气候变化
气候风险
库存(枪支)
股票市场
全球变暖
经济
自然灾害
自然资源经济学
风险溢价
业务
金融经济学
地理
气象学
生态学
背景(考古学)
考古
生物
作者
Renato Faccini,Rastin Matin,George Skiadopoulos
标识
DOI:10.1016/j.jbankfin.2023.106948
摘要
We provide first-time evidence on whether market-wide physical or transition climate risks are priced in U.S. stocks. Textual and narrative analysis of Reuters climate-change news over January 1st 2000 – December 31st 2018 uncovers four novel risk measures related to natural disasters, global warming, international summits, and U.S. climate policy, respectively. Only the climate-policy factor is priced, especially post-2012. The documented risk premium is consistent with investors hedging the imminent transition risks from government intervention, rather than the direct risks from climate change itself.
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