Temperature shocks and industry earnings news

被引：59

作者：

Addoum, Jawad M. ^{[1
]}

Ng, David T. ^{[1
]}

Ortiz-Bobea, Ariel ^{[1
]}

机构：

[1] Cornell Univ, SC Johnson Coll Business, Ithaca, NY 14853 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2023年 / 150卷 / 01期

关键词：

Climate shocks; Temperature extremes; Earnings predictability; Sell-side analysts; Stock returns; CLIMATE-CHANGE; WEATHER; GEOGRAPHY; IMPACTS; ANALYST; GROWTH;

D O I：

10.1016/j.jfineco.2023.07.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Climate scientists project rising average temperatures and increasing frequency of temperature extremes. We study how extreme temperatures affect corporate profitability across different industries and whether sell-side analysts understand these relationships. We combine granular daily data on temperatures across the continental U.S. with locations of public companies' establishments and build a panel of quarterly firm-level temperature exposures. Extreme temperatures significantly impact earnings in over 40% of industries, with bi-directional effects that harm some industries while others benefit. Analysts and investors do not immediately react to observable intra-quarter temperature shocks, though earnings forecasts account for temperature effects by quarter-end in many industries. & COPY; 2023 Elsevier B.V. All rights reserved.

引用

页码：1 / 45

页数：45

共 51 条

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