The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Climate Change and Long-Run Discount Rates: Evidence from Real Estate
Abstract
We show that housing markets provide information about the appropriate discount rates for valuing investments in climate change abatement. Real estate is exposed to both consumption and climate risk and its term structure of discount rates is downward sloping, reaching 2.6% for payoffs beyond 100 years. We use a tractable asset pricing model that incorporates features of climate change to show that the term structure of discount rates for climate-hedging investments is thus upward sloping but bounded above by the risk-free rate. At horizons at which risk-free rates are unavailable, the estimated housing discount rates provide an upper bound.
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Cites
Tipping elements in the Earth’s climate system
Lenton, T. M., Held, H., Kriegler, E., Hall, J. W., Lucht, W., Rahmstorf, S., & Schellnhuber, H. J. (2008) · Proceedings of the National Academy of Sciences · doi:10.1073/pnas.0705414105 · Cited by 3,982
Climate change, mortality, and adaptation: Evidence from annual fluctuations in weather in the US
Deschênes, O., & Greenstone, M. (2011) · American Economic Journal: Applied Economics · doi:10.1257/app.3.4.152 · Cited by 1,064
Adaptation to climate change: Evidence from US agriculture
Burke, M., & Emerick, K. (2016) · American Economic Journal: Economic Policy · doi:10.1257/pol.20130025 · Cited by 922
Barreca, A., Clay, K., Deschenes, O., Greenstone, M., & Shapiro, J. S. (2016) · Journal of Political Economy · doi:10.1086/684582 · Cited by 910
An inconvenient cost: The effects of climate change on municipal bonds
Painter, M. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.06.006 · Cited by 776
120 Years of U.S. Residential Housing Stock and Floor Space
Moura, M. C. P., Smith, S. J., & Belzer, D. B. (2015) · PLOS ONE · doi:10.1371/journal.pone.0134135 · Cited by 83
Cited by
The Importance of Climate Risks for Institutional Investors
Krueger, P., Sautner, Z., & Starks, L. T. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz137 · Cited by 3,034
Ilhan, E., Sautner, Z., & Vilkov, G. (2021) · The Review of Financial Studies · doi:10.1093/rfs/hhaa071 · Cited by 1,136
Ilhan, E., Sautner, Z., & Vilkov, G. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3204420 · Cited by 1,136
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2022) · Journal of Financial Economics · doi:10.1016/j.jfineco.2022.07.007 · Cited by 1,133
Giglio, S., Kelly, B., & Stroebel, J. (2021) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102620-103311 · Cited by 908
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Metadata
- Authors
- Giglio, S., Maggiori, M., Rao, K., Stroebel, J., & Weber, A.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2021-03-25
- Volume
- 34
- Issue
- 8
- Pages
- 3527-3571
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3149313779
- Cited by
- 416
- References
- 6
- FWCI
- 41.95
- Type
- journal article
- Language
- en
- Open access
- closed
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