# Research

![Changing forest ecosystem treetops from the sky](/sites/default/files/styles/866w/public/2023-10/AdobeStock_443396393.jpeg?h=47f68829&itok=Wu0HZqyV)

##  Research

NYU Stern faculty conduct world-leading academic research in the climate finance space

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A list of recent faculty research in climate finance and related topics include:

- Acharya, V. V., Bhardwaj, A, Tomunen, T. (2023). [Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/pdfs/working-papers/climate_mitigation_draft_dec24.pdf), Working Paper
- Acharya, V. V., Berner, R., Engle, R. F., Jung, H., Stroebel, J., Zeng, X., and Zhao, Y. (2023). [Climate Stress Testing](https://pages.stern.nyu.edu/~jstroebe/PDF/ABEJSZZ_ClimateStressTest.pdf), Annual Review of Financial Economics
- Acharya, V. V., Giglio, S., Pastore, S., Stroebel, J., Tan, J., and Yong, T. (2025). [Climate Transition Risks and the Energy Sector](https://pages.stern.nyu.edu/~jstroebe/PDF/AGPSTY_TransitionRisk.pdf), Working Paper
- Acharya, V. V., Johnson, T., Sundaresan, S., and Tomunen, T. (2022). [Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress](https://www.nber.org/papers/w30445), Working Paper
- Acharya, V. V., Johnson, T., Sundaresan, S., and Tomunen, T. (2023). [Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness](https://www.nber.org/papers/w31067), Working Paper
- Aleksander A. Aleszczyk, Maria Loumioti, George Serafeim. (2024). [The Issuance and Design of Sustainability-linked Loans](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4287295), Working Paper
- Alekseev, G., Giglio, S., Maingi, Q., Selgrad, J., and Stroebel, J. (2022). [A Quantity-based Approach to Constructing Climate Risk Hedge Portfolios](https://www.nber.org/papers/w30703), Working Paper
- Atz, U., and Bruno, C. (2023). [Locating the Future of ESG: The Promise of Geospatial Data in Advancing ESG Research](http://doi.org/10.1089/scc.2022.0110),​ Sustainability and Climate Change
- Baker, M., Bergstresser, D., Serafeim, G., and Wurgler, J. (2022). [The Pricing and Ownership of US Green Bonds](https://www.annualreviews.org/doi/abs/10.1146/annurev-financial-111620-014802), Annual Review of Financial Economics
- Bollinger, B., and Gillingham, K. (2021). [Social Learning and Solar Photovoltaic Adoption](https://pubsonline.informs.org/doi/epdf/10.1287/mnsc.2020.3840), Management Science
- Bollinger, B., Gillingham, K., and Gullo Wight, K. (2023). [Making Prosocial Social: The Effectiveness of Social Proof for Energy Conservation using Social Media](https://doi.org/10.1086/725031), Journal of the Association for Consumer Research
- Bollinger, B., Gillingham, K., Lamp, S., and Tsvetanov, T. (2023). [Promotional Campaign Duration and Word-of-Mouth in Solar Panel Adoption](http://www.bryanbollinger.com/index_files/PromotionalCampaignDuration.pdf), Marketing Science
- Bollinger, B., Reczek, R., and Winterich, K. (2023). [Reducing Emissions Across the Consumption Cycle and an Agenda for Future Research on Consumers and Climate Change: Introduction to the Special Issue on Climate Change](https://doi.org/10.1086/724997), Journal of the Association for Consumer Research
- Cornell, B., and Damodaran, A. (2020). [Valuing ESG: Doing Good or Sounding Good?](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3557432) Working Paper
- De Nard, G., Engle, R. F., and Kelly, B. T. (2023). [Factor-Mimicking Portfolios for Climate Risk](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4388326), Working Paper
- Engle, R. (2023). [Termination Risk and Sustainability](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4575121). Working Paper
- Engle, R. (2023). [Compound Tail Risk](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4579342). Journal of Portfolio Management
- Engle, R. F., Giglio, S., Kelly, B., Lee, H., and Stroebel, J. (2020). [Hedging Climate Change News](https://doi.org/10.1093/rfs/hhz072), The Review of Financial Studies
- Fuchs, M., Stroebel, J., and Terstegge, J. (2024). [Carbon VIX: Carbon Price Uncertainty and Decarbonization Investments](https://www.carbonvix.org/project/paper/Carbon_Price_Uncertainty.pdf)
- Ge, S., Engle, R., Jung, H & Zeng, X (2024). [Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4510592), Working Paper
- Ge, S., Johson, S., & Tzur-Ilan, N (2024). [Climate Risk, Insurance Premiums, and the Effects on Mortgages](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4992281), Working Paper
