英文定价还是恐慌？商业房地产市场与气候变化

Working Paper Series Pricing or panicking? Commercial real estate markets and climate change Kai Foerster, Ellen Ryan, Benedikt Scheid Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3059 AbstractThispaperprovidesthefirststudyofclimateriskpricingineuroareacommercialrealestatemarkets.Wepayparticularattentiontochangesinriskpricingovertime,asasuddenmarketshiftmaysignificantlyamplifythefinancialstabilityandmacroeconomicimplicationsoftheserisks.Wefindevidenceofinvestorsapplyingapenaltytobuildingsexposedtophysicalriskandthatthispenaltyhasincreasedsignificantlyoverthe2007-2023periodwestudy,particularlyforpropertiesexposedtorisksassociatedwithclimatechange.Thischangeinpricingappearstohaveoccurredinanorderlymanner,withnoimplicationsforliquidityinthemarketforhighriskbuildings.Incontrast,whilepricingoftransitionriskhasalsoincreasedoverthepe