This paper finds evidence that stock returns vary with the physical climate change exposure of firms in a predictable manner. We construct measures of exposures to physical climate changes at the firm level, and find that firms with high climate change exposures experience lower future...

This paper investigates whether media climate change concern (MCCC) predicts stock market excess returns by using data for 44 markets. We show that the predictability of the MCCC index is a ubiquitous phenomenon in the international equity market - the higher MCCC index predicts lower market...