What we can learn by linking firms’ reported emissions with their financial data

Matthew Ackman, Timothy Grieder, Callie Symmers and Geneviève Vallée

No 2023-4, Staff Analytical Notes from Bank of Canada

Abstract: We analyze the financial statements and stock prices of publicly traded firms incorporated in Canada that report greenhouse gas emissions. We find that these firms primarily use equity financing. We also find that equity investors increasingly account for firms’ emissions when making investment decisions but the impact appears small. This suggests that assets exposed to climate change remain at risk of a sudden repricing.

Keywords: Asset pricing; Climate change; Financial stability; Firm dynamics (search for similar items in EconPapers)
JEL-codes: G G1 G3 Q Q5 (search for similar items in EconPapers)
Date: 2023-04
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-ene and nep-env
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