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作者：Choi, Darwin; Gao, Zhenyu; Jiang, Wenxi
作者单位：Chinese University of Hong Kong
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 i...
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作者：Krueger, Philipp; Sautner, Zacharias; Starks, Laura T.
作者单位：University of Geneva; Swiss Finance Institute (SFI); Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
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 ...
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作者：Addoum, Jawad M.; Ng, David T.; Ortiz-Bobea, Ariel
作者单位：Cornell University
摘要：Combining granular daily data on temperatures across the continental United States with detailed establishment data from 1990 to 2015, we study the causal impact of temperature shocks on establishment sales and productivity. Using a large sample yielding precise estimates, we do not find evidence that temperature exposures significantly affect establishment-level sales or productivity, including among industries traditionally classified as heat sensitive. At the firm level, we find that temper...
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作者：Baldauf, Markus; Garlappi, Lorenzo; Yannelis, Constantine
作者单位：University of British Columbia; University of Chicago
摘要：This paper studies whether house prices reflect belief differences about climate change. We show that in an equilibrium model of housing choice in which agents derive utility from ownership in a neighborhood of similar agents, prices exhibit different elasticities to climate risk. We use comprehensive transaction data to relate prices to inundation projections of individual homes and measures of beliefs about climate change. We find that houses projected to be underwater in believer neighborho...
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作者：Alok, Shashwat; Kumar, Nitin; Wermers, Russ
作者单位：Indian School of Business (ISB); University System of Maryland; University of Maryland College Park
摘要：We examine whether professional money managers overreact to large climatic disasters. We find that managers within a major disaster region underweight disaster zone stocks to a much greater degree than distant managers and that this aversion to disaster zone stocks is related to a salience bias that decreases over time and distance from the disaster, rather than to superior information possessed by close managers. This overreaction can be costly to fund investors for some especially salient di...
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作者：Engle, Robert F.; Giglio, Stefano; Kelly, Bryan; Lee, Heebum; Stroebel, Johannes
作者单位：National Bureau of Economic Research; Yale University; Center for Economic & Policy Research (CEPR)
摘要：We propose and implement a procedure to dynamically hedge climate change risk. We extract innovations from climate news series that we construct through textual analysis of newspapers. We then use a mimicking portfolio approach to build climate change hedge portfolios. We discipline the exercise by using third-party ESG scores of firms to model their climate risk exposures. We show that this approach yields parsimonious and industry-balanced portfolios that perform well in hedging innovations ...
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作者：Murfin, Justin; Spiegel, Matthew
作者单位：Cornell University; Yale University
摘要：Using a comprehensive database of coastal home sales merged with data on elevation relative to local tides, we compare prices for houses based on their inundation threshold under projections of sea level rise. The analysis separates the sensitivity of housing to rising seas from other confounding characteristics by exploiting cross-sectional differences in relative sea level rise due to vertical land motion. This provides variation in the expected time to inundation for properties of similar e...
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作者：Barnett, Michael; Brock, William; Hansen, Lars Peter
作者单位：Arizona State University; Arizona State University-Tempe; University of Wisconsin System; University of Wisconsin Madison; University of Missouri System; University of Missouri Columbia; University of Chicago
摘要：Geophysicists examine and document the repercussions for the earth's climate induced by alternative emission scenarios and model specifications. Using simplified approximations, they produce tractable characterizations of the associated uncertainty. Meanwhile, economists write highly stylized damage functions to speculate about how climate change alters macroeconomic and growth opportunities. How can we assess both climate and emissions impacts, as well as uncertainty in the broadest sense, in...
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作者：Shive, Sophie A.; Forster, Margaret M.
作者单位：University of Notre Dame
摘要：The number of U.S. publicly traded firms has halved in 20 years. How will this shift in ownership structure affect the economy's externalities? Using comprehensive data on greenhouse gas emissions from 2007 to 2016, we find that independent private firms are less likely to pollute and incur EPA penalties than are public firms, and we find no differences between private sponsor-backed firms and public firms, controlling for industry, time, location, and a host of firm characteristics. Within pu...
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作者：Hong, Harrison; Karolyi, G. Andrew; Scheinkman, Jose A.
作者单位：Columbia University; Cornell University; Princeton University
摘要：Climate finance is the study of local and global financing of public and private investment that seeks to support mitigation of and adaptation to climate change. In 2017, the Review of Financial Studies launched a competition among scholars to develop research proposals on the topic with the goal of publishing this special volume. We describe the competition, how the nine projects featured in this volume came to be published, and frame their findings within what we view as a broader climate fi...
