Modern finance theory and practice and the Anthropocene

References

• Anderson, K., 2016. Contributions of the GATT/WTO to global economic welfare: empirical evidence. Journal of economic surveys, 30 (1), 56–92.
   Web of Science ®Google Scholar
• Beck, U., Giddens, A., and Lash, S., 1994. Reflexive modernization: politics, tradition and aesthetics in the modern social order. California: Stanford University Press.
   Google Scholar
• Bernstein, S., 2011. Legitimacy in intergovernmental and non-state global governance. Review of international political economy, 18 (1), 17–51.
   Web of Science ®Google Scholar
• Best, J., 2003. From the top–down: the new financial architecture and the re-embedding of global finance. New political economy, 8 (3), 363–84.
   Web of Science ®Google Scholar
• Beunza, D., and Ferraro, F., 2018. Performative work: bridging performativity and institutional theory in the responsible investment field. Organization studies, 40 (4), 515–43.
   Web of Science ®Google Scholar
• Beunza, D., Hardie, I., and MacKenzie, D., 2006. A price is a social thing: towards a material sociology of arbitrage. Organization studies, 27 (5), 721–45.
   Web of Science ®Google Scholar
• Braun, B., 2016. From performativity to political economy: index investing, ETFs and asset manager capitalism. New political economy, 21 (3), 257–73.
   Web of Science ®Google Scholar
• Bryant, G., 2018. Nature as accumulation strategy? Finance, nature, and value in carbon markets. Annals of the American association of geographers, 108 (3), 605–19.
   Web of Science ®Google Scholar
• Caliskan, K., and Callon, M., 2009. Economization, part 1: shifting attention from the economy towards processes of economization. Economy and society, 38 (3), 369–98.
   Web of Science ®Google Scholar
• Callon, M., 1999. Actor network theory – the market test. In: J. Law, and J. Hassard, eds. Actor network theory and after. Oxford: Blackwell Publishing, 181–95.
   Google Scholar
• Carbon-Pulse. 2021. Exclusive – EU lawmakers eye price ceiling, speculation curbs to prevent “cornering” of ETS. Available from: https://carbon-pulse.com/103522/ [Accessed 2 Mar 2021].
   Google Scholar
• Choy, L.H.T., and Ho, W.K.O., 2018. Building a low carbon China through coasean bargaining. Habitat international, 75 (2018), 139–46.
   Google Scholar
• Cogan, D.G., 2008. Corporate governance and climate change: the banking sector: a ceres report. Boston: Ceres.
   Google Scholar
• Crifo, P., and Mottis, N., 2016. Socially responsible investment in France. Business & society, 55 (4), 576–93.
   Web of Science ®Google Scholar
• Davies, J., 2017. The business case for soil. Nature news, 543 (7645), 309.
   PubMed Web of Science ®Google Scholar
• DesJardine, M.R., and Durand, R., 2020. Disentangling the effects of hedge fund activism on firm financial and social performance. Strategic management journal, 41 (6), 1054–82.
   Web of Science ®Google Scholar
• Di Muzio, T., 2011. The crisis of petro-market civilization: the past as prologue? In: S. Gill, ed. Global crises and the crisis of global leadership. Cambridge: Cambridge University Press, 73–88.
   Google Scholar
• Doh, J.P., et al., 2010. Does the market respond to an endorsement of social responsibility? The role of institutions, information, and legitimacy. Journal of management, 36 (6), 1461–85.
   Web of Science ®Google Scholar
• Domanski, D., et al., 2015. Oil and debt. BIS quarterly review, March, 55–65.
   Google Scholar
• Ellenberger, J. 2011. Carbon trading. Saving the planet? The Hedge Fund Journal. 65. Available from: https://thehedgefundjournal.com/carbon-trading/ [Accessed 2 Jan 2021].
   Google Scholar
• Erturk, I., et al., 2013. (How) do devices matter in finance. Journal of cultural economy, 6 (3), 336–52.
   Google Scholar
• Fama, E.F., 1970. Efficient capital markets: a review of theory and empirical work. The journal of finance, 25 (2), 383–417.
