Climate change news sensitivity and expected stock returns: Evidence from China

被引：0

作者：

Lu, Hengzhen ^{[1
]}

Wang, Xinran ^{[1
]}

机构：

[1] Nanjing Univ Aeronaut & Astronaut, Coll Econ & Management, 29 Jiangjun Rd, Nanjing 211106, Jiangsu, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 81卷

关键词：

Climate change risk; ESG; Stock; Institutional investors; CORPORATE SOCIAL-RESPONSIBILITY; COST; RISK;

D O I：

10.1016/j.frl.2025.107497

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Investors are increasingly looking to diversify their exposure to climate-related risks as climate change becomes a major concern. In the Chinese A-share market, we use the climate change news index to calculate stock covariance. Empirical results show that stocks with a positive climate news beta yield significantly higher excess returns, indicating advantages in ESG performance and predictive power for companies' future fundamentals. Institutional investors are increasingly interested in these companies due to their exceptional ability to hedge climate risks. Our work provides important insights into green practices and sustainable investment by highlighting the relationship between investor behavior and climate risk management.

引用

页数：9

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