Question A:
A mandate for public companies to provide climate-related disclosures (such as their greenhouse gas emissions and carbon footprint) would provide financially material information that enables investors to make better decisions.
Responses
© 2025. Kent A. Clark Center for Global Markets.
12%
0%
0%
2%
12%
53%
21%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
2%
7%
61%
31%
Question B:
A mandate for public companies to provide climate-related disclosures would induce them to reduce their climate impact significantly.
Responses
© 2025. Kent A. Clark Center for Global Markets.
12%
0%
2%
0%
42%
40%
5%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
4%
0%
41%
45%
10%
Question A Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
 Daron Acemoglu |
MIT | Bio/Vote History | ||
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Climate crisis is an existential risk, and it is pretty scandalous that this information is not readily available.
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 Joseph Altonji |
Yale | Bio/Vote History | ||
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 Alan Auerbach |
Berkeley | Bio/Vote History | ||
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 David Autor |
MIT | Bio/Vote History | ||
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 Katherine Baicker |
University of Chicago | Did Not Answer | Bio/Vote History | |
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 Abhijit Banerjee |
MIT | Bio/Vote History | ||
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 Marianne Bertrand |
Chicago | Bio/Vote History | ||
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 Markus Brunnermeier |
Princeton | Bio/Vote History | ||
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 Raj Chetty |
Harvard | Did Not Answer | Bio/Vote History | |
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 Judith Chevalier |
Yale | Did Not Answer | Bio/Vote History | |
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 David Cutler |
Harvard | Bio/Vote History | ||
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 Angus Deaton |
Princeton | Bio/Vote History | ||
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 Darrell Duffie |
Stanford | Bio/Vote History | ||
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Some investors may wish to discriminate on this basis, and also care about exposure to new regulation.
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 Aaron Edlin |
Berkeley | Bio/Vote History | ||
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Relevant given the potential for future costs to be imposed for carbon and other ghg
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 Barry Eichengreen |
Berkeley | Bio/Vote History | ||
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 Liran Einav |
Stanford | Bio/Vote History | ||
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 Ray Fair |
Yale | Bio/Vote History | ||
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 Amy Finkelstein |
MIT | Bio/Vote History | ||
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 Pinelopi Goldberg |
Yale | Did Not Answer | Bio/Vote History | |
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 Austan Goolsbee |
Chicago | Bio/Vote History | ||
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 Michael Greenstone |
University of Chicago | Bio/Vote History | ||
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 Robert Hall |
Stanford | Bio/Vote History | ||
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 Oliver Hart |
Harvard | Bio/Vote History | ||
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The only question is whether the information is accurate
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 Bengt Holmström |
MIT | Bio/Vote History | ||
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 Caroline Hoxby |
Stanford | Did Not Answer | Bio/Vote History | |
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 Hilary Hoynes |
Berkeley | Bio/Vote History | ||
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 Kenneth Judd |
Stanford | Bio/Vote History | ||
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This information is socially valuable beyond the shareholders' interests.
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 Steven Kaplan |
Chicago Booth | Bio/Vote History | ||
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 Anil Kashyap |
Chicago Booth | Bio/Vote History | ||
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As long as the policy uncertainty about sanctions for being brown persists, hard to say. Plus how do you assure accurate reporting?
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 Pete Klenow |
Stanford | Bio/Vote History | ||
 Jonathan Levin |
Stanford | Bio/Vote History | ||
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 Eric Maskin |
Harvard | Bio/Vote History | ||
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 William Nordhaus |
Yale | Bio/Vote History | ||
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 Maurice Obstfeld |
Berkeley | Bio/Vote History | ||
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 Emmanuel Saez |
Berkeley | Bio/Vote History | ||
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 Larry Samuelson |
Yale | Bio/Vote History | ||
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There are many climate-conscious investors and investment funds that would find this information useful.
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 José Scheinkman |
Columbia University | Bio/Vote History | ||
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Provided disclosure includes information that is not already easily available to investors.
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 Richard Schmalensee |
MIT | Bio/Vote History | ||
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It would enable green investors to make themselves feel good. Without serious policy, the information is only marginally material.
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 Carl Shapiro |
Berkeley | Bio/Vote History | ||
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 Robert Shimer |
University of Chicago | Bio/Vote History | ||
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 James Stock |
Harvard | Bio/Vote History | ||
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 Richard Thaler |
Chicago Booth | Bio/Vote History | ||
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 Christopher Udry |
Northwestern | Bio/Vote History | ||
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Question B Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
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Daron Acemoglu |
MIT | Bio/Vote History | ||
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" Significantly" is difficult to know. There is a huge amount of greenwashing(esp big oil).This could obfuscate things even with disclosure.
