暗号資産の炭素強度開示が引き起こす投資家注意力の誤配分
Investor Attention Misallocation Induced by Carbon Intensity Disclosure of Crypto Assets (原題)
Ying Zhou
🤖 gxceed AI 要約
日本語
暗号資産市場における炭素強度開示が投資家の注意力配分に与える影響を、CoinGecko市場データ・Google Trends・エネルギー消費推計を用いて2019〜2025年にわたり分析した。高炭素資産は開示後に異常な検索注意力が強まり、開示イベントと炭素強度の交互作用は有意に正となる。注意力誤配分ショックは短期実現ボラティリティを約0.27%ポイント押し上げ、異常取引は開示後2営業日目にピークを迎える。炭素情報の顕著性が情報探索構造を変え、短期的な取引圧力を生むことを示す。
English
Using CoinGecko market data, Google Trends, and energy/carbon estimates for major crypto assets (2019–2025), this study tests whether carbon intensity disclosure reshapes investor attention. High-carbon assets draw stronger abnormal search attention after disclosure, and the disclosure×carbon-intensity interaction is significantly positive. An attention-misallocation shock raises short-run realized volatility by ~0.27pp at peak, with abnormal trading peaking around the second trading day. Salient carbon labels distort information search and create short-term trading pressure.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
暗号資産という特殊市場を扱うが、炭素情報の「顕著性」が投資家行動を歪めるという知見は、SSBJ開示や有報での気候関連情報の提示方法を考える上で示唆に富む。日本でも暗号資産・デジタル資産の環境開示議論が始まっており、開示設計の参考になる。
In the global GX context
While focused on crypto assets, the finding that salient carbon labels distort investor attention and pricing speaks directly to ISSB/CSRD debates on how climate metrics should be presented alongside financial risk indicators. It adds empirical evidence that disclosure design—not just disclosure quantity—shapes market efficiency.
👥 読者別の含意
🔬研究者:炭素開示の顕著性が投資家注意力・ボラティリティに与える因果的影響を、高頻度データと二方向固定効果モデルで識別した実証例として参考になる。
🏢実務担当者:気候・炭素情報の開示フォーマット設計において、単一指標の強調が市場の誤解や短期的な価格変動を招きうる点を踏まえた開示戦略が求められる。
🏛政策担当者:炭素開示の標準化と財務リスク指標との同時提示が、注意力の歪みと価格非効率を緩和しうるという政策的含意を持つ。
📄 Abstract（原文）
As the crypto-asset market continues to expand, the energy consumption and carbon emissions associated with proof-of-work mechanisms have increasingly entered investors' pricing considerations. Environmental disclosure has therefore become an important source of information for assessing the non-financial risks of digital assets. To examine whether carbon intensity disclosure changes the allocation of investor attention, major crypto assets from 2019 to 2025 are analysed by combining CoinGecko market data, Google Trends search intensity, and publicly available estimates of energy consumption and carbon emissions. Carbon intensity, abnormal search intensity, abnormal trading volume, and realized volatility are constructed, while two-way fixed-effects models and local projections are applied to identify disclosure shocks and their dynamic market consequences. The results indicate that high-carbon assets experience stronger abnormal search attention following disclosure, while the interaction between disclosure events and carbon intensity is significantly positive. A one-standard-deviation attention-misallocation shock increases short-run realized volatility by approximately 0.27 percentage points at its peak, and the abnormal trading response reaches its highest level around the second trading day after disclosure before gradually declining. These patterns indicate that the salience of carbon information first alters investors' information-search structure and subsequently generates short-term trading pressure. More standardized carbon disclosure and the simultaneous presentation of other financial risk indicators may therefore reduce attention distortions associated with highly salient environmental labels and improve pricing efficiency in crypto-asset markets.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://ace.ewapub.com/article/view/37073.pdffirst seen 2026-09-26 05:04:34 · last seen 2026-09-29 05:13:27
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