Carbon disclosure and the cost of capital*
研究了全球上市公司自愿和强制披露碳排放对股票收益和波动性的影响，发现自愿披露范围一排放的公司股票收益较低，而英国强制披露规则降低了股票不确定性并溢出到其他市场。
We link voluntary and mandatory disclosure of carbon emissions with stock returns and volatility in a global cross-section of publicly listed firms. We find that voluntary disclosure of scope 1 emissions predicts lower stock returns relative to non-disclosing companies. We also find that UK mandatory carbon disclosure rules for publicly traded companies resulted in lower stock-level uncertainty. The effect of these mandatory disclosure rules also spilled over into other markets, especially those with close geographic and economic proximity, and companies in the same industry.