In this section
@article{Bolton:2026:10.1080/09638180.2026.2649612,
author = {Bolton, P and Kacperczyk, M},
doi = {10.1080/09638180.2026.2649612},
journal = {European Accounting Review},
title = {Carbon disclosure and the cost of capital*},
url = {http://dx.doi.org/10.1080/09638180.2026.2649612},
year = {2026}
}
TY - JOUR
AB - 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.
AU - Bolton,P
AU - Kacperczyk,M
DO - 10.1080/09638180.2026.2649612
PY - 2026///
SN - 0963-8180
TI - Carbon disclosure and the cost of capital
T2 - European Accounting Review
UR - http://dx.doi.org/10.1080/09638180.2026.2649612
UR - https://doi.org/10.1080/09638180.2026.2649612
ER -