Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets
研究了碳排放是否影响企业在常规债券市场的资本成本，发现高碳排放企业在二级市场面临更高利差，但一级市场无此效应，表明碳排放平均而言不影响债券市场资本成本，削弱了企业脱碳的财务激励。
We empirically study whether carbon emissions affect firms’ cost of capital raised on conventional bond markets. We find that firms with higher carbon emissions face higher spreads in the secondary market but not in the primary market. We show that this gap is related to uncertainty about climate concerns that affects differently primary and secondary market. This gap is also affected by the reputation of underwriting dealers: high reputation promotes the incorporation of climate concerns into bond yields. Our findings imply that, on average, carbon emissions do not affect the cost of capital in bond markets, thereby reducing firms’ financial incentives for decarbonization.