Research
NYU Stern faculty conduct world-leading academic research in the climate finance space
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, Working Paper
- Acharya, V. V., Berner, R., Engle, R. F., Jung, H., Stroebel, J., Zeng, X., and Zhao, Y. (2023). Climate Stress Testing, 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, 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, Working Paper
- Acharya, V. V., Johnson, T., Sundaresan, S., and Tomunen, T. (2023). Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness, Working Paper
- Aleksander A. Aleszczyk, Maria Loumioti, George Serafeim. (2024). The Issuance and Design of Sustainability-linked Loans, Working Paper
- Alekseev, G., Giglio, S., Maingi, Q., Selgrad, J., and Stroebel, J. (2022). A Quantity-based Approach to Constructing Climate Risk Hedge Portfolios, Working Paper
- Atz, U., and Bruno, C. (2023). Locating the Future of ESG: The Promise of Geospatial Data in Advancing ESG Research, Sustainability and Climate Change
- Baker, M., Bergstresser, D., Serafeim, G., and Wurgler, J. (2022). The Pricing and Ownership of US Green Bonds, Annual Review of Financial Economics
- Bollinger, B., and Gillingham, K. (2021). Social Learning and Solar Photovoltaic Adoption, 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, 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, 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, Journal of the Association for Consumer Research
- Cornell, B., and Damodaran, A. (2020). Valuing ESG: Doing Good or Sounding Good? Working Paper
- De Nard, G., Engle, R. F., and Kelly, B. T. (2023). Factor-Mimicking Portfolios for Climate Risk, Working Paper
- Engle, R. (2023). Termination Risk and Sustainability. Working Paper
- Engle, R. (2023). Compound Tail Risk. Journal of Portfolio Management
- Engle, R. F., Giglio, S., Kelly, B., Lee, H., and Stroebel, J. (2020). Hedging Climate Change News, The Review of Financial Studies
- Fuchs, M., Stroebel, J., and Terstegge, J. (2024). Carbon VIX: Carbon Price Uncertainty and Decarbonization Investments
- Ge, S., Engle, R., Jung, H & Zeng, X (2024). Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure, Working Paper
- Ge, S., Johson, S., & Tzur-Ilan, N (2024). Climate Risk, Insurance Premiums, and the Effects on Mortgages, 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, Working Paper
- Giglio, S., Kuchler, T., Stroebel, J., and Wang, O. (2024). The Economics of Biodiversity
Loss, Working Paper - Giglio, S., Kuchler, T., Stroebel, J., and Wang, O. (2025). Nature Loss and Climate Change: The Twin-Crises Multiplier, AEA Papers & Proceedings
- Giglio, S., Kuchler, T., Stroebel, J., and Zeng, X. (2023). Biodiversity Risk, 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, The Review of Financial Studies
- Giglio, S., Maggiori, M., and Stroebel, J. (2015). Very Long-run Discount Rates, 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, Journal of Financial Economics
- Gupta, A., Martinez, C., and Van Nieuwerburgh, S. (2023). Converting Brown Offices to Green Apartments, Working Paper
- Halaburda, H., and Yermack, D., (2023). Bitcoin mining meets Wall Street: A study of publicly traded crypto mining companies, 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, 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, Nature Communications
- Jung, H., Engle, R., Ge., S., and Zeng, X. (2023). Measuring the Climate Risk Exposure of Insurers, Working Paper
- Jung, H., Engle, R. F., and Berner, R. (2025). CRISK: Measuring the Climate Risk Exposure of the Financial System, Journal of Financial Economics
- Mary Brooke Billings, Stephen G. Ryan, Han Yan. (2022). Climate Risk, Population Migration, and Banks’ Lending and Deposit-Taking Activities
- Stroebel, J., and Wurgler, J. (2021). What Do You Think about Climate Finance? 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, Nature Energy
- Walter, I. (2020). Sense and Nonsense in ESG Ratings, Journal of Law, Finance, and Accounting
- Wang, M., Wurgler, J., and Zhang, H. (2023). Policy Uncertainty Reduces Green Investment, Working Paper
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.