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Joseph Altonji |
Yale | Bio/Vote History | ||
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Alan Auerbach |
Berkeley | Bio/Vote History | ||
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David Autor |
MIT | Bio/Vote History | ||
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Katherine Baicker |
University of Chicago | Did Not Answer | Bio/Vote History | |
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Abhijit Banerjee |
MIT | Bio/Vote History | ||
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Marianne Bertrand |
Chicago | Bio/Vote History | ||
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Markus Brunnermeier |
Princeton | Bio/Vote History | ||
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Raj Chetty |
Harvard | Did Not Answer | Bio/Vote History | |
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Judith Chevalier |
Yale | Did Not Answer | Bio/Vote History | |
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David Cutler |
Harvard | Bio/Vote History | ||
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Angus Deaton |
Princeton | Bio/Vote History | ||
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Darrell Duffie |
Stanford | Bio/Vote History | ||
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There would be a desire to reduce the reputational damage associated with disclosed pollution.
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Aaron Edlin |
Berkeley | Bio/Vote History | ||
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Not immediately, but as various pressures build over time reduction is likely.
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Barry Eichengreen |
Berkeley | Bio/Vote History | ||
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Liran Einav |
Stanford | Bio/Vote History | ||
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Ray Fair |
Yale | Bio/Vote History | ||
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Amy Finkelstein |
MIT | Bio/Vote History | ||
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Pinelopi Goldberg |
Yale | Did Not Answer | Bio/Vote History | |
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Austan Goolsbee |
Chicago | Bio/Vote History | ||
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Michael Greenstone |
University of Chicago | Bio/Vote History | ||
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Robert Hall |
Stanford | Bio/Vote History | ||
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Depends on how you define significant
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Oliver Hart |
Harvard | Bio/Vote History | ||
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There would be pressure from shareholders, workers, consumers, the press, etc., on the worst performers to do better
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Bengt Holmström |
MIT | Bio/Vote History | ||
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Reports should be gross and net
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Caroline Hoxby |
Stanford | Did Not Answer | Bio/Vote History | |
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Hilary Hoynes |
Berkeley | Bio/Vote History | ||
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Kenneth Judd |
Stanford | Bio/Vote History | ||
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It is unclear if regulations are strong enough to force firms to do anything.
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Steven Kaplan |
Chicago Booth | Bio/Vote History | ||
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Anil Kashyap |
Chicago Booth | Bio/Vote History | ||
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See the answer to the earlier question. Look at exhibit 2.1 in this G30 report by Carney and Yellen to see how far the US has to go
-see background information here |
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Pete Klenow |
Stanford | Bio/Vote History | ||
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Jonathan Levin |
Stanford | Bio/Vote History | ||
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Eric Maskin |
Harvard | Bio/Vote History | ||
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I wish that requiring disclosures would make a real difference, but I'm not sure that the green investment movement is strong enough yet.
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William Nordhaus |
Yale | Bio/Vote History | ||
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Surely reporting will not lead to "significant" changes in any meaningful way. Perhaps either a small impact or some reporting arbitrage.
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Maurice Obstfeld |
Berkeley | Bio/Vote History | ||
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Emmanuel Saez |
Berkeley | Bio/Vote History | ||
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Larry Samuelson |
Yale | Bio/Vote History | ||
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Public disclosure might bring moral suasion or pressure from climate-conscious investors to bear, the magnitude of the effect is uncertain.
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José Scheinkman |
Columbia University | Bio/Vote History | ||
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If not already easily available, mandatory disclosure of climate impact would also affect consumers' demand and the supply of workers.
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Richard Schmalensee |
MIT | Bio/Vote History | ||
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There might be marginal reductions, but not "significant" ones.
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Carl Shapiro |
Berkeley | Bio/Vote History | ||
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Robert Shimer |
University of Chicago | Bio/Vote History | ||
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Or they would hide their climate impact off the books
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James Stock |
Harvard | Bio/Vote History | ||
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Richard Thaler |
Chicago Booth | Bio/Vote History | ||
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Yes this works! And prepared for a carbon tax or cap and trade.
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Christopher Udry |
Northwestern | Bio/Vote History | ||
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