Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/266098 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Staff Report No. 1014
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and higher yield spreads, particularly when their facilities are located in states with stricter regulatory enforcement. Using the Paris Agreement as a shock to expected climate risk regulations, we provide evidence that climate regulatory risks causally affect bond credit ratings and yield spreads. Accordingly, the composition of institutional ownership also changes after the Agreement.
Schlagwörter: 
climate risk
regulatory risk
fixed income
JEL: 
G38
G24
G00
Dokumentart: 
Working Paper

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