Nils Kok

Bio: Nils Kok is an academic researcher from Netherlands Cancer Institute. The author has contributed to research in topics: Real estate & Medicine. The author has an hindex of 32, co-authored 116 publications receiving 4614 citations. Previous affiliations of Nils Kok include Maastricht University & Tilburg University.

Doing Well by Doing Good: Green Office Buildings

Abstract: This paper provides the first credible evidence on the economic value of the certification of "green buildings" in the commercial sector -- value derived from impersonal market transactions rather than engineering estimates. We match publicly available information on the addresses of Energy-Star and LEED-rated office buildings to a commercial data source detailing the characteristics of U.S. office buildings and their rental rates. We analyze the micro data on 694 certified green buildings and on 7489 other office buildings located within a quarter mile of the certified buildings. We find systematic evidence that rents for green offices are about two percent higher than rents for comparable buildings located nearby. Effective rents, i.e., rents adjusted for the occupancy levels in office buildings, are about six percent higher in green buildings than in comparable office buildings nearby. At prevailing capitalization rates, conversion of the average non-green building to an equivalent green building would add more than $5 million in market value. These results are robust to the statistical models employed.

The economics of green building

Abstract: We analyze the economics of green building, finding that recent increases in the supply of green buildings and the volatility in prop- erty markets have not affected the returns to green buildings. We then analyze a large cross-section of office buildings, demonstrating that eco- nomic returns to energy-efficient buildings are substantial. Finally, we relate the economic premiums for green buildings to their relative effi- ciency in energy use—the attributes rated for thermal efficiency, as well as sustainability, contribute to premiums in rents and asset values. Among green buildings, increased energy efficiency is fully capitalized into rents and asset values.

On the Economics of Energy Labels in the Housing Market

Abstract: The residential housing market can play an important role in the reduction of global carbon emissions, and the information conveyed by energy labels may help to encourage energy conservation among private consumers. This paper reports the first evidence on the market adoption and economic implications of energy performance certificates implemented under a large energy-labeling program in the European Union. The results show that adoption rates are low and declining over time. Labels are clustered among homes and neighborhoods where there is less competition among buyers. We also document that adoption rates of energy labels are positively related to the fraction of ”green” voters during national elections. The energy label seems to create transparency in the energy performance of dwellings and our analysis shows that consumers capitalize this information in the price of their prospective home. The size of the energy-efficiency increment is positively related to the label outcome.

Climate Change 2007: The Physical Science Basis.

Abstract: Cause, conseguenze e strategie di mitigazione Proponiamo il primo di una serie di articoli in cui affronteremo l’attuale problema dei mutamenti climatici. Presentiamo il documento redatto, votato e pubblicato dall’Ipcc - Comitato intergovernativo sui cambiamenti climatici - che illustra la sintesi delle ricerche svolte su questo tema rilevante.

A global review of energy consumption, CO2 emissions and policy in the residential sector (with an overview of the top ten CO2 emitting countries)

Abstract: Climate change and global warming as the main human societies’ threats are fundamentally associated with energy consumption and GHG emissions. The residential sector, representing 27% and 17% of global energy consumption and CO2 emissions, respectively, has a considerable role to mitigate global climate change. Ten countries, including China, the US, India, Russia, Japan, Germany, South Korea, Canada, Iran, and the UK, account for two-thirds of global CO2 emissions. Thus, these countries’ residential energy consumption and GHG emissions have direct, significant effects on the world environment. The aim of this paper is to review the status and current trends of energy consumption, CO2 emissions and energy policies in the residential sector, both globally and in those ten countries. It was found that global residential energy consumption grew by 14% from 2000 to 2011. Most of this increase has occurred in developing countries, where population, urbanization and economic growth have been the main driving factors. Among the ten studied countries, all of the developed ones have shown a promising trend of reduction in CO2 emissions, apart from the US and Japan, which showed a 4% rise. Globally, the residential energy market is dominated by traditional biomass (40% of the total) followed by electricity (21%) and natural gas (20%), but the total proportion of fossil fuels has decreased over the past decade. Energy policy plays a significant role in controlling energy consumption. Different energy policies, such as building energy codes, incentives, energy labels have been employed by countries. Those policies can be successful if they are enhanced by making them mandatory, targeting net-zero energy building, and increasing public awareness about new technologies. However, developing countries, such as China, India and Iran, still encounter with considerable growth in GHG emissions and energy consumption, which are mostly related to the absence of strong, efficient policy.

ESG and financial performance: aggregated evidence from more than 2000 empirical studies

Abstract: The search for a relation between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) can be traced back to the beginning of the 1970s. Scholars and investors have published more than 2000 empirical studies and several review studies on this relation since then. The largest previous review study analyzes just a fraction of existing primary studies, making findings difficult to generalize. Thus, knowledge on the financial effects of ESG criteria remains fragmented. To overcome this shortcoming, this study extracts all provided primary and secondary data of previous academic review studies. Through doing this, the study combines the findings of about 2200 individual studies. Hence, this study is by far the most exhaustive overview of academic research on this topic and allows for generalizable statements. The results show that the business case for ESG investing is empirically very well founded. Roughly 90% of studies find a nonnegative ESG–CFP relation. More impor...

Economic Perspectives on Corporate Social Responsibility

Abstract: *This paper synthesizes the expanding corporate social responsibility (CSR) literature. We define CSR from an economic perspective and develop a CSR taxonomy that connects disparate approaches to the subject. We explore whether CSR should exist and investigate conditions when CSR may produce higher welfare than other public good provision channels. We also explore why CSR does exist. Here, we integrate theoretical predictions with empirical findings from economic and noneconomic sources. We find limited systematic empirical evidence in favor of CSR mechanisms related to induced innovation, moral hazard, shareholder preferences, or labor markets. In contrast, we uncover consistent empirical evidence in favor of CSR mechanisms related to consumer markets, private politics, and public politics. (JEL D21, L21, M14)