the world, our results show that investment strategies that include such offsets broadly achieve higher Sharpe Ratios than the diversified benchmark, with the long-short strategy performing best. We find that compliance and voluntary carbon offsets are mostly net volatility and return spillover recipients, consistent from a macro-perspective. These results, which are documented for the first time in the literature provide new empirical evidence on integrating carbon offsets into portfolios and may attract new financial and retail investors to carbon markets.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100019"},"PeriodicalIF":0.0,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Handle with care: Challenges in company-level emissions data for assessing financial risks from climate change 小心处理:公司层面的排放数据在评估气候变化带来的金融风险方面面临的挑战
Journal of Climate Finance Pub Date : 2023-08-09 DOI: 10.1016/j.jclimf.2023.100017
Andrej Bajic , Rüdiger Kiesel , Martin Hellmich
{"title":"Handle with care: Challenges in company-level emissions data for assessing financial risks from climate change","authors":"Andrej Bajic ,&nbsp;Rüdiger Kiesel ,&nbsp;Martin Hellmich","doi":"10.1016/j.jclimf.2023.100017","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100017","url":null,"abstract":"<div><p>Climate data play an important role for market actors and regulators to assess climate-related vulnerability. The most important quantitative class of such data are carbon emissions as almost all metrics to analyse carbon exposure relate to carbon emissions of companies and countries. This paper provides a detailed analysis of the quality of carbon emission data, points out the most common data flaws, and offers suggestions for a robust empirical analysis. Using a large data set of company-level carbon emissions, we show that year-by-year analysis of the consistency of company emissions is required to identify data flaws. Also, we find that economic and carbon data are not perfectly synchronised. As all carbon-emission metrics suffer from similar data inconsistencies robustness of results is not achieved by using several such metrics. Thus, our findings serve as a warning for the reliability of emission data reporting and their unreflected use in empirical analyses.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"5 ","pages":"Article 100017"},"PeriodicalIF":0.0,"publicationDate":"2023-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49890643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate change opportunity and corporate investment: Global evidence 气候变化机遇与企业投资:全球证据
Journal of Climate Finance Pub Date : 2023-06-01 DOI: 10.1016/j.jclimf.2023.100013
Rufei Ma, Ruicai Yuan, Xinxin Fu
{"title":"Climate change opportunity and corporate investment: Global evidence","authors":"Rufei Ma,&nbsp;Ruicai Yuan,&nbsp;Xinxin Fu","doi":"10.1016/j.jclimf.2023.100013","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100013","url":null,"abstract":"<div><p>This paper investigates the impact of climate change opportunity on corporate investment using firm-level data from 34 countries between 2001 and 2021. There is strong evidence suggesting that firms exposed to climate change opportunities are significantly encouraged to increase investment, and the effect varies considerably across industries. We also find that the effect is more pronounced in countries with higher level of financial development and for companies that are financially unconstrained. Furthermore, the results suggest that companies finance their new investment by issuing long-term debt and carrying internal funds in response to climate change-related opportunities.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"3 ","pages":"Article 100013"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49883976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Climate risk and future stock price crash: Evidence from U.S. firms 气候风险和未来股价暴跌:来自美国公司的证据
Journal of Climate Finance Pub Date : 2023-06-01 DOI: 10.1016/j.jclimf.2023.100012
Xiaoyu Dong, Lewis Liu
{"title":"Climate risk and future stock price crash: Evidence from U.S. firms","authors":"Xiaoyu Dong,&nbsp;Lewis Liu","doi":"10.1016/j.jclimf.2023.100012","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100012","url":null,"abstract":"<div><p>This study investigates the impact of climate risks on stock prices and explores the measures that corporate managers may take to stabilize their company's stock price in response to unexpected climate risks. We analyze a sample of U.S. firms from 1996 to 2022 and find that firms located in disaster-prone counties are associated with a higher risk of stock market crashes. The results indicate that firms exposed to climate risks are more likely to experience unexpected earnings and breaks in earnings strings. While earnings management can sometimes provide short-term benefits, it can also lead to long-term risks and negative consequences on stock price crashes. Moreover, mature firms and firms with higher CEO pay-performance sensitivity are more susceptible to stock market crashes. The findings suggest that climate risk can induce short-term thinking among managers, affecting market valuation. By shedding light on the complex relationship between climate risks and financial risks, this study can inform responsible investment strategies and corporate governance policies that promote transparency, accountability, and long-term value creation.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"3 ","pages":"Article 100012"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49883975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
When health and environment are entwined: An analysis of green, conventional and government bonds during the COVID-19 variants of concern (VOC) 当健康和环境交织在一起:对2019冠状病毒病关注变体(VOC)期间的绿色、传统和政府债券的分析
