The Importance of Climate Risks for Institutional Investors

• 成果类型: Article
• 署名作者: Krueger, Philipp; Sautner, Zacharias; Starks, Laura T.
• 署名单位: University of Geneva; Swiss Finance Institute (SFI); Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz137
• 发表日期: 2020
• 页码: 1067
• 关键词: corporate; cost; RESPONSIBILITY; preferences

摘要

According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term, larger, and ESG-oriented ones, consider risk management and engagement, rather than divestment, to be the better approach for addressing climate risks. Although surveyed investors believe that some equity valuations do not fully reflect climate risks, their perceived overvaluations are not large.