https://hdl.handle.net/10419/50319 2026-11-05T23:21:27Z https://hdl.handle.net/10419/308785 Title: Bank-advisor certification and willingness to pay for sustainable finance products Authors: Holzheu, Katharina; Wekhof, Tobias Abstract: We examine Swiss retail investors' willingness to pay (WTP) for sustainable finance products and the influence of bank advisor certification. In a hypothetical choice experiment with a randomized controlled trial (RCT), we assigned participants to either a priming treatment with a bank advisor certified in sustainable investing or a control group. We found a WTP between 1 and 1.5 percentage points of annual return for sustainable mutual funds, especially among financially literate investors. The presence of a certified green finance advisor further increased WTP between 0.2 and 0.8 percentage points, particularly for investors with low financial literacy. 2025-01-01T00:00:00Z https://hdl.handle.net/10419/315040 Title: Pricing climate risks: Evidence from wildfires and municipal bonds Authors: Woongchan, Jeon; Barrage, Lint; Walsh, Kieran Abstract: How do financial markets respond to anticipated climate-driven wildfire risk? Using high-resolution meteorological forecasts, land use data, and U.S. municipal bond spreads, we find that municipalities facing greater future wildfire exposure already incur higher borrowing costs: A one standard deviation increase in projected wildfire risk raises primary (secondary) market spreads by 14 (26) basis points - over 40% of the sample mean. Impacts are significantly larger in areas with higher minority populations and greater reliance on local revenue. Our study contributes to the broader literature by introducing a new approach to identifying the financial effects of evolving climate risks. 2025-01-01T00:00:00Z https://hdl.handle.net/10419/312886 Title: Warming with borders: Forced climate migration and carbon pricing Authors: Alsina-Pujols, Maria Abstract: As climate changes and natural disasters intensify, the threat of human displacement increases. This paper studies carbon taxation in the presence of international climate displacement. After providing evidence on the migration response to disasters, forced climate migration is introduced into a quantitative climate-macroeconomic model to theoretically characterize the global and local social cost of carbons - SCCs, equivalently, optimal carbon taxes. These change substantially when this type of migration is considered. A North-South calibration reveals that, while migration increases the local SCC in host regions-more so if political conflict is considered-the global and origin region's SCCs remain largely unaffected. 2025-01-01T00:00:00Z https://hdl.handle.net/10419/312877 Title: Innovation und Digitalisierung in der Schweizer Privatwirtschaft: Ergebnisse der Innovationserhebung 2023 Authors: Spescha, Andrin; Tran, Samantha; Wörter, Martin 2025-01-01T00:00:00Z