The DOI matches its Crossref record; 11 of the 11 references it cites were found in a registry or an index.
Sea-Level Rise Exposure and Municipal Bond Yields
Abstract
Municipal bond markets began pricing sea-level rise (SLR) exposure risk in 2013, coinciding with upward revisions to worst-case SLR projections and accompanying uncertainty around these projections. The effect is larger for long-maturity bonds and not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied economic impact and distinguish between the effects of underlying asset values and of uncertainty. The SLR exposure premium exhibits a trend different from house prices and is unaffected by house price controls. Together, our results highlight the importance of climate uncertainty in driving municipal bond prices. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
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Cites
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
Flammer, C. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3125518 · Cited by 2,901
Future flood losses in major coastal cities
Hallegatte, S., Green, C., Nicholls, R. J., & Corfee-Morlot, J. (2013) · Nature Climate Change · doi:10.1038/nclimate1979 · Cited by 2,503
Mediation Analysis: A Practitioner's Guide
VanderWeele, T. J. (2016) · Annual Review of Public Health · doi:10.1146/annurev-publhealth-032315-021402 · Cited by 1,985
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
Climate risks and market efficiency
Hong, H., Li, F. W., & Xu, J. (2019) · Journal of Econometrics · doi:10.1016/j.jeconom.2018.09.015 · Cited by 967
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
Larcker, D. F., & Watts, E. M. (2020) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2020.101312 · Cited by 562
Pricing Uncertainty Induced by Climate Change
Barnett, M., Brock, W., & Hansen, L. P. (2020) · The Review of Financial Studies · doi:10.1093/rfs/hhz144 · Cited by 467
Cited by
Corporate Climate Risk: Measurements and Responses
Li, Q., Shan, H., Tang, Y., & Yao, V. (2024) · The Review of Financial Studies · doi:10.1093/rfs/hhad094 · Cited by 560
Dissecting climate risks: Are they reflected in stock prices?
Faccini, R., Matin, R., & Skiadopoulos, G. (2023) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2023.106948 · Cited by 445
Climate Regulatory Risks and Corporate Bonds
Seltzer, L., Starks, L. T., & Zhu, Q. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4090897 · Cited by 64
The EU Taxonomy and the Syndicated Loan Market
Sautner, Z., Yu, J., Zhong, R., & Zhou, X. (2022) · doi:10.2139/ssrn.4058961 · Cited by 15
Metadata
- Authors
- Goldsmith-Pinkham, P., Gustafson, M. T., Lewis, R. C., & Schwert, M.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2023-05-08
- Volume
- 36
- Issue
- 11
- Pages
- 4588-4635
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W4375860930
- Cited by
- 172
- References
- 11
- FWCI
- 34.21
- Type
- journal article
- Language
- en
- Open access
- closed
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- Goldsmith-Pinkham, P., Gustafson, M. T., Lewis, R. C., & Schwert, M. (2023). Sea-Level Rise Exposure and Municipal Bond Yields. The Review of Financial Studies. https://doi.org/10.1093/rfs/hhad041
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
