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DOI | 10.1111/jfir.12388 |
Climate risk and credit ratings | |
发表日期 | 2024 |
ISSN | 0270-2592 |
EISSN | 1475-6803 |
英文摘要 | We find weak evidence suggesting that cities' credit ratings reflect their climate risk exposure. Using a large sample of US cities, we test whether cities with higher exposure to physical or transition risks of climate change have lower credit ratings. We also compare the ratings of coastal and similar noncoastal cities, and run difference-in-differences tests around events that raise climate change awareness. Moreover, we study the climate risk effect within cities and at the bond level. We observe a negative association only between the Hallegatte et al. (2013) sea-level-rise measure and ratings, and this association is solely driven by New Orleans, which had already experienced a significant climate event. |
语种 | 英语 |
WOS研究方向 | Business & Economics |
WOS类目 | Business, Finance |
WOS记录号 | WOS:001159351600001 |
来源期刊 | JOURNAL OF FINANCIAL RESEARCH |
文献类型 | 期刊论文 |
条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/308677 |
作者单位 | University of Richmond; State University of New York (SUNY) System; State University of New York (SUNY) Binghamton |
推荐引用方式 GB/T 7714 | . Climate risk and credit ratings[J],2024. |
APA | (2024).Climate risk and credit ratings.JOURNAL OF FINANCIAL RESEARCH. |
MLA | "Climate risk and credit ratings".JOURNAL OF FINANCIAL RESEARCH (2024). |
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