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The effects of climate change on the portfolio allocation of municipal bonds
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In this thesis, I examined the impact of climate change on municipal bond allocations of investors. Findings show that investors decrease their portfolio holding in municipal bonds byapproximately$22,000 for an increase of one percentage point in the cost of climate change. Funds with large average fund sizes and low average expense ratios are more concerned about climate change than other funds and decrease their holding of long-term bonds by approximately$10,000 more than short-term bonds. Furthermore, in 2016largefunds (> $3 billion) reduced their standard deviation of the portfolio for the first time.
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Climate change Municipal bonds Climate change Ccost Portfolio allocation Portfolio weight