This study examines the influence of carbon risk on stock price crash risk. Using a comprehensive dataset of 3,417 US companies from 2006 to 2021, we provide evidence that carbon risk is significantly linked to a higher crash risk for firms. Moreover, our findings suggest that this positive association is more pronounced during the Democratic presidency and to companies operating in carbon-intensive industries. The main results are consistent after conducting endogeneity and several robustness tests.

中文翻译：

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揭开碳难题：排放如何影响股价崩盘风险

本研究探讨了碳风险对股价崩盘风险的影响。通过使用 2006 年至 2021 年 3,417 家美国公司的综合数据集，我们提供的证据表明，碳风险与企业较高的崩溃风险显着相关。此外，我们的研究结果表明，这种正相关性在民主党总统任期内以及在碳密集型行业运营的公司中更为明显。经过内生性和多次稳健性检验后，主要结果是一致的。