Pricing Climate Change Exposure

The authors are grateful to Colin Mayer, an anonymous associate editor, two referees, Emirhan Ilhan, Marcin Kacperczyk, Slava Fos, and Lukasz Pomorski for valuable input. They also thank seminar participants at Autorité de Contrôle Prudentiel et de Résolution Research Initiative at Banque de France, BI Norwegian Business School (Oslo), Frankfurt School of Finance & Management, Fulcrum Asset Management, Shanghai University of Finance and Economics, the second Sustainable Finance Forum, the 14th Annual Hedge Fund Conference at Imperial, and Duke Kushan University for useful comments.