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作者：Shah, Eric D.
作者单位：University of Michigan System; University of Michigan
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作者：Pankratz, Nora; Bauer, Rob; Derwall, Jeroen
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Maastricht University; Utrecht University
摘要：We link records of firm performance, equity analyst forecast errors, and stock returns around companies' earnings announcements to firm-specific measures of heat exposure for more than 17,000 firms in 93 countries from 1995 to 2019. We find that increased exposure to extremely high temperatures reduces firms' revenues and operating income. A one-standard-deviation increase in the number of hot days decreases revenues (operating income) by 0.6% (1.8%) of the average quarterly revenue (operating...
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作者：Barnett, Michael
摘要：Climate change and uncertainty about its potential consequences has become a central concern for economists, investors, and policymakers alike. I use a stochastic, dynamic general equilibrium model where final output is produced using a mix of cheap, dirty inputs and expensive, clean inputs and preferences incorporate aversion to climate model misspecification to analyze the implications of climate change and climate model uncertainty on economic and financial market outcomes. I find that clim...
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作者：Huynh, Thanh D.; Xia, Ying
作者单位：Monash University
摘要：This study uses disaggregated establishment-level data to identify a firm's exposure to physical climate risk and examines investors' reaction to natural disasters in both the U.S. corporate bond and stock markets. We find that, when a firm is exposed to disasters, investors overreact by depressing the current bond and stock prices, causing future returns to be higher. However, firms with a strong environmental profile experience lower selling pressure on their bonds and stocks, although their...
