This paper studies the option implied tail risk in the oil and gas industry around the unburnable carbon news of April 2009. It was arguably the first science news amplified by the media that stated that the value of the oil and gas industry is stranded. After controlling for the level of proved fossil fuel reserves and the return drop on the event day, I find that large and small companies are perceived as equally exposed to carbon risk. However, the risk persists only in some oil and gas firms. As expected, the level of fossil fuel reserves increases risk.

This research article investigates the causes and consequences of municipal institutional arrangements for the provision of resilient critical infrastructure in municipalities. The study explains how the municipal organizational robustness and external institutional dynamics moderate the relation between capacities, leadership, and local government investment decisions. We examine hypotheses on moderating effects with regression methods, using data from 345 Chilean municipalities over a nine-year period, and analyzing the evidence with support of qualitative data. Our results reveal that municipal organizational robustness—operational rules, planning, managerial flexibility and integration, and accountability—is the most quantitatively outstanding moderating factor. The evidence leads us to deduce that efforts to support local governments in the emerging policy domain of resilient critical infrastructure require special attention to the robustness of municipal institutional arrangements. The results are valid for countries where the local governments have responsibilities to fulfill and their decisions have consequences for the adaptation. Since one of the objectives of the Special Issue “Bringing Governance Back Home—Lessons for Local Government Regarding Rapid Climate Action” is to explore how action is enabled or constrained by institutional relations in which the actors are embedded, this study contributes to achieving the goal.

We test whether social networks at the origin, measured by religious affiliation, affect out‐migration. The basic idea is that a social capital loss is attached to the decision to out‐migrate, and said loss increases migration costs because benefits received from the local network at the origin disappear. To test this hypothesis, we estimated conditional and mixed logit models for the decision to out‐migrate. The results supported the hypothesis: members from religious organizations with strong intra‐community and weak intercommunity ties tended to out‐migrate less than others. This result was highly significant and robust to model specification and estimation methods.

The Environmental Kuznets curve (EKC) relationship is defined as an inverted-U association between income and pollution. However, it remains a hypothesis since the empirical evidence is mixed. A key limitation in previous studies is that they ignore the endogenous relationship between income and pollution. To address this issue, a dynamic system generalised method of moments (GMM) was utilised with a large sample of countries and a long time series. After controlling for country-specific fixed effects, the dynamic feedback between income and environmental damage, and several controls, we find support for the EKC hypothesis in our sample.

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