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?...
Jacopo Ponticelli (Nortwestern University), Qiping Xu (University of Illinois Urbana-Champaign) and Stefan Zeume (University of Illinois Urbana-Champaign, Gies College of Business) show that extreme temperatures between 1980s and 2010s jointly increased energy costs and decreased productivity of small manufacturing plants in the U.S. ...
Levi Crews (UCLA) shows how global agricultural trade substantially reduces water extraction worldwide by concentrating water-intensive production in water-abundant regions. Yet because water markets are distorted and access is largely open, the water consequences of trade policy depend critically on where production moves, making blanket trade restrictions neither a reliable nor general solution to water scarcity.
Charles Manski (Northwestern University) discusses how credible climate policy requires honestly confronting deep uncertainty, about climate models, economic damages, and discount rates, rather than becoming entrenched in opposing ideologies. Welfare economics provides the rigorous framework needed to transparently quantify the tradeoffs between abatement costs and climate damages.
Co-Winner of the 2025 E-Axes Forum Research PrizeSarah Duffy (University of Oxford) studies the implications of sovereign risk for adaptation and therefore the economic losses from natural disasters.
Maxwell Sacher (McCombs School of Business, University of Texas at Austin) and Shikhar Singla (McCombs School of Business, University of Texas at Austin) estimate the expected impact of biodiversity policy by exploiting an increase in policy risk from the Biden administration’s proposed “30x30” plan, which aimed to significantly increase the amount of protected land by 2030.
Maxwell Sacher (McCombs School of Business, University of Texas at Austin) and Shikhar Singha (McCombs School of Business, University of Texas at Austin)
Co-Winner of the 2025 E-Axes Forum Research PrizeShifrah Aron-Dine (UC Berkeley) analyzes how post‑disaster policies that prioritize rebuilding interact with household incentives, migration, and infrastructure investment, might not improve welfare and resilience.
Benjamin Schneider (HEC Montréal) provides new insights into whether markets view green bonds as signal for commitment and reduced exposure to climate risks.
Honorable Mention from the 2025 E-Axes Forum Research Committee Aymeric Bellon (UNC Kenan Flager), Cameron LaPoint (Yale), Francesco Mazzola (ESCP) and Guosong Xu (Rotterdam School of Management) examine the Property Assessed Clean Energy (PACE) loan program
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.
Kim Clausing (UCLA), Jonathan Colmer (University of Virginia), Allan Hsiao (Stanford University), Catherine Wolfram (MIT Sloan) shed like on the implications of the introduction of EU's CBAM on low-income countries.
Costanza Abuin (Princeton University) asks if the United States can influence global electricity decarbonization through its liquified natural gas (LNG) export policy?
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.
Tomas Dominguez-Iino (University of Chicago) tackles the question of how to design environmental policy in an industry where Pigouvian taxation is not feasible at the externality’s source, and where pre-existing distortions show up in the form of market power.
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
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.
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.
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,
Matteo Ficarra (Geneva Graduate Institute) and Rebecca Mari (Bank of England) use satellite data on floods to estimate the impact of floods on GDP and inflation at the sector level in English counties.
Luca Taschini (University of Edinburg Business School, LSE) and Atreya Dey (University of Edinburg Business School) find that increased temperature variability, rather than average temperature changes, materially impacts returns and profitability for firms located in the US.
Honorable Mention from the 2024 E-Axes Forum Research CommitteeTristan Jourde (Banque de France) and Quentin Moreau (The Hong Kong University of Science and Technology) introduce a market-based framework for assessing how extreme climate risks affect the financial sector and for monitoring exposures to both physical and transition risks in near real time.
Jeffrey Sun (University of Toronto) explores how changing and uncertain climate change expectations have the potential—through housing prices—to dramatically reallocate wealth across areas and between the rich and the poor.
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