Journal of Climate Finance Pub Date : 2023-06-01 DOI: 10.1016/j.jclimf.2023.100011
Hassanudin Mohd Thas Thaker , Anna Maria Dharmendra , Soon Wen Wong , Mosharrof Hosen , Farhad Taghizadeh-Hesary
{"title":"When health and environment are entwined: An analysis of green, conventional and government bonds during the COVID-19 variants of concern (VOC)","authors":"Hassanudin Mohd Thas Thaker ,&nbsp;Anna Maria Dharmendra ,&nbsp;Soon Wen Wong ,&nbsp;Mosharrof Hosen ,&nbsp;Farhad Taghizadeh-Hesary","doi":"10.1016/j.jclimf.2023.100011","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100011","url":null,"abstract":"<div><p>The awareness of environmental and social issue has become one of the primary considerations among investors recently. This has sparked interest for social impact studies among many researchers. Among all the green-based financial products, green bond has become an instrumental mechanism of the financial landscape in overcoming the climate-related effects. Thus, we investigated the liquidity spread, measured by bid and ask spread among bonds in developed countries. Then, we use COVID-19 VOC to look at the behavior of liquidity during the specific VOC. The findings show that the bid-ask spread of the green bonds has been mostly equivalent across the multiple COVID-19 variants’ periods. Meanwhile, the conventional bonds have been mostly contractionary across the multiple COVID-19 variants periods; and the government bonds are mostly expansionary across the multiple COVID-19 variants’ periods.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"3 ","pages":"Article 100011"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49883974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
A scenario analysis of the potential effects of decarbonization on the profitability of energy-intensive and natural-resource based industries 脱碳对能源密集型和以自然资源为基础的工业盈利能力的潜在影响的情景分析
Journal of Climate Finance Pub Date : 2023-03-01 DOI: 10.1016/j.jclimf.2023.100008
Fredrik N.G. Andersson
{"title":"A scenario analysis of the potential effects of decarbonization on the profitability of energy-intensive and natural-resource based industries","authors":"Fredrik N.G. Andersson","doi":"10.1016/j.jclimf.2023.100008","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100008","url":null,"abstract":"<div><p>The decarbonization of energy-intensive and natural-resourced based industries is associated with significant costs. In this paper, I explore how decarbonization may affect the profitability and market value of these industries. I also discuss the possibility to finance the investments through higher prices and/or enhanced productivity. I answer these questions using scenario analysis. The analysis is focused on the European Union and the United States. I find that the effects on profitability are likely to be modest despite relatively high investment costs. The main factor that may hold back investments is uncertainty about the future.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"2 ","pages":"Article 100008"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49882877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What is green finance, after all? – Exploring definitions and their implications under the Brazilian biofuel policy (RenovaBio) 到底什么是绿色金融?-探索巴西生物燃料政策下的定义及其影响(RenovaBio)
Journal of Climate Finance Pub Date : 2023-03-01 DOI: 10.1016/j.jclimf.2023.100009
L.L.B. Lazaro , C.S. Grangeia , L. Santos , L.L. Giatti
{"title":"What is green finance, after all? – Exploring definitions and their implications under the Brazilian biofuel policy (RenovaBio)","authors":"L.L.B. Lazaro ,&nbsp;C.S. Grangeia ,&nbsp;L. Santos ,&nbsp;L.L. Giatti","doi":"10.1016/j.jclimf.2023.100009","DOIUrl":"https://doi.org/10.1016/j.jclimf.2023.100009","url":null,"abstract":"<div><p>Climate change concerns and energy transitions are currently addressing not only energy technologies and innovations to decarbonize economies, but also financial mechanisms to enable such transitions. The concepts of green finance and green investment have expanded in recent years, bringing perspectives to support sustainable projects. In this study, we examine the scientific research in green finance to identify advances, main topics, and policy recommendations. We then explore how green financing can play an important role in supporting the development and implementation of biofuel projects in Brazil. The biofuel policy (RenovaBio) established a carbon market the so-called “Decarbonization Credits” (CBIOs), which is a financial instrument designed to incentivize the production and use of sustainable biofuels and reduce greenhouse gas emissions. The findings suggest that green finance needs to advance with a clear definition of their requirements and standards not to fund non-green projects and projects that overlook social and environmental sustainability for economic benefits, and to enable investors to better assess risks and opportunities of their investments. Regarding green finance for biofuel, while some studies suggest that biofuels could play a role in the transition to a green economy, others warn of the environmental costs associated with large-scale production, which can lead to negative impacts on biodiversity, and land-water use. It is expected that the green finance issue in Brazil will find fertile ground in the biofuel sector. However, this will depend on sustainable agriculture practices, as well as on designing the RenovaBio program in such a way that is transparent, accountable, and socially and environmentally responsible.</p></div>","PeriodicalId":100763,"journal":{"name":"Journal of Climate Finance","volume":"2 ","pages":"Article 100009"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49882879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
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