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Do banks price environmental transition risks? Evidence from a quasi-natural experiment in China

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Cited by:

  1. Zhou, Peng & Mo, Lingyu & Tan, Changchun & Wu, Huaqing, 2025. "Carbon regulatory risk exposure in the bond market: A quasi-natural experiment in China," China Economic Review, Elsevier, vol. 92(C).
  2. Shingirai Mugambiwa & Motshidisi Kwakwa, 2022. "Multilateral climate change financing in the developing world: challenges and opportunities for Africa," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(9), pages 306-312, December.
  3. Jiang, Chuyu & Li, Yating & Zhang, Xuan & Zhao, Yang, 2025. "Climate risk and corporate debt decision," Journal of International Money and Finance, Elsevier, vol. 151(C).
  4. Xiao, He, 2022. "Environmental regulation and firm capital structure dynamics," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 770-787.
  5. Wang, Chao & Hu, Mengyuan & Lu, Jiayi & Liu, Xiaoxing, 2025. "Carbon exposure of credit assets and banking systemic risk caused by climate transition," Research in International Business and Finance, Elsevier, vol. 77(PB).
  6. Victor Cardenas, 2024. "Financial climate risk: a review of recent advances and key challenges," Papers 2404.07331, arXiv.org.
  7. Yuanyuan Liu & Shun Fu & Guanchun Liu & Xin Huang, 2026. "Green Bond Issuance and Corporate Environmental Disclosure: Signaling or Greenwashing?," Journal of Business Ethics, Springer, vol. 204(4), pages 825-854, April.
  8. Lu, Hengzhen & Wang, Xinran, 2025. "Stranded asset risk and corporate capital structure: Evidence from China’s low-carbon transition," Research in International Business and Finance, Elsevier, vol. 80(C).
  9. Wongsinhirun, Nopparat & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Customer concentration and shareholder litigation risk: Evidence from a quasi-natural experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
  10. Aslan, Caglayan & Bulut, Erdem & Cepni, Oguzhan & Yilmaz, Muhammed Hasan, 2022. "Does climate change affect bank lending behavior?," Economics Letters, Elsevier, vol. 220(C).
  11. Yun Zhang & Hui Ming, 2026. "Weathering the Storm: Typhoon Strikes and Bank Operational Performance," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 47(1), pages 41-64, January.
  12. Wang, Chao & Jia, Chenfang & Liu, Xiaoxing, 2025. "Carbon-related credit concentration and banking systemic risk due to climate transition shocks," International Review of Financial Analysis, Elsevier, vol. 105(C).
  13. Ding, Hao & Ji, Qiang & Ma, Rufei & Zhai, Pengxiang, 2022. "High-carbon screening out: A DCC-MIDAS-climate policy risk method," Finance Research Letters, Elsevier, vol. 47(PA).
  14. Wang, Jiaxin & Qiang, Haofan & Liang, Yuchao & Huang, Xiang & Zhong, Wenrui, 2024. "How carbon risk affects corporate debt defaults: Evidence from Paris agreement," Energy Economics, Elsevier, vol. 129(C).
  15. Xin, Baogui & Jiang, Kai, 2023. "Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis," Research in International Business and Finance, Elsevier, vol. 64(C).
  16. de Lima e Silva, Yuri Cesar & Silva, Marcelo E.A., 2024. "Optimal environmental policy and business cycles: An analysis using an E2-DSGE model," Renewable Energy, Elsevier, vol. 237(PC).
  17. Barón, Andrea & Rodríguez, Helena, 2025. "Uruguay’s banking system exposure to transition risk," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 6(3).
  18. Guesmi, Khaled & Makrychoriti, Panagiota & Pyrgiotakis, Emmanouil G., 2025. "Climate change exposure and green bonds issuance," Journal of International Money and Finance, Elsevier, vol. 152(C).
  19. Rao, Amar & Kumar, Satish & Gupta, Prashant & Dash, Saumya Ranjan, 2024. "Quantifying the impact of interest rate volatility on Asian energy companies: A comparative study of fossil and renewable sectors," Energy Economics, Elsevier, vol. 133(C).
  20. Punzi, Maria Teresa, 2024. "The role of macroprudential policies under carbon pricing," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 858-875.
