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Cited by 380

The DOI matches its Crossref record; 49 of the 49 references it cites were found in a registry or an index.

Climate Regulatory Risk and Corporate Bonds

Open access
Seltzer, Lee, Starks, Laura, Zhu, Qifei·2022·National Bureau of Economic Research
DOI 10.3386/w29994
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Abstract

Concerns about climate risk suggest it should affect risk assessment and pricing of corporate securities, particularly for firms facing potential regulatory restrictions. Employing a shock to expected climate regulations, we find support for this hypothesis given our evidence that climate regulatory risks causally affect bond credit ratings and yield spreads. Moreover, a structural credit model indicates the increased spreads for high carbon issuers, especially those located in stricter regulatory environments, derive from changes in firms' asset volatilities rather than asset values, highlighting that regulatory uncertainty affects security pricing. The results have important implications for corporate decisions, portfolio management, and policymaking.

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Metadata

Authors
Seltzer, L., Starks, L., & Zhu, Q.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2022-04
DOI
10.3386/w29994
OpenAlex
W4225311158
Cited by
380
References
49
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: Climate Regulatory Risk and Corporate Bonds. https://app.cochat.ai/papers/10.3386/w29994
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Seltzer, L., Starks, L., & Zhu, Q. (2022). Climate Regulatory Risk and Corporate Bonds. National Bureau of Economic Research. https://doi.org/10.3386/w29994

Data sources

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.