   Web of Science ®Google Scholar
• Fan, Y., et al., 2017. What policy adjustments in the EU ETS truly affected the carbon prices? Energy policy, 103, 145–64.
   Web of Science ®Google Scholar
• Fatemi, A., Glaum, M., and Kaiser, S., 2018. ESG performance and firm value: the moderating role of disclosure. Global finance journal, 38 (C), 45–64.
   Google Scholar
• Fichtner, J., Heemskerk, E., and Petry, J. 2020. Three financial firms could change the direction of the climate crisis – and few people have any idea. The Conversation. Available from: http://theconversation.com/three-financial-firms-could-change-the-direction-of-the-climate-crisis-and-few-people-have-any-idea-131869 [Accessed 4 Mar 2020].
   Google Scholar
• Freund, J., 2015. Rev billy vs. the market: a sane man in a world of omnipotent fantasies. Journal of marketing management, 31 (13–14), 1529–51.
   Web of Science ®Google Scholar
• Friedrich, M. et al., 2020. From fundamentals to financial assets: the evolution of understanding price formation in the EU ETS. Kiel: ZBW – Leibniz Information Centre for Economics. Available from: http://hdl.handle.net/10419/216726 [Accessed 30 Aug 2020].
   Google Scholar
• Green, J.F., 2017. Don’t link carbon markets. Nature news, 543 (7646), 484.
   PubMed Web of Science ®Google Scholar
• Green, J.F., 2021. Does carbon pricing reduce emissions? A review of ex-post analyses. Environmental research letters, 16 (4), 043004.
   Web of Science ®Google Scholar
• GSIA. 2018. Global sustainable investment review. Available from: http://www.gsi-alliance.org/wp-content/uploads/2019/03/GSIR_Review2018.3.28.pdf [Accessed 10 Jan 2020].
   Google Scholar
• Haque, F., and Ntim, C.G., 2020. Executive compensation, sustainable compensation policy, carbon performance and market value. British journal of management, 31 (3), 525–46.
   Web of Science ®Google Scholar
• Harmes, A., 2011. The limits of carbon disclosure: theorizing the business case for investor environmentalism. Global environmental politics, 11 (2), 98–119.
   Web of Science ®Google Scholar
• Hickel, J., and Kallis, G., 2020. Is Green growth possible? New political economy, 25 (4), 469–86.
   Web of Science ®Google Scholar
• Huchet, N., and Fam, P.G., 2016. The role of speculation in international futures markets on commodity prices. Research in international business and finance, 37 (May), 49–65.
   Google Scholar
• IMF. 2021. Managing director’s intervention at the leaders’ summit on climate. Available from: https://www.imf.org/en/News/Articles/2021/04/22/sp042221-md-remarks-at-the-leaders-summit-on-climate [Accessed 1 May 2020].
   Google Scholar
• IPCC, 2018. Global warming of 1.5°C. Geneva: IPCC.
   Google Scholar
• Kim, E.H., and Lyon, T., 2011. When does institutional investor activism increase shareholder value? The carbon disclosure project. The B.E. journal of economic analysis & policy, 11 (1), 1–27.
   Web of Science ®Google Scholar
• Kose, M., et al., 2010. Financial globalization and economic policies. In: D. Rodrik, and M. Rozenzweig, eds. Handbook of development economics volume 5. Amsterdam: North-Holland, 4283–359.
   Google Scholar
• Lane, R., 2012. The promiscuous history of market efficiency: the development of early emissions trading systems. Environmental politics, 21 (4), 583–603.
   Web of Science ®Google Scholar
• Li, M., Weng, Y., and Duan, M., 2019. Emissions, energy and economic impacts of linking China’s national ETS with the EU ETS’. Applied energy, 235, 1235–44.
   Web of Science ®Google Scholar
• Lockwood, E., 2015. Predicting the unpredictable: value-at-risk, performativity, and the politics of financial uncertainty. Review of international political economy, 22 (4), 719–56.
   Web of Science ®Google Scholar
• Lohmann, L., 2010. Uncertainty markets and carbon markets: variations on Polanyian themes. New political economy, 15 (2), 225–54.
   Web of Science ®Google Scholar
• Lounsbury, M., 2002. Institutional transformation and status mobility: the professionalization of the field of finance. The academy of management journal, 45 (1), 255–66.