  21. Adriano Bellinvia & Paola Brighi & Valeria Venturelli, 2026. "Banks and climate risk: a bibliometric review and policy perspective," Journal of Banking Regulation, Palgrave Macmillan, vol. 27(2), pages 1-29, June.
  22. Jiaqi Li & Ja Ryong Kim & Emmanuel Adegbite, 2026. "Green Credit Policy and Environmental Outcomes in China: The Critical Role of Local Banks in Pollution Reduction and Innovation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 408-424, January.
  23. Xiaoyue Qiu & Yaming Zhuang & Xiaqun Liu, 2025. "Climate Risk and Corporate Debt Financing: Evidence from Chinese A-Share-Listed Firms," Sustainability, MDPI, vol. 17(9), pages 1-27, April.
  24. Qihang Xue & Huimin Wang & Caiquan Bai, 2023. "Local green finance policies and corporate ESG performance," International Review of Finance, International Review of Finance Ltd., vol. 23(4), pages 721-749, December.
  25. Ji, Qiang & Ma, Dandan & Zhai, Pengxiang & Fan, Ying & Zhang, Dayong, 2024. "Global climate policy uncertainty and financial markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
  26. Wei, Feng & Xie, Huixuan & Yip, Chi Man, 2026. "Environmental regulatory spillovers in conglomerates: Quasi-experimental evidence on subsidiary leverage in China," Finance Research Letters, Elsevier, vol. 88(C).
  27. Tabea Brüggemann & Rainer Lueg, 2026. "Bank Responses to Physical and Transition Risks in Lending: A Diagnostic Framework From a Systematic Literature Review," Business Strategy and the Environment, Wiley Blackwell, vol. 35(1), pages 195-212, January.
  28. Murè, P. & Giorgio, S. & Antonelli, V. & Bittucci, L., 2025. "Environmental credit products: Where do we stand? A response from an academic content analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 100(C).
  29. Gong, Xu & Liao, Qin, 2024. "Physical climate risk attention and dynamic volatility connectedness among new energy stocks," Energy Economics, Elsevier, vol. 136(C).
  30. Huan Zhu & Xinze Li & Qiuyun Zhao, 2026. "Does climate risk affect the carbon footprint of bank loans? Evidence from physical and transition risks," Economic Change and Restructuring, Springer, vol. 59(1), pages 1-21, February.
  31. Xin, Baogui & Jiang, Kai & Santibanez Gonzalez, Ernesto D.R., 2024. "The coevolution effect of central bank digital currency and green bonds on the net-zero economy," Energy Economics, Elsevier, vol. 134(C).
  32. Li, Shihan & Li, Si & Liu, Qingfu & Wei, Xiao, 2025. "Still water runs deep: Soft power in chinese prefectures and municipalities," Journal of Asian Economics, Elsevier, vol. 98(C).
  33. Chan, Ying Tung & Punzi, Maria Teresa & Zhao, Hong, 2024. "Green transition and financial stability: The role of green monetary and macroprudential policies and vouchers," Energy Economics, Elsevier, vol. 132(C).
  34. Yaohua Qin & He Xiao, 2025. "Air pollution and corporate tax avoidance," Review of Quantitative Finance and Accounting, Springer, vol. 64(1), pages 475-503, January.
  35. Li, Donghui & Sun, Jian & Xu, Rui & Yuan, Chun & Zhu, Liyi, 2026. "Air pollution and bank loan pricing," Journal of Banking & Finance, Elsevier, vol. 185(C).
  36. Wildmer Daniel Gregori & Daniel Abreu & Laura Bartolomeu & Fotios Kalantzis, 2026. "Do banks price firms’ climate transition risks?," Working Papers w202603, Banco de Portugal, Economics and Research Department.
  37. Frank Kwabi & Samuel Fulgence & Gbenga Adamolekun, 2024. "CEO hubris and corporate carbon footprint: The role of gender diversity," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 8102-8125, December.
  38. Chaudhry, Neeru & Kumari, Damini, 2024. "How do banks price carbon risk? Evidence from India," Pacific-Basin Finance Journal, Elsevier, vol. 84(C).
