Climate Policy Risk and Corporate Financial Decisions: Evidence from the NO_x Budget Trading Program

The authors are grateful to the editor (George Serafeim), an anonymous associate editor and referee, Douglas A. Adu, Sabri Boubaker, Michael Brennan, Murillo Campello, Douglas Cumming, Marie Dutordoir, Darren Duxbury, Pantelis Kazakis, Yangke Liu, Maria Marchica, Khelifa Mazouz, Sabur Mollah, Roberto Mura, Joao Quariguasi Frota Net, Raghavendra Rau, Chenyu Shan, Konstantinos Stathopoulos, Vu Tran, and Xiaoxia Ye; conference discussants and participants at the British Accounting and Finance Association Corporate Finance and Asset Pricing Conference 2019, the PANORisk Research Conference 2019, the Financial Management Association European Conference 2021, the Conference of the Parties (COP) 26 on Environmental, Social, and Governance (ESG) and Climate Finance Conference 2021, and the Academy of Sustainable Finance, Accounting, Accountability & Governance Conference 2021; as well as seminar participants at the Vietnam Finance International Association Internal Seminar Series, the University of Newcastle, the University of Swansea, the University of Reading, and Queen’s University Belfast for their helpful comments and suggestions. The usual disclaimer applies.