   Web of Science ®Google Scholar
• MacKenzie, D., 2005. Opening the black boxes of global finance. Review of international political economy, 12 (4), 555–76.
   Web of Science ®Google Scholar
• MacKenzie, D., 2009. Making things the same: gases, emission rights and the politics of carbon markets. Accounting, organizations and society, 34 (3–4), 440–55.
   Web of Science ®Google Scholar
• MacKenzie, D., Muniesa, F., and Siu, L., 2007. Do economists make markets? On the performativity of economics. Princeton: Princeton University Press.
   Google Scholar
• Martunizzi, E., and Ashworth, M. 2020. City of London wants to clean up the world. Bloomberg Opinion. Available from: https://www.bloomberg.com/opinion/articles/2020-11-20/city-of-london-wants-to-be-the-global-hub-for-carbon-trading [Accessed 5 January 2021].
   Google Scholar
• Matsumura, E.M., Prakash, R., and Vera-Muñoz, S.C., 2013. Firm-value effects of carbon emissions and carbon disclosures. The accounting review, 89 (2), 695–724.
   Web of Science ®Google Scholar
• Menz, K.M., 2010. Corporate social responsibility: is it rewarded by the corporate bond market? A critical note. Journal of business ethics, 96 (1), 117–34.
   Web of Science ®Google Scholar
• Millo, Y., and MacKenzie, D., 2009. The usefulness of inaccurate models: towards an understanding of the emergence of financial risk management. Accounting, organizations and society, 34 (5), 638–53.
   Web of Science ®Google Scholar
• Nauman, B. 2020. Heavy flows into ESG funds raise questions over ratings. Financial Times, 4 March. Available from: https://www.ft.com/content/0bd9d2ea-5c15-11ea-8033-fa40a0d65a98 [Accessed 4 March 2020].
   Google Scholar
• Neslen, A. 2016. Greece set to win €1.75bn from EU climate scheme to build two coal plants. The Guardian, 3 November. Available from: https://www.theguardian.com/environment/2016/nov/03/greece-set-to-win-175m-from-eu-climate-scheme-to-build-two-coal-plants [Accessed 4 March 2020].
   Google Scholar
• Newell, P., and Paterson, M., 2010. Climate capitalism: global warming and the transformation of the global economy. Cambridge, MA: Cambridge University Press.
   Google Scholar
• Paterson, M., 2010. Legitimation and accumulation in climate change governance. New political economy, 15 (3), 345–68.
   Web of Science ®Google Scholar
• Preda, A., 2004. Informative prices, rational investors: the emergence of the random walk hypothesis and the nineteenth-century “science of financial investments”. History of political economy, 36 (2), 351–86.
   Google Scholar
• PwC. 2016. Investors, corporates, and ESG: bridging the gap. PwC Governance Insights Center. Available from: https://www.pwc.com/us/en/governance-insights-center/publications/assets/investors-corporates-and-esg-bridging-the-gap.pdf [Accessed 31 December 2018].
   Google Scholar
• Quemin, S., and Trotignon, R., 2021. Emissions trading with rolling horizons. Journal of economic dynamics and control, 125, 104099.
   Web of Science ®Google Scholar
• Rainforest Alliance Network. 2021. Banking on climate chaos: fossil fuel finance report 2021. Available from https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf [Accessed 1 April 2021].
   Google Scholar
• Rebonato, R. 2013. ‘What models do we need for risk management?’ in QFINANCE: the ultimate resource. 4th ed. London: Bloomsbury Publishing. https://www.bloomsbury.com/uk/qfinance-the-ultimate-resource-4th-edition-9781849300643/
   Google Scholar
• Refinitiv. 2021. Carbon market year in review 2020. Available from: https://www.refinitiv.com/content/dam/marketing/en_us/documents/reports/carbon-market-year-in-review-2020.pdf [Accessed 10 April 2021].
   Google Scholar
• Samuelson, P.A., 2009. An enjoyable life puzzling over modern finance theory. Annual review of financial economics, 1 (1), 19–35.
