环境政策对重要金属公司系统性风险的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-09-04 DOI:10.1016/j.frl.2024.106052

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引用次数: 0

摘要

气候变化导致的自然灾害增加，促使人们采取各种措施来缓解气候变化，如使用可再生能源。本研究表明，与这些政策相关的过渡风险将增加对关键金属的需求，从而增加生产关键金属的公司的系统性风险。利用贝叶斯结构时间序列，我们发现有证据表明，在《巴黎协定》和《迪拜协定》之后，铜和锂生产公司的系统性风险增加了。同时，钴和镍的变化也各不相同。因此，未来应考虑对这些资产进行套期保值。

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Environmental policies on the systematic risk of critical metals companies

The increase in natural disasters due to climate change has prompted the adoption of measures to mitigate it, like the use of renewable energy sources. This study suggests that the transition risk associated with these policies will rise the demand for critical metals, increasing the systematic risk for companies that produce them. Using Bayesian structural time series, we find evidence suggesting that, following the Paris and Dubai Agreements, the systematic risk for copper and lithium-producing companies increased. At the same time, the changes for cobalt and nickel varied. So, future consideration should be given to hedging these assets.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance