RRBM Honor Roll

The RRBM Honor Roll publications have been selected as examples of research that is both rigorous and relevant. The listing below offers credible insights for society.

These publications have been selected for the RRBM Honor Roll by the Selection Board with the exception of 2019 articles selected by a pre-test review panel.


Nature of the publicationJournal article
Title of the publicationCarbon Disclosure and the Cost of Capital
Journal name/Book publisherSSRN

We estimate effects of voluntary and mandatory disclosure of carbon emissions on stock returns and volatility using a large global sample of publicly listed firms. We find that voluntary disclosure of scope 1 emissions by companies results in lower stock returns relative to non-disclosing companies. However, a cost of disclosing emissions is increased divestment by institutional investors. We also find that U.K. mandatory carbon disclosure rules for publicly traded companies resulted in lower stock-level uncertainty. The effect of these mandatory disclosure rules also spilled over into other markets, especially those with close geographic and economic proximity, and companies in the same industry.

Author #1Patrick Bolton
Affiliation Author #1Columbia University
Author #2Marcin Kacperczyk
Affiliation Author #2Imperial College London