  39. Wu, Baohui & Wen, Fenghua & Zhang, Yun & Huang, Zhijian (James), 2024. "Climate risk and the systemic risk of banks: A global perspective," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
  40. Ren, Yi-Shuai & Derouiche, Imen & Hassan, Majdi & Liu, Pei-Zhi, 2024. "Do creditors price climate transition risks? A natural experiment based on China's carbon emission trading scheme," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 138-155.
  41. Barbara Annicchiarico & Marco Carli & Francesca Diluiso, 2022. "Climate Policies, Macroprudential Regulation, and the Welfare Cost of Business Cycles," CEIS Research Paper 543, Tor Vergata University, CEIS, revised 31 Oct 2022.
  42. Haonan Wang & Lichao Zhou & Jinhui Xu & Jingqun Shan, 2025. "Can National ESG Inhibit the Impact of Extreme Climate on Global Financial Risks?," International Studies of Economics, John Wiley & Sons, vol. 20(4), pages 374-389, December.
  43. Xianhang Qian & Shanyun Qiu & Xinran Zhang & Yang Zhao, 2026. "Environmental Regulation and Corporate Trade Credit Financing: Evidence From the Cleaner Production Standards in China," International Review of Finance, International Review of Finance Ltd., vol. 26(1), March.
  44. Qiu, Wenkang & Xiang, Cheng & Li, Chunhong & Chen, Yinong, 2025. "Institutional investor cliques and ESG performance: Evidence from Chinese firms," International Review of Economics & Finance, Elsevier, vol. 100(C).
  45. Shikimi, Masayo, 2025. "Firms’ climate risks and bank lending: Evidence from the COVID-19 crisis," Finance Research Letters, Elsevier, vol. 73(C).
  46. He Xiao, 2022. "How does air pollution affect corporate information environment?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(4), pages 987-1016, December.
  47. Anwer, Zaheer & Boulanouar, Zakaria & Farid, Saqib & Migliavacca, Milena, 2025. "Does climate policy uncertainty affect the top financiers of the energy sector?," International Review of Economics & Finance, Elsevier, vol. 102(C).
  48. Jinyu Chen & Xinyu Guo & Yuan Geng & Ran Liu, 2025. "Climate risk and trade credit financing: Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 2514-2535, July.
  49. Chen, Pinghua & Abedin, Mohammad Zoynul & Zhao, Xin & Peng, Jun, 2025. "The impact of climate risk on local government financing costs: A mediation and threshold model analysis," Ecological Economics, Elsevier, vol. 237(C).
  50. Liu, Chunna & Ma, Shihan & Lu, Shiyi & Zhi, Jiaqi & Shen, Jian & Li, Xiaoyan & Shi, Changfeng, 2025. "Study on the time-frequency risk spillover network of “carbon-energy-stock” system under climate risk shock," Energy, Elsevier, vol. 334(C).
  51. Fushuai Wang & Wenxia Cai & Ehsan Elahi, 2021. "Do Green Finance and Environmental Regulation Play a Crucial Role in the Reduction of CO 2 Emissions? An Empirical Analysis of 126 Chinese Cities," Sustainability, MDPI, vol. 13(23), pages 1-20, November.
  52. Yannis Dafermos & Andrew McConnel & Maria Nikolaidi & Servaas Storm & Boyan Yanovski, 2024. "Macroeconomic modeling in the Anthropocene: why the E-DSGE framework is not fit for purpose and what to do about it," Working Papers Series inetwp229, Institute for New Economic Thinking.
  53. Francesco Busato & Bruno Chiarini & Gianluigi Cisco & Maria Ferrara, 2023. "Green preferences," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(4), pages 3211-3253, April.
  54. Liu, Xinheng & Lv, Shumei & Yang, Xin & Cao, Jie & Huang, Chuangxia, 2025. "Extreme temperature shocks and firms’ financial distress," International Review of Economics & Finance, Elsevier, vol. 98(C).
  55. Pan, Zhilei & Li, Shouwei & Li, Jingwei & Gong, Chen, 2024. "Air pollution and bank risk taking: Evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
  56. Svetlana Popova & Natalia Turdyeva, 2024. "Environmental and Climate Factors of Corporate Lending in Russia," Bank of Russia Working Paper Series wps143, Bank of Russia.
  57. Tang, Qirui & Fang, Yi, 2026. "How do extreme climate risks affect banking active risk-taking? Empirical evidence from 107 countries," Research in International Business and Finance, Elsevier, vol. 82(C).
