We study the effects of carbon price uncertainty on firms' decisions to decarbonize their
operations. We first use information on the pricing of options on emission allowances in the …

Using over seven million online news articles to construct the climate policy uncertainty
(CPU) index, this study reveals a positive relation between CPU and corporate innovation …

This paper provides a new perspective on the economic implications of Environmental,
Social, and Governance (ESG) ratings. Using data for 152 countries, we introduce a new …

Recent events, such as the financial crisis, oil price shocks or fluctuations, Brexit, the US–
China trade war, the COVID-19 pandemic, the Russia–Ukraine conflict and the subsequent …

This paper examines the impact of climate risk on macroeconomic activity for thirty countries
using over a century of panel time series data. The key innovation of our paper is to use a …

We develop a dynamic model where heterogeneous firms take investment decisions
depending on their beliefs on future carbon prices. A policy-maker announces a forward …

This paper examines the impact of climate policy uncertainty (CPU) on carbon dioxide (CO2)
emissions of 1007 listed firms over 2003–2021. As the urgency to combat climate change …

In a structural dynamic model that incorporates two broad production sectors with different
carbon emissions, we find that climate policy uncertainty (CPU) shocks (i) lower the market …

This paper proposes a set of short-term scenarios that reflect the diversity of climate
transition shocks: increase in carbon and energy prices, increase in public or private …

We conduct an international study on the effect of climate policy uncertainty on the systemic
risk of banks from G20 countries. We find that climate policy uncertainty is associated with …