Climate risk and credit ratings
研究美国城市信用评级是否反映气候风险，发现只有海平面上升指标与评级负相关，且仅由新奥尔良市驱动。
Abstract We find weak evidence suggesting that cities’ credit ratings reflect their climate risk exposure. Using a large sample of US cities, we test whether cities with higher exposure to physical or transition risks of climate change have lower credit ratings. We also compare the ratings of coastal and similar noncoastal cities, and run difference‐in‐differences tests around events that raise climate change awareness. Moreover, we study the climate risk effect within cities and at the bond level. We observe a negative association only between the Hallegatte et al. (2013) sea‐level‐rise measure and ratings, and this association is solely driven by New Orleans, which had already experienced a significant climate event.