Attention to Global Warming

• 成果类型: Article
• 署名作者: Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi
• 署名单位: Chinese University of Hong Kong
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz086
• 发表日期: 2020
• 页码: 1112
• 关键词: climate-change; institutional investors; Projection bias; stock-prices; weather; temperature; belief; INFORMATION; experience; people

摘要

We find that people revise their beliefs about climate change upward when experiencing warmer than usual temperatures in their area. Using international data, we show that attention to climate change, as proxied by Google search volume, increases when the local temperature is abnormally high. In financial markets, stocks of carbon-intensive firms underperform firms with low carbon emissions in abnormally warm weather. Retail investors (not institutional investors) sell carbon-intensive firms in such weather, and return patterns are unlikely to be driven by changes in fundamentals. Our study sheds light on peoples' collective beliefs and actions about global warming.