Journal of Climate Finance最新文献_第6页

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

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

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 , Nalin Kulatilaka , 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

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

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

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, 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

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

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 , C.S. Grangeia , L. Santos , 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