- Ge, S., Lam, A., and Lewis, R. (2022). [The Costs of Hedging Disaster Risk and Home Prices in the Face of Climate Change](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4192699), Working Paper
- Giglio, S., Kuchler, T., Stroebel, J., and Wang, O. (2024). The [Economics of Biodiversity](https://pages.stern.nyu.edu/~jstroebe/PDF/GKSW_BiodiversityLoss.pdf)
[Loss](https://pages.stern.nyu.edu/~jstroebe/PDF/GKSW_BiodiversityLoss.pdf), Working Paper
- Giglio, S., Kuchler, T., Stroebel, J., and Wang, O. (2025). [Nature Loss and Climate Change: The Twin-Crises Multiplier](https://pages.stern.nyu.edu/~jstroebe/PDF/GKSW_ClimateNature.pdf), AEA Papers & Proceedings
- Giglio, S., Kuchler, T., Stroebel, J., and Zeng, X. (2023). [Biodiversity Risk](https://pages.stern.nyu.edu/~jstroebe/PDF/GKSZ_BiodiversityRisk.pdf), Working Paper
- Giglio, S., Maggiori, M., Rao, K., Stroebel, J., and Weber, A. (2021). [Climate Change and Long-run Discount Rates: Evidence from Real Estate](https://academic.oup.com/rfs/article/34/8/3527/6187965), The Review of Financial Studies
- Giglio, S., Maggiori, M., and Stroebel, J. (2015). [Very Long-run Discount Rates](https://academic.oup.com/qje/article/130/1/1/2337985), The Quarterly Journal of Economics
- Giglio, S., Maggiori, M., Stroebel, J., Tan, Z., Utkus, S., and Xu, X. (2025). [Four Facts About ESG Beliefs and Investor Portfolios](https://pages.stern.nyu.edu/~jstroebe/PDF/GMSTUX_VanguardESG.pdf), Journal of Financial Economics
- Gupta, A., Martinez, C., and Van Nieuwerburgh, S. (2023). [Converting Brown Offices to Green Apartments](https://www.nber.org/papers/w31530), Working Paper
- Halaburda, H., and Yermack, D., (2023). [Bitcoin mining meets Wall Street: A study of publicly traded crypto mining companies](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4340013), Working Paper
- Hasan, ​I​., Lee, H​., Qiu, B​., and Saunders, A​. (2022). [Climate-related Disclosure Commitment of the Lenders, Credit Rationing, and Borrower Environmental Performance](https://ssrn.com/abstract=4150069), Working Paper
- Hong, B., Bonczak, B. J., Gupta, A., and Kontokosta, C. E. (2021). [Measuring Inequality in Community Resilience to Natural Disasters using Large-Scale Mobility Data](https://www.nature.com/articles/s41467-021-22160-w), Nature Communications
- Jung, H., Engle, R., Ge., S., and Zeng, X. (2023). [Measuring the Climate Risk Exposure of Insurers](https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1066.pdf), Working Paper
- Jung, H., Engle, R. F., and Berner, R. (2025). [CRISK: Measuring the Climate Risk Exposure of the Financial System](https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr977.pdf), Journal of Financial Economics
- Mary Brooke Billings, Stephen G. Ryan, Han Yan. (2022). [Climate Risk, Population Migration, and Banks’ Lending and Deposit-Taking Activities](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4244372)
- Stroebel, J., and Wurgler, J. (2021). [What Do You Think about Climate Finance?](https://www.sciencedirect.com/science/article/abs/pii/S0304405X21003494) Journal of Financial Economics
- Van Benthem, A. A., Crooks, E., Giglio, S., Schwob, E., and Stroebel, J. (2022). [The Effect of Climate Risks on the Interactions between Financial Markets and Energy Companies](https://www.nature.com/articles/s41560-022-01070-1), Nature Energy
- Walter, I. (2020). [Sense and Nonsense in ESG Ratings](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3568104), Journal of Law, Finance, and Accounting
- Wang, M., Wurgler, J., and Zhang, H. (2023). [Policy Uncertainty Reduces Green Investment](https://www.nber.org/papers/w31401), Working Paper

![Datasets](/sites/default/files/styles/480w_x_361h/public/2024-07/Intelligence_to.format-jpeg.max-2400x1600.jpegquality-80_oCqnByj%20%281%29.jpg?h=3f474e7e&itok=xH7vvE4I)

##  Datasets

As part of their research in climate finance, NYU Stern faculty have put together several data sets that can be used by other researchers in their own work.

[Carbon Price Uncertainty](https://www.carbonvix.org/)

[Measures of Aggregate Biodiversity and Climate Risk](https://www.biodiversityrisk.org/news/)

[Measures of Industry-Level Exposures to Biodiversity Risk](https://www.biodiversityrisk.org/exposures/)

[V-Lab's Climate Risk Analysis](https://vlab.stern.nyu.edu/climate?_ga=2.173214179.1765006100.1720682922-1007958343.1720682922)

[NYC Decarbonization Compass](https://sites.google.com/stern.nyu.edu/decarbonizationcompass/home?authuser=1)