Green Mortgages
João F. Cocco (LBS, CEPR), Bernardo Mendes (LBS) and S. Lakshmi Naaraayanan (LBS, CEPR) examine the true drivers of green financing programs such as green mortgages. Are they real drivers of energy efficiency or marketing instruments?
Green Financial and Monetary Policy in the Low-Carbon Transition: Drivers and Impacts
Lukas Rischen (Humboldt University) examines how green fiscal and monetary policy instruments shape renewable energy investment and accelerate countries’ progress along their low-carbon transition pathways.
Climate Change, Adaptation, and Sovereign Risk
Co-Winner of the 2025 E-Axes Forum Research Prize
Sarah Duffy (University of Oxford) studies the implications of sovereign risk for adaptation and therefore the economic losses from natural disasters.
Green Bonds: Commitment to Sustainability under Asymmetric Information
Benjamin Schneider (HEC Montréal) provides new insights into whether markets view green bonds as signal for commitment and reduced exposure to climate risks.
Information Effect Magnified under Output-based Climate Adaptation Subsidies
Yunyu Shu (Shanghai University of Finance and Economics ) and Jiayue Zhang (Brown University) investigate how information shapes adaptation under different subsidy schemes among cocoa farmers in Ghana.
Timing Matters: When Shareholder Proposals Actually Drive Sustainable Investment
Bram van der Kroft (MIT) shows that the “when” is as important as the “what”: sustainable proposals only change corporate behavior when they coincide with a firm’s natural reinvestment cycle—the short window in which long‑lived assets are already due for replacement.
Stock-Generated Externalities: The Principle of Targeting and Foregone Environmental Benefits
Erica Chuang (NYU) evaluates how incentives targeting either stocks of natural capital or flows of output affect the total stock of the natural resource held by the firm
The Limits of Insurance Demand and the Rising Protection Gap
Parinitha Sastry (Columbia Business School), Therese Scharlemann (Federal Reserve Board), Ishita Sen (Harvard Business School), Ana-Maria Tenekedjievia (Federal Reserve Board) use a unique dataset linking individual mortgage and insurance contracts with borrower, property, and climate risk data from 2013–2022,to quantify the extent of underinsurance of climate risk in the USA.
Regulating ESG Disclosure
Marina Emiris (National Bank of Belgium), Joanna Harris (University of Chicago) and François Koulischer (University of Luxembourg) use new data on securities holdings in Europe to test these channels, focusing on the introduction of ESG disclosure rules for mutual funds.
The Role of Corporate Bond Markets in Financing the Green Transition
Yasmine van der Straten (University of Amsterdam) looks at how corporate bond investors price green innovation in the presence of climate transition risks and which investors have a higher demand for bonds issued by emission-intensive firms that are transitioning to greener technologies,
The Double-Edged Sword of Firm’s Net Zero Commitment on the Carbon Risk Premium
Honorable Mention from the 2024 E-Axes Forum Research Committee
Keith Jin Deng Chan (HKUST) and Wilson Tsz Shing Wan (HKUST) demonstrate that a company’s net-zero commitment can increase or decrease the carbon risk premium associated with its equity, depending on the latter’s transition readiness.
The Optimal Design of Green Debt
Winner of the 2024 E-Axes Forum Research Prize
Adelina Barbalau (Alberta School of Business) and Federica Zeni (World Bank) develop a theoretical framework for understanding how to structure debt contracts to curb greenwashing while maximizing environmental outcomes.