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230404 ||| eng |
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|a 9798400224805
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|a Millischer, Laurent
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| 245 |
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|a The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization
|c Laurent Millischer, Tatiana Evdokimova, Oscar Fernandez
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2022
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| 300 |
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|a 56 pages
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| 651 |
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4 |
|a Poland, Republic of
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| 653 |
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|a Environmental Conservation and Protection
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| 653 |
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|a Hazardous Waste
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| 653 |
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|a Labour; income economics
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| 653 |
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|a Environmental Economics
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| 653 |
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|a Environmental economics
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| 653 |
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|a Nonwage Labor Costs and Benefits
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| 653 |
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|a Deflation
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| 653 |
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|a Climate
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| 653 |
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|a Climate change
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| 653 |
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|a Labor
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Environmental Economics: Government Policy
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| 653 |
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|a Asset prices
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| 653 |
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|a Greenhouse gas emissions
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| 653 |
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|a Currency crises
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| 653 |
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|a Global Warming
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|a Macroeconomics
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| 653 |
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|a Event Studies
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| 653 |
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|a Greenhouse gases
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| 653 |
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|a Solid Waste
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| 653 |
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|a Climatic changes
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| 653 |
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|a Economic & financial crises & disasters
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|a Inflation
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| 653 |
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|a Noise
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|a Institutional Investors
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| 653 |
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|a Private Pensions
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| 653 |
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|a Pension Funds
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| 653 |
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|a Natural Disasters and Their Management
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| 653 |
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|a Environment
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Economics: General
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| 653 |
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|a Informal sector; Economics
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| 653 |
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|a Recycling
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| 653 |
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|a Non-wage benefits
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| 653 |
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|a Price Level
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Employee fringe benefits
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| 653 |
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|a Prices
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| 653 |
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|a Water Pollution
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| 653 |
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|a Air Pollution
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| 653 |
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|a Information and Market Efficiency
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| 653 |
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|a Emissions trading
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| 653 |
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|a Investment & securities
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| 700 |
1 |
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|a Evdokimova, Tatiana
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| 700 |
1 |
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|a Fernandez, Oscar
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9798400224805.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2022/231/001.2022.issue-231-en.xml?cid=525748-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a Financial markets can support the transition to a low-carbon economy by redirecting funds from highly emissive to clean investments. We study whether European stock markets incorporate carbon prices in company valuations and to what degree they discriminate between firms with different carbon intensities. Using a novel dataset of stock prices and carbon intensities of 338 European publicly traded companies between 2013 and 2021, we find a strongly statistically significant relationship between weekly carbon price changes and stock returns. Crucially, this relationship depends on firms’ carbon intensity: the higher the carbon costs a firm faces, the poorer its stock performance during the periods of carbon price increases. Emissions covered with free allowances however do not affect this relationship, illustrating how both carbon pricing and disclosures are needed for financial markets to foster climate change mitigation. The relationship we identify can provide an incentive for firms to decarbonize. We argue in favor of more ambitious carbon pricing policies, as this would strengthen the stock-market incentive channel while causing only limited financial stability risk for stocks
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