Callie Symmers - Latest

• What we can learn by linking firms’ reported emissions with their financial data

  Staff Analytical Note 2023-4 Matthew Ackman, Timothy Grieder, Callie Symmers, Geneviève Vallée

  We analyze the financial statements and stock prices of publicly traded firms incorporated in Canada that report greenhouse gas emissions. We find that these firms primarily use equity financing. We also find that equity investors increasingly account for firms’ emissions when making investment decisions but the impact appears small. This suggests that assets exposed to climate change remain at risk of a sudden repricing.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Asset pricing, Climate change, Financial stability, Firm dynamics JEL Code(s): G, G1, G3, Q, Q5