{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/156037"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/156037","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"Climate Change and Municipal Bond Ratings","abstract":"This paper examines whether climate change risks are incorporated into municipal bond ratings. In particular, I investigate whether municipalities with exposure to sea-level rise have lower bond ratings. Using a sample of rated bond issuances from 2011 to 2020, I docu- ment a negative relationship between bond ratings and climate risk for municipalities with exposure to sea-level rise. I also test whether there is a difference in ratings between coastal municipalities and a control group of non-coastal municipalities and find mixed results. My preliminary findings suggest that this risk is at least partially incorporated into bond ratings, however, the magnitude of the effect is small.","abstract_html":"This paper examines whether climate change risks are incorporated into municipal bond ratings. In particular, I investigate whether municipalities with exposure to sea-level rise have lower bond ratings. Using a sample of rated bond issuances from 2011 to 2020, I docu- ment a negative relationship between bond ratings and climate risk for municipalities with exposure to sea-level rise. I also test whether there is a difference in ratings between coastal municipalities and a control group of non-coastal municipalities and find mixed results. My preliminary findings suggest that this risk is at least partially incorporated into bond ratings, however, the magnitude of the effect is small.","abstract_has_math":false,"creators":["Zhang, Cindy"],"institution":"Massachusetts Institute of Technology","degree_name":"Master","degree_level":null,"degree_discipline":null,"degree_department":"Sloan School of Management","school":null,"contributors":[],"advisors":["Weber, Joseph"],"committee_chairs":[],"committee_members":[],"year":2024,"date_issued":"2024-05","date_published":"2024-05","updated_at":"2026-07-22T22:22:01Z","subjects":[],"languages":[],"rights":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"],"rights_urls":["https://rightsstatements.org/page/InC-EDU/1.0/"],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/1721.1/156037","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Weber, Joseph"]},{"key":"dc:contributor.department","label":"Department","values":["Sloan School of Management"]},{"key":"dc:creator","label":"Author","values":["Zhang, Cindy"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2024-08-12T14:16:59Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2024-08-12T14:16:59Z"]},{"key":"dc:date.issued","label":"Date","values":["2024-05"]},{"key":"dc:publisher","label":"Institution","values":["Massachusetts Institute of Technology"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Master","Master of Science in Management Research"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:rights","label":"Dc Rights","values":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"]},{"key":"dc:rights.uri","label":"Rights URI","values":["https://rightsstatements.org/page/InC-EDU/1.0/"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://hdl.handle.net/1721.1/156037"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This paper examines whether climate change risks are incorporated into municipal bond ratings. In particular, I investigate whether municipalities with exposure to sea-level rise have lower bond ratings. Using a sample of rated bond issuances from 2011 to 2020, I docu- ment a negative relationship between bond ratings and climate risk for municipalities with exposure to sea-level rise. I also test whether there is a difference in ratings between coastal municipalities and a control group of non-coastal municipalities and find mixed results. My preliminary findings suggest that this risk is at least partially incorporated into bond ratings, however, the magnitude of the effect is small."]},{"key":"dc:description.degree","label":"Dc Description Degree","values":["S.M."]},{"key":"dc:title","label":"Title","values":["Climate Change and Municipal Bond Ratings"]}]}],"canonical_facts":{"dc:contributor.advisor":["Weber, Joseph"],"dc:contributor.department":["Sloan School of Management"],"dc:creator":["Zhang, Cindy"],"dc:date.accessioned":["2024-08-12T14:16:59Z"],"dc:date.available":["2024-08-12T14:16:59Z"],"dc:date.issued":["2024-05"],"dc:description.abstract":["This paper examines whether climate change risks are incorporated into municipal bond ratings. In particular, I investigate whether municipalities with exposure to sea-level rise have lower bond ratings. Using a sample of rated bond issuances from 2011 to 2020, I docu- ment a negative relationship between bond ratings and climate risk for municipalities with exposure to sea-level rise. I also test whether there is a difference in ratings between coastal municipalities and a control group of non-coastal municipalities and find mixed results. My preliminary findings suggest that this risk is at least partially incorporated into bond ratings, however, the magnitude of the effect is small."],"dc:description.degree":["S.M."],"dc:identifier.uri":["https://hdl.handle.net/1721.1/156037"],"dc:publisher":["Massachusetts Institute of Technology"],"dc:rights":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"],"dc:rights.uri":["https://rightsstatements.org/page/InC-EDU/1.0/"],"dc:title":["Climate Change and Municipal Bond Ratings"],"dc:type":["Thesis"],"thesis:degree_name":["Master","Master of Science in Management Research"]},"updated_at":"2026-07-22T22:22:01Z"}