  58. Zhou, Peng & Li, Xiang & Shi, Xing & Jiang, Kun, 2025. "Spillover of the carbon risk along the supply chain: Evidence from the U.S. corporate bond market," Journal of Business Research, Elsevier, vol. 201(C).
  59. Li, Genhao & Ye, Xiaojiao & Li, Chaochao & Long, Chao, 2026. "Climate risk, informal lending default, and financial risk spillovers: A dual perspective of physical and transition risks," Research in International Business and Finance, Elsevier, vol. 82(C).
  60. Wang, Chao & Li, Mengyu & Liu, Xiaoxing, 2024. "Does credit carbon exposure affect banks' profits and risks? Evidence from China," Applied Energy, Elsevier, vol. 370(C).
  61. Zhao, Feng & Wang, Jinhai & Chen, Qian, 2025. "Climate change exposure and corporate strategic aggressiveness: Evidence from Chinese listed companies," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 26-53.
  62. Tianle Yang & Zhennan Sun & Min Du & Qunyang Du & Lei Li & Fatima Shuwaikh, 2025. "The impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance: evidence from China," Annals of Operations Research, Springer, vol. 347(1), pages 173-195, April.
  63. Du, Qunyang & Sun, Zhennan & Goodell, John W. & Du, Anna Min & Yang, Tianle, 2024. "Ecological risk and corporate sustainability: Examining ESG performance, risk management, and productivity," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  64. Shu, Hao & Tan, Weiqiang & Wei, Ping, 2023. "Carbon policy risk and corporate capital structure decision," International Review of Financial Analysis, Elsevier, vol. 86(C).
  65. Liu, Yulin & Wang, Junbo & Wen, Fenghua & Wu, Chunchi, 2024. "Climate policy uncertainty and bank systemic risk: A creative destruction perspective," Journal of Financial Stability, Elsevier, vol. 73(C).
  66. Bellinvia, Adriano & Venturelli, Valeria & Brighi, Paola & Algeri, Carmelo, 2025. "Weathering the storm: How climate risks shape bank credit risk in European banks," Finance Research Letters, Elsevier, vol. 81(C).
  67. Chen, Wen, 2024. "How does local government debt affect bank loan pricing? Evidence from loan-level data," Economic Systems, Elsevier, vol. 48(3).
  68. Al-Ayyoub, Naser & Phan, Hieu V., 2026. "Riskier climate, closer ties? How climate risk drives firms towards bank debt financing," Journal of Corporate Finance, Elsevier, vol. 96(C).
  69. Cepni, Oguzhan & Şensoy, Ahmet & Yılmaz, Muhammed Hasan, 2024. "Climate change exposure and cost of equity," Energy Economics, Elsevier, vol. 130(C).
  70. Chatzipetrou Evrikleia & Papanikolaou Glykeria‐Maria & Tiakas Eleftherios & Boskou Georgia, 2025. "Environmental Management Accounting for Sustainable Development in Greece," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(6), pages 7987-8010, November.
  71. Tengjiao Wang & Yichao Liu & Wen Yue, 2026. "When Going Green Pays Off: How Green Factory Accreditation Influences Market Valuation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 33(2), pages 1932-1953, March.
  72. Silu Pang & Guihong Hua & Yuanchu Liu, 2026. "Legitimacy and Opportunism: Examining Climate Risk and Green Mergers and Acquisitions in Polluting Firms," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 35(2), pages 1052-1071, April.
  73. Ying Zhang & Weifeng Li & Li Yang, 2025. "Do Physical and Transition Climate Risks Drive the Volatility and Dynamic Correlations Between Fossil Energy Markets and Stocks Prices of Clean Energy?," Sustainability, MDPI, vol. 17(20), pages 1-26, October.
  74. Fiordelisi, Franco & Ricci, Ornella & Santilli, Gianluca, 2025. "Spotlight on physical risk: Assessing the banks' stock reaction to the ECB climate stress test," International Review of Financial Analysis, Elsevier, vol. 98(C).
  75. Mohamad H. Shahrour & Alireza Rohani & Michal Wojewodzki & Dung V. Tran, 2025. "Carbon Performance and Financial Performance: How R&D Makes a Difference Pre‐ and Post‐Paris Accord," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 4082-4094, October.
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