Pricing carbon risk: Investor preferences or risk mitigation?
研究发现银行对高碳排放企业收取更高的贷款利差，且这一溢价源于环境风险而非投资者偏好，表明市场机制可补充环境法规。
Do banks charge an environmental premium when lending to publicly listed firms? Using a unique and comprehensive database on carbon emissions, we find that higher carbon emissions are associated with higher loan spreads. This effect exists for loans arranged by all lenders suggesting that spread premia are driven by environmental risks rather than investor preferences. Consistent with ex-post risk, companies without appropriate board-level responsibility pay higher spreads. While countries might introduce effective legislation to mitigate the effects of climate change, our results indicate that there is scope for a market-based solution to complement explicit environmental regulation.