<?xml version="1.0" encoding="UTF-8"?>
<rss xmlns:dc="http://purl.org/dc/elements/1.1/" version="2.0">
  <channel>
    <title>EconStor Community:</title>
    <link>https://hdl.handle.net/10419/235110</link>
    <description />
    <pubDate>Thu, 30 Apr 2026 17:23:41 GMT</pubDate>
    <dc:date>2026-04-30T17:23:41Z</dc:date>
    <item>
      <title>Circular economy, non-financial disclosure and credit risk in Europe</title>
      <link>https://hdl.handle.net/10419/339130</link>
      <description>Title: Circular economy, non-financial disclosure and credit risk in Europe
Authors: Zara, Claudio; Göbel, Maximilian; Barbaglia, Martina
Abstract: The circular economy (CE) is increasingly recognized as a financially material dimension of corporate sustainability, complementing and in some respects surpassing traditional Environmental, Social, and Governance (ESG) metrics. Building on prior evidence of a negative relationship between firms' degree of circularity and their default risk, this paper investigates how non-financial disclosure (NFD) on CE matters interacts with actual circular practices in shaping credit risk. Using a panel of 643 listed firms from 17 resource-intensive industries across the EU-15 and Switzerland over 2018-2023, we combine circularity-related NFD data with multiple market-based and fundamental-based measures of default risk. Employing a two-step methodology, we decompose firms' degree of circularity into a "core" component, capturing substantive engagement in CE, and a disclosure-driven component, to test three hypotheses. First, we find that NFD is positively associated with circularity, consistent with the view that higher-level disclosure reflects greater circular engagement. Second, we show that core circularity, net of disclosure effects, is negatively associated with default risk, confirming its de-risking role. Third, we provide evidence that NFD alone contributes to credit risk assessment, albeit less strongly than core practices. Overall, our findings indicate that while substantive circular transitions are the primary driver of de-risking, disclosure provides a complementary signaling channel valued by creditors. This study contributes to the literature on the financial implications of CE and sustainability practices and offers practical insights for firms, investors, and policymakers concerned with corporate sustainability, credit assessment, and the transition toward a more circular economy</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/339130</guid>
      <dc:date>2026-01-01T00:00:00Z</dc:date>
    </item>
    <item>
      <title>Expanding the zoo: The circularity-factor</title>
      <link>https://hdl.handle.net/10419/339196</link>
      <description>Title: Expanding the zoo: The circularity-factor
Authors: Zara, Claudio; Qiu, Borui; Göbel, Maximilian
Abstract: Climate change, trade wars, supply-chain disruptions, and geopolitical uncertainty - one may characterize the post-COVID era as such. The Circular Economy, with its focus on a circular production process, is a framework that addresses exactly these drivers of heightened uncertainty. We propose the circularity factor (CF), a hedging portfolio constructed by buying stocks with a high circularity score (CS) and shorting stocks with a low CS. Controlling for firm-size, we find this to be a profitable strategy in the European, but not in the U.S. market, for now. Furthermore, the dynamics of CF are not to be explained by prominent factor models, and CF stands out against the plethora of members of the "factor zoo" to price the cross-section of European stock returns.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/339196</guid>
      <dc:date>2026-01-01T00:00:00Z</dc:date>
    </item>
    <item>
      <title>Green backlash and right-wing populism</title>
      <link>https://hdl.handle.net/10419/315123</link>
      <description>Title: Green backlash and right-wing populism
Authors: Bosetti, Valentina; Colantone, Italo; de Vries, Catherine E.; Musto, Giorgio
Abstract: This narrative review delves into the politics of climate policy, with specific focus on the socalled "green backlash". That is, rising resistance by voters, parties, and governments to the climate transition. We start by reviewing the literature on the political consequences of climate policies. The evidence points to a green backlash among citizens negatively affected by the decarbonization transition. Populist right forces emerge as main beneficiaries of the backlash. They tend to be more skeptical regarding anthropogenic climate change and less supportive of climate policies. Their electoral success has negative implications for countries' climate policy making and performance. Finally, we draw insights from the literature to reflect on what can be done to improve the political sustainability of climate policies.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/315123</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
    </item>
    <item>
      <title>The impact of green policies on local economic performance: Evidence from the EU ETS</title>
      <link>https://hdl.handle.net/10419/316183</link>
      <description>Title: The impact of green policies on local economic performance: Evidence from the EU ETS
Authors: Hernandez Carballo, Ireri; Mallarino, Gian Maria; Percoco, Marco
Abstract: Environmental policies such as the European Union Emissions Trading System (EU ETS) raise concerns about their impact on local employment and competitiveness. Yet, existing EU ETS studies focus on firm-level outcomes during the initial phases of the program. We construct a panel dataset of about 900 European provinces across 2008 to 2020 to assess the effects of a significant policy change in Phase 3 of the EU ETS. Specifically, we investigate how the changes in the allocation of free allowances affected local economies in terms of employment, gross value added (GVA) and productivity. By assembling a novel dataset and measuring the net change of paid emissions from Phase 2 to Phase 3 we construct a measure of exposure to the policy change at the NUTS-3 level. Using synthetic difference-in-differences, we find that being more exposed to the EU ETS is associated with a statistically significant contraction of employment and GVA in the more carbon-intensive industries. Our results are complemented with evidence on a sizeable reduction in carbon emissions and mild impact in terms of regional disparities in the European Union.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/316183</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
    </item>
  </channel>
</rss>