   Google Scholar
• Schmalensee, R., and Stavins, R.N., 2017. Lessons learned from three decades of experience with cap and trade. Review of environmental economics and policy, 11 (1), 59–79.
   Web of Science ®Google Scholar
• Schneider, L., and Kollmuss, A., 2015. Perverse effects of carbon markets on HFC-23 and SF6 abatement projects in Russia. Nature climate change, 5 (12), 1061–63.
   Web of Science ®Google Scholar
• Scholtens, B., 2006. Finance as a driver of corporate social responsibility. Journal of business ethics, 68 (1), 19–33.
   Web of Science ®Google Scholar
• Sharpe, W.F., 1991. Capital asset prices with and without negative holdings. The journal of finance, 46 (2), 489–509.
   Web of Science ®Google Scholar
• Sheppard, D. 2020. Carbon trading: the “one-way” bet for hedge funds. Financial Times, 23 August. Available from: https://www.ft.com/content/a5ff89ec-323c-4fb8-85a1-9d0225ae3cdb [Accessed 14 January 2021].
   Google Scholar
• Sparkes, R., and Cowton, C.J., 2004. The maturing of socially responsible investment: a review of the developing link with corporate social responsibility. Journal of business ethics, 52 (1), 45–57.
   Web of Science ®Google Scholar
• Stavins, R., and Stowe, R., 2017. Market mechanisms and the Paris agreement. Cambridge, MA: Harvard Project on Climate Agreements.
   Google Scholar
• Steffen, W., et al., 2011. The anthropocene: conceptual and historical perspectives. Philosophical transactions of the royal society of London A: mathematical, physical and engineering sciences, 369 (1938), 842–67.
   PubMed Web of Science ®Google Scholar
• Strange, S., 1994. The retreat of the state the diffusion of power in the world economy. Cambridge: Cambridge University Press.
   Google Scholar
• Subrahmanyam, A., 2008. Behavioural finance: a review and synthesis. European financial management, 14 (1), 12–29.
   Web of Science ®Google Scholar
• Suchman, M.C., 1995. Managing legitimacy: strategic and institutional approaches. The academy of management review, 20 (3), 571–610.
   Web of Science ®Google Scholar
• Truman, E.M., 2012. The international monetary system or “nonsystem”? In: F. Bergsten, and R. Henning, eds. Global economics in extraordinary times: essays in honor of John Williamson. Washington DC: PIIE, 27–52.
   Google Scholar
• Valdez, S., and Molyneux, P., 2013. An introduction to global financial markets. 7th ed. London: Palgrave Macmillan.
   Google Scholar
• Von Neumann, J., and Morgenstern, O., 1944 (2007). Theory of games and economic behavior. Princeton, NJ: Princeton University Press.
   Google Scholar
• Waddock, S., 2008. Building a new institutional infrastructure for corporate responsibility. Academy of management perspectives, 22 (3), 87–108.
   Web of Science ®Google Scholar
• Wallerstein, I., 1979. The capitalist world economy. Cambridge: Cambridge University Press.
   Google Scholar
• Wilde, S. 2017. Green finance? Why global banks are pledging billions to fight climate change. The Conversation. Available from: http://theconversation.com/green-finance-why-global-banks-are-pledging-billions-to-fight-climate-change-87273 [Accessed 1 January 2019].
   Google Scholar
• World Bank, 2020. State and trends of carbon pricing 2020. Washington, DC: World Bank.
   Google Scholar
• Wright, C., 2012. Global banks, the environment, and human rights: the impact of the equator principles on lending policies and practices. Global environmental politics, 12 (1), 56–77.
   Web of Science ®Google Scholar
• Wright, C., and Nyberg, D., 2015. Climate change, capitalism and corporations: processes of creative self-destruction. Cambridge: Cambridge University Press.
   Google Scholar
• Yumashev, D., et al., 2019. Climate policy implications of nonlinear decline of Arctic land permafrost and other cryosphere elements. Nature communications, 10 (1), 1–11.
   PubMedGoogle Scholar
• Zajac, E.J., and Westphal, J.D., 2004. The social construction of market value: institutionalization and learning perspectives on stock market reactions. American sociological review, 69 (3), 433–57.
   Web of Science ®Google Scholar