气候变化领域集成服务门户(CCPortal): Climate Change, Firm Performance, and Investor Surprises

CCPortal

DOI	10.1287/mnsc.2023.4685
	Climate Change, Firm Performance, and Investor Surprises
	Pankratz, Nora; Bauer, Rob; Derwall, Jeroen
发表日期	2023
ISSN	0025-1909
EISSN	1526-5501
英文摘要	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 income). Moreover, we provide evidence that increased heat exposure impacts negatively on firm financial performance relative to analyst predictions and on earnings announcement returns. These findings indicate that capital market participants do not fully anticipate the economic consequences of heat as a first order physical climate risk.
英文关键词	climate change; firm performance; analyst forecast accuracy; earnings announcements
语种	英语
WOS研究方向	Management ; Operations Research & Management Science
WOS类目	Science Citation Index Expanded (SCI-EXPANDED) ; Social Science Citation Index (SSCI)
WOS记录号	WOS:000955584900001
来源期刊	MANAGEMENT SCIENCE
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281151
作者单位	Federal Reserve System - USA; Federal Reserve System Board of Governors; Maastricht University; Utrecht University
推荐引用方式 GB/T 7714	Pankratz, Nora,Bauer, Rob,Derwall, Jeroen. Climate Change, Firm Performance, and Investor Surprises[J],2023.
APA	Pankratz, Nora,Bauer, Rob,&Derwall, Jeroen.(2023).Climate Change, Firm Performance, and Investor Surprises.MANAGEMENT SCIENCE.
MLA	Pankratz, Nora,et al."Climate Change, Firm Performance, and Investor Surprises".MANAGEMENT SCIENCE (2023).