Climate-related information, rating resolution, and the measurement of financial risk.
Climate scenario analysis is increasingly common, but its translation into issuerspecific financial effects remains uneven. We examine this reporting gap and the pricing of the resulting disclosures using 267 reports from 14…
How does carbon border adjustment shape corporate green transformation through firms' international market connections? We examine its investment dimension by reconstructing annual project additions from Chinese listed firms…
This paper identifies the allocation architecture that converts climate need into development finance across Asia and the Pacific. It assembles 2,920 Asian Development Bank financing transactions covering 1,409 projects comm…
Language-model extraction of ESG data is scored against human references that are often revised after the model has run, yet those revisions are seldom versioned or measured. We propose a versioned gold-standard protocol: a …
An archival study of Chinese medium-term notes examines how public climate information appears at the issuer and debt-rating levels. It separates concentration in issuer grades, finer debt-grade resolution, and the effects o…
The European Union Carbon Border Adjustment Mechanism converts EU allowance auction prices into regulated import liabilities. This paper measures regulatory window risk: the pricing interval determines how far an auction-day…
The paper examines why climate-related information does not consistently become a traceable signal in corporate bond prices, contracts, and secondary-market resilience. It defines transmission adequacy as the ability to conn…
This paper examines whether climate risk reaches the primary bond market through contract margins that coupon regressions do not observe: the amount placed, the initial maturity, the use of perpetual structures, and the deci…
Bond-market climate research usually asks whether exposure changes yields. That is incomplete because a yield is only one point in a chain through which losses may be recognized, delayed, insured, guaranteed, refinanced or t…
We study the institutional channels through which climate risk is absorbed before reaching the primary-market coupon of Chinese interbank medium-term notes (MTNs). We develop a three-layer absorption frameworkcredit ratings…
Physical climate risk can raise expected credit losses without necessarily causing an immediate breakdown in market functioning. This paper studies whether localized extreme-heat and extreme-rain episodes disrupt transaction…
Empirical climate-finance results often travel from geographic proxies to firm-level claims without a direct audit of what changes during that transport. This paper conducts such an audit for Chinese corporate bonds. Its sta…
Climate stress tests translate scenario paths into portfolio losses, but the scenario horizon can outlive the instruments being stressed. This paper isolates one implementation choice: whether sector-level shocks are censore…
We revisit return-distribution and volatility differences between a broad U.S. ESG ETF and the market, and between clean- and fossil-energy ETFs, using a fully reproducible daily sample from January 2017 through July 2026. T…
Against the backdrop of intensifying global climate variability, extreme weather events are increasingly inflicting physical disruptions on agricultural supply chains; yet traditional financial asset pricing models predomina…
This paper examines whether carbon price uncertainty transmits to stock market volatility in China's high-emission sectors following the launch of the national Emissions Trading Scheme (ETS) in July 2021. Using 1,072 daily o…