The study presented in this paper examined intersectional discrimination against individuals with multiple minority identities in the housing market, specifically those identifying as Arab Muslims. By sending inquiries from three fictitious applicants - a Swedish Christian, an Arab Christian, and an Arab Muslim - to 1,200 landlords in Sweden, we analyzed differences in landlord responses. Results showed the Swedish Christian received the most positive replies, followed by the Arab Christian, with the Arab Muslim receiving the fewest. The study underscores the compounded discrimination faced by those with multiple minority identities and challenges the conflation of ethnic and religious identities in prior research.

While the process of carbon capture, utilization, and storage (CCUS) plays a pivotal role in mitigating climate change impacts, rising economic uncertainty, geopolitical conflict, and oil price volatility tend to retard CCUS deployment; which carbon emissions trading mechanisms can mitigate. The literature shows that such schemes are still immature in developing economies such as China, where carbon pricing seems to be a key strategy to lower CO2 power generation emissions. In this study, we thus investigate the Chinese carbon market’s volatility, concentrating on time-dependent jumps in emissions pricing. As jump-induced volatility represents an important risk, precise information thereon is important for increased carbon trading efficiency. The GARCH-jump process finds that such jumps do occur in the Chinese emissions market and that key uncertainty indicators including the aforementioned economic policy uncertainty, crude oil volatility index, and geopolitical risk can explain the resulting volatility, with important implications for policymakers and socially responsible investors.

While numerous empirical papers have investigated the volatility dynamics of Chinese clean energy equity markets, this is among the first studies to assess the impact of climate uncertainty on the risk levels of such assets. Given that China is extensively investing in green projects to achieve carbon neutrality, this strand of research offers important implications for investors and policymakers. Methodologically, we employ the GARCH-MIDAS model to examine the effect of the climate policy uncertainty (CPU) index on the volatility levels of the Chinese clean energy exchange-traded fund (ETF). We compare the effects of the CPU index with leading uncertainty indicators, including the crude oil volatility index, geopolitical risk, and technology sector volatility. The in-sample and out-of-sample analyses show that CPU has significant predictive contents for forecasting the volatility of renewable energy ETF and that the GARCH-MIDAS-CPU process outperforms other approaches. These results offer key implications for policymakers and socially responsible investors.

In ‘Discrimination as a Determinant of Economic Inequality’, Ali Ahmed, Mats Lundahl, and Eskil Wadensjö examine how economic theory can be used to unearth the mechanisms to produce discrimination and inequality, to identify the winners and losers from it, and to construct recipes for the eradication of discrimination. They stress the fact that economics is far from a unified social science and hence the need to apply different theories as different situations call for it. Two notorious cases are examined: the South African apartheid system and the American discrimination of blacks by whites. The chapter ends with an examination of a number of contemporary cases of ethnic discrimination of minorities.

China is promoting carbon neutrality to cope with environmental degradation and economic loss, issuing more green bonds than any other country to finance its green transformation. Uncertainty affects green bonds more than traditional bonds, including policy uncertainty, natural disasters, and energy crises. This chapter advocates green bond underlying volatility swaps, a derivative that allows investors to trade green bond price volatility, which market participants can use for hedging. We propose a framework for forecasting realized volatility by demonstrating that Chinese green bonds are highly homogeneous, making them useful in such forecasting and thus guiding trading in such swaps. We also examine the forecasting performance of a novel model, RVNET-GARCH, which synthesizes multiple green bonds’ historical realized volatility into a network factor. Testing for robustness with three Monte Carlo simulations and six rolling horizons shows that the proposed methodology can provide reliable results.

We analyse time-varying risk spillover and dependence to assess the systemic risk benefits of ethical, sustainable, and green investments. Our data comprise sustainable investments from ethical, environmental, social and governance (ESG), and green bonds. We investigate the link to major asset classes, including equity, commodity, and currency markets. We find evidence of close connection between the major asset classes and sustainable assets, except green bonds. We also explore the improvement in hedging efficiency from combining ethical and ESG investments with commodities and currencies over investment horizons. Our analysis based on systemic risk measures indicates that there is evidence of lower time-scale systemic risk connectedness in the case of commodities and currencies combined with ethical and ESG assets. These findings have significant implications for portfolio managers, policymakers, and market participants.

This study examines the interconnectedness and risk profile of hydrogen in comparison to other assets from December 2019 to April 2022, using a time-varying copula approach. The findings reveal that hydrogen's relationships with conventional commodities and markets can shift significantly during extreme uncertainty. The COVID-19 pandemic had a marked impact on hydrogen's market connections. However, hydrogen did not uniformly increase linkages, highlighting its distinct profile even as an energy commodity. Despite its sensitivity to crises, hydrogen's reactions were varied, emphasizing the necessity for customized interpretations. Calculation of value-at-risk, conditional value-at-risk and Delta CoVaR demonstrated that green bonds exhibited the lowest investment risks across frequencies, which can be attributed to factors such as government support and growing demand. In the case of hydrogen, the risk metrics were inconsistent, reflecting its status as an early-stage adoption asset with niche applications in transportation and industry. These findings have key implications for managing risk associated with energy transition and for facilitating the adoption of hydrogen. The empirical insights provided herein can aid policymakers in developing supportive regulations and incentives to expedite the scaling of hydrogen. Moreover, Investors can leverage hydrogen's risk quantification for portfolio optimization and hedging strategies. Overall, by elucidating hydrogen's unique dynamics, this study informs stakeholder decisions to facilitate the hydrogen economy.

Employment is vital for the quality of life and societal integration of disabled people, who often encounter barriers. Programs like Sweden's state-owned company Samhall are designed to level the playing field. Yet, whether discrimination persists after program participation and ample work experience remains an intriguing question. We investigated whether signaling disability through work experience at Samhall affects employability in Sweden for cleaning roles. A field experiment was conducted in which 768 fictitious job applications were sent to employers with vacant cleaner positions in Sweden. Implied disability, indicated by work experience at Samhall, and gender were randomly varied in the applications. The primary outcome metric was positive employer responses. Disabled applicants received fewer positive responses (28%) than non-disabled applicants (34%). Discrimination was more pronounced for disabled male applicants. The study reveals nuanced discrimination against job applicants with disabilities in Sweden, particularly disabled males, despite their extensive training and experience.

Ethnic discrimination is common in labor and housing markets. It leads to lower wages and higher unemployment for ethnic minorities, to segregation in the labor market, and to residential segregation. Several studies show that the Covid-19 pandemic increased the extent of ethnic discrimination. The prejudice against hiring migrants may have increased because people from countries where the epidemic started or from countries with a lower vaccination coverage were blamed for the spread. It may also have increased in the cases where the Covid-19 pandemic led to higher unemployment making it less costly for employers to discriminate.