Temperature shocks and industry earnings news

被引：76

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

[1] Temperature Shocks and Establishment Sales [J].

Addoum, Jawad M. ;

Ng, David T. ;

Ortiz-Bobea, Ariel .

REVIEW OF FINANCIAL STUDIES, 2020, 33 (03) :1331-1366

[2]

[Anonymous], 2014, Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change 2013

[3]

Bansal R., 2016, 23009 NBER

[4]

Bansal R., 2016, NBER working paper no. 22529

[5] 'O Sole Mio: An Experimental Analysis of Weather and Risk Attitudes in Financial Decisions [J].

Bassi, Anna ;

Colacito, Riccardo ;

Fulghieri, Paolo .

REVIEW OF FINANCIAL STUDIES, 2013, 26 (07) :1824-1852

[6] What's my line? A comparison of industry classification schemes for capital market research [J].

Bhojraj, S ;

Lee, CMC ;

Oler, DK .

JOURNAL OF ACCOUNTING RESEARCH, 2003, 41 (05) :745-774

[7] The Use of Panel Models in Assessments of Climate Impacts on Agriculture [J].

Blanc, Elodie ;

Schlenker, Wolfram .

REVIEW OF ENVIRONMENTAL ECONOMICS AND POLICY, 2017, 11 (02) :258-279

[8] Global non-linear effect of temperature on economic production [J].

Burke, Marshall ;

Hsiang, Solomon M. ;

Miguel, Edward .

NATURE, 2015, 527 (7577) :235-+

[9] On persistence in mutual fund performance [J].

Carhart, MM .

JOURNAL OF FINANCE, 1997, 52 (01) :57-82

[10] Count (and count-like) data in finance [J].

Cohn, Jonathan B. ;

Liu, Zack ;

Wardlaw, Malcolm I. .

JOURNAL OF FINANCIAL ECONOMICS, 2022, 146 (02) :529-551

← 1 2 3 4 5 6 →