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The pricing of global temperature shocks in the cost of equity capital
Journal of International Financial Markets, Institutions & Money ( IF 5.4 ) Pub Date : 2021-03-04 , DOI: 10.1016/j.intfin.2021.101319
Richard P. Gregory

Using an APT model where global temperature shocks are a systematically priced factor, the risk premium is significant and positive. Evidence is provided that positive exposure to temperature shocks is related to increasing CO2 emissions by industry. The global impact on the cost of equity could be as high as 2.8% per year, implying a global GDP loss of $2.2 Trillion per year due to global temperature shocks.



中文翻译:

股权资本成本中全球温度冲击的定价

如果使用全球温度冲击是系统定价的因素的APT模型,则风险溢价显着且为正数。有证据表明,温度冲击的正向暴露与工业增加的CO 2排放量有关。全球对股票成本的影响可能高达每年2.8%,这意味着由于全球温度冲击,全球GDP每年损失2.2万亿美元。

更新日期:2021-03-12
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