Author: Jing LiPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Essays in Environmental Finance
Author: Jing LiEssays in Environmental Finance
Author: Mihir TirodkarPublisher:
ISBN:
Category : Capital assets pricing model
Languages : en
Pages : 181
Book Description
This thesis comprises of three empirical studies that examine separate interactions between environmental variables and financial markets. Set within a U.S. backdrop, the studies integrate and analyse relationships between asset pricing, corporate finance, behavioural finance, and environmental economics. The first chapter examines whether low frequency temperature risk, a component of climate risk, is a priced risk factor in equity markets. Rising temperatures are associated with states of poor consumption and potential disasters; consumption-based asset pricing theories suggest investors prefer investments which pay off in these poor states. I estimate low frequency temperature shocks and employ them in asset pricing tests. Results provide no evidence of a low frequency temperature risk premium in U.S. equity markets. I discuss possible reasons as to why results may diverge from the asset pricing theory. The second chapter tests whether institutional investors are reluctant to own polluter ‘sin’ stocks. I hypothesise that sensitivity to social norms restricts institutional ownership of polluters. Using toxic emissions data from the Toxic Release Inventory, I find results that are consistent with the hypothesis. Furthermore, I find that institutions with long-term investment horizons and exposure to public scrutiny display a stronger reluctance to own polluters. I find no evidence of positive abnormal performance of polluter stocks, as hypothesised by the ‘shunned-stock’ theory. The final chapter examines security analyst earnings forecasts for polluter firms. Polluters are negatively exposed to increased regulations and consumer backlash; however, security analysts may misestimate associated costs. Tests show that analysts generate systematically pessimistic forecasts for polluter firm earnings on average; behavioural theories suggest that this pessimism is due to cognitive constraints. I also find evidence of persistent analyst bias for polluters, consistent with the conservatism bias theory. Results provide no evidence of polluter abnormal returns resulting from positive earnings surprises around earnings announcements.
Essays on Sustainable Finance
Author: Simone Andrea WagnerEssays in Sustainable Finance
Author: Carlos Alberto VargasInvesting for the Common Good
Author: Dirk SchoenmakerPublisher:
ISBN: 9789078910435
Category : Business & Economics
Languages : en
Pages : 80
Book Description
Traditional finance focuses solely on financial return and risk. By contrast, sustainable finance considers financial, social and environmental returns in combination. This essay provides a new framework for sustainable finance highlighting the move from the narrow shareholder model to the broader stakeholder model, aimed at long-term value creation for the wider community. Major obstacles to sustainable finance are short-termism and insufficient private efforts. To overcome these obstacles, this essay develops guidelines for governing sustainable finance. Moving from traditional to sustainable finance means having to counter attitudes that are embedded in the ways our economic systems are organised. Shifting away from them requires both new ways of operating but, importantly, new underlying principles that put sustainability centre stage to guide our thinking. It is important that we put this process in motion, and the earlier the better.
Essays on Sustainable Finance
Author: Marco CeccarelliEssays on Sustainable Finance
Author: 李通Essays in Public Finance and Environmental Economics
Author: Radhika GoyalPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This dissertation focuses on topics concerning public finance, state capacity, and the environment. In the first chapter, we study the role of proximity to administrative power in explaining spatial inequality in access to public goods. Using a natural experiment in India that quadrupled the number of sub-districts (the lowest level of administrative jurisdiction), we explore the impact of redistribution of political power on spatial inequality of public good investment. By analyzing digitized high-resolution data encompassing approximately 10,000 villages spanning over 55 years, we demonstrate that reducing the distance to local government headquarters helps in bridging the gap in the provision of essential public amenities for remote villages, and furthermore, yields evidence of long-term improvements in state capacity. In the second chapter, we focus on turning points in tax collection. Our method detects both sustained accelerations and decelerations of tax collection (relative to GDP) in a global and historical sample of 150 countries since 1965. Turning points are prevalent (238 events in total), persistent for at least 15 years in many cases, and occur more frequently at lower levels of the country's development. We show that changes in the political environment are strong statistical predictors of accelerations, tax reforms, and economic changes less so. Decelerations appear more unpredictable than accelerations. In the third chapter, we study the ecological gains of place-based environmental measures to ramp up conservation efforts. By combining geo-referenced Indian village maps overlaid with digitized protected area maps and a fuzzy regression discontinuity design, we find that protected areas help improve forest cover. Villages located within protected areas also experienced improved economic activity, attributed in part to the growth of the tourism sector, particularly in wildlife sanctuaries. Moreover, our findings suggest that states which allocate a higher share of expenditure to the forestry sector exhibit stronger forest conservation outcomes.
Handbook of Environmental and Sustainable Finance
Author: Vikash RamiahPublisher: Academic Press
ISBN: 012803646X
Category : Science
Languages : en
Pages : 512
Book Description
The use of financial concepts and tools to shape development is hardly new, but their recent adoption by advocates of sustainable environmental management has created opportunities for innovation in business and regulatory groups. The Handbook of Environmental and Sustainable Finance summarizes the latest trends and attitudes in environmental finance, balancing empirical research with theory and applications. It captures the evolution of environmental finance from a niche scholarly field to a mainstream subdiscipline, and it provides glimpses of future directions for research. Covering implications from the Kyoto and Paris Protocols, it presents an intellectually cohesive examination of problems, opportunities, and metrics worldwide. - Introduces the latest developments in environmental economics, sustainable accounting work, and environmental/sustainable finance - Explores the effects of environmental regulation on the economy and businesses - Emphasizes research about the trade-environmental regulation nexus, relevant for economics and business students
Environmental Finance
Author: Rodney R. WhitePublisher: John Wiley & Sons
ISBN: 0471447382
Category : Business & Economics
Languages : en
Pages : 384
Book Description
An engaging and comprehensive look at the intersection of financial innovation and the environment This unique book provides readers with a comprehensive look at the new markets being created to help companies manage environmental risks, including weather derivatives, catastrophe bonds, and emission trading permits. Filled with real-world case studies and timely advice, Environmental Finance contains corporate strategies that financial service professionals as well as their clients must understand in order to proactively improve a company's environmental performance.