We explore the design of climate stress tests to assess and manage macroprudential risks
from climate change in the financial sector. We review the climate stress scenarios currently …

Transitioning to a low‐carbon economy will entail swee** transformations of energy and
economic systems. A growing research body has raised concerns about the effect of such …

In this address, I discuss differences across investor and manager motivations for
considering sustainable finance—value versus values motivations—and how these …

We develop a new measure of impact elasticity: the change in a firm's environmental impact
due to a change in its cost of capital. We find that reducing green firms' financing costs leads …

Do climate-oriented regulatory policies affect the flow of credit towards polluting firms? We
match loan-level data to firm-level greenhouse gas emissions to assess the impact of the …

Climate-related risks have become a major concern for financial regulators and can pose a
significant threat to financial stability. In this paper, we first propose a theoretical framework …

We exploit regional variations in exposure to heat stress to study if physical climate risk is
priced in municipal and corporate bonds as well as in equity markets. We find consistent …

We investigate whether and how the environmental consciousness (greenness for short) of
firms and banks is reflected in the pricing of bank credit. Using a large international sample …

This paper studies whether and how environmental, social, and governance (ESG)
disclosure regulations imposed on banks generate transmission effects along the lending …

Climate-related risks have increased in recent decades, both in terms of the frequency of
extreme weather events (physical risk) and the implementation of climate-change mitigation …