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Journal articleHarrison SP, Prentice IC, Ascoli D, et al., 2026, , Frontiers in Environmental Science, Vol: 14, ISSN: 2296-665X
Extreme wildfires are becoming more frequent in the Mediterranean region and already frequently exceed controllable thresholds, leading to large impacts on natural and social systems. Wildfire risk is predicted to increase in the region over the 21st century because of ongoing global climate changes. The risk of wildfires is being exacerbated by rural land abandonment, which is promoting increased landscape flammability; and by expansion of the wildland-urban interface. To address the challenges arising from fire regime changes, there is an urgent need to improve existing management strategies to reduce fire risk and to minimise the occurrence of extreme wildfires. Doing so successfully requires integrating insights across varied wildfire management paradigms, that stem from diverse disciplinary traditions and often serve competing policy priorities. Here we review the state of knowledge and practice on wildfire management in the Mediterranean region. We begin by highlighting the diversity of land management practices that deliberately or indirectly have been used for fire risk mitigation, shaping contemporary Mediterranean landscapes and fire regimes. We then summarise the evolution of policy priorities and fire management practices, and how these changes in infrastructural, economic and legal frameworks could influence landscape vulnerability to wildfire. We also examine some of the barriers that work against the adoption of management strategies to minimise wildfire risk at local and national levels. The paper brings together ecological, land-management, governance, planning and economic perspectives that are often treated separately, in order to clarify where current wildfire risk reduction strategies are supported by evidence and where important barriers remain. Finally, we integrate these different insights to identify key knowledge gaps and make recommendations for future action.
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Journal articleKacperczyk M, Peydro J-L, 2026, , The Review of financial studies, ISSN: 0893-9454
We study how firm-level carbon emissions affect bank lending and real outcomes in a sample of global firms with syndicated loans. We exploit bank-level climate commitments as firm-level shocks to lending relationships, using firms' prior credit exposures to identify credit supply effects. Firms with higher emissions that previously borrowed from committed banks receive less bank credit. Evidence from lending volumes, prices, and within-firm-time loan-level data indicates a supply-side shift away from high-emission firms, not explained by borrower risk. Affected firms reduce debt, leverage, size, and investment, yet we find no reduction in future emissions, instead documenting evidence consistent with greenwashing.
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Journal articleBolton P, White BP, Huppert J, et al., 2026, , Health Expect, Vol: 29
Assisted dying (AD) is increasingly available as a legal end-of-life option in wealthy nations. Literature on AD considers its operation and the experience of clinicians, people receiving AD, and their loved ones. It is inward-looking. The nature of AD suggests it focuses less on the technical aspects of care and more on its humanity. Accordingly, AD offers lessons for healthcare more broadly-specifically, the importance of patient- and family-centred care, respect for patient wishes, and relational care. LIVED EXPERIENCE: JH is a family member of a person who received assisted dying. The vignettes are AD's lived experience.
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Conference paperSong J, Rolandi T, Novocky A, et al., 2026,
Manipulation-resistant oracles via continuous peer prediction
, 7th International Conference on Mathematical Research for Blockchain Economy (MARBLE 2026), Publisher: Springer NatureBlockchain oracle networks, including decentralised physical infrastructure networks (DePINs), report physical measurements from a source that can manipulate the underlying process. A carbon project operator, for example, can dry a site before measurement and be paid for soil organic carbon (SOC) that was never stored. Peer prediction covers discrete signals under a strategic source, or continuous reports under an honest source, but not both at once. We close that gap for Gaussian reports. Strict propriety of the continuous ranked probability score (CRPS) settles the reporting stage alone. Our result concerns the source stage. A report-only settlement rule whose honest-source payoff is non-decreasing in the true value identifies and deters source manipulation if and only if the sensors respond to that manipulation by different amounts. When they respond identically, manipulation is observationally equivalent to a genuine rise in SOC, and CRPS translation equivariance leaves every peer score unchanged, so no such rule deters the source. Necessity follows from invariance rather than from the signal enumeration available in the discrete case. The source-stage estimator is ordinary weighted least squares, and the contribution is the characterisation around it. With eight calibrated SOC models on 37,280 real European soil spectra, shift-naive aggregators over-credit by up to 57% under a calibrated moisture perturbation while the joint estimate stays near-unbiased. The guarantee holds on the equilibrium path for non-colluding reporters and inherits the models' own calibration error. The project page is at https://rqcker.github.io/crps-wls.
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Journal articleBolton P, Kacperczyk M, 2026, , European Accounting Review, ISSN: 0963-8180
We link voluntary and mandatory disclosure of carbon emissions with stock returns and volatility in a global cross-section of publicly listed firms. We find that voluntary disclosure of scope 1 emissions predicts lower stock returns relative to non-disclosing companies. We also find that UK 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.
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Journal articleOstrovnaya A, Ahrens J, Smart J, et al., 2026, , Communications Earth & Environment, Vol: 7, ISSN: 2662-4435
Regulators globally deploy carbon pricing to drive down emissions through market forces. The effect of carbon pricing on firms’ financial profiles is not well understood. However, a financially successful transition of industrial firms is critical for maintaining macroeconomic stability and achieving comprehensive decarbonisation. Here we analyse the costs of carbon pricing compliance and decarbonisation, and their effects on the cashflows and margins of six steel and cement firms across various future cost scenarios. We used a model framework that estimates the impact of carbon pricing and decarbonisation costs on operating margins and capital expenditure on a company level for a range of scenarios. We conclude that the key determinant of how readily energy-intensive companies can adapt to the climate transition is the ‘carbon cost pass-through’, that is, their ability to effectively pass on carbon-related expenses to consumers. Importantly, even the ability to pass through all costs does not guarantee financially successful decarbonisation, as capital markets can restrict the financing of zero-carbon solutions.
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Journal articleJansen M, Ameli N, Ostrovnaya A, et al., 2026,
Offshore wind financing across 86 global projects reveals maturing investor risk attitudes evolving deal structures and market dynamics
, The Cell Reports Sustainability -
Journal articleDöttling R, Levit D, Malenko N, et al., 2026, , The Review of Financial Studies, ISSN: 0893-9454
We study the interplay between a ``one person-one vote’’ political system and a ``one share-one vote” corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing these initiatives. If public policy is frictionless, shareholder democracy becomes irrelevant: the political system fully offsets shareholder influence. With public policy frictions, pro-social corporations can mitigate regulatory shortcomings and enhance corporate public goods provision. Nevertheless, shareholder democracy can hurt citizens due to the representation problem: it favors the preferences of the wealthy. Investor diversification, pass-through voting, and corporate greenwashing have important implications for these trade-offs of shareholder democracy. (JEL D62, D72, G28, G34, G38, H23)
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Journal articleBolton P, Lam A, Muuls M, 2026, , Journal of Financial Research, Vol: 49, Pages: 631-665, ISSN: 0270-2592
We explore how carbon pricing affects corporate financial performance during Phase 3 of the European Union Emissions Trading Scheme (EU ETS). We find that the relationship between carbon prices and stock prices depends critically on the proportion of verified emissions covered by freely allocated ETS allowances: For firms with a greater shortfall in emissions allowances (a greater permit coverage), an increase in daily carbon prices is associated with a decrease (increase) in contemporaneous stock prices. We provide additional evidence that firms with a significant permit shortfall reduce verified emissions in the EU, with no apparent carbon-leakage.
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Journal articleDimson E, Kacperczyk M, Starks L, 2026, , Review of Finance, Vol: 30, Pages: 1-9, ISSN: 1572-3097
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