We examine the relationship between portfolio risk and equity returns over different investment horizons of institutional investors. Compared to long-term institutions, portfolios held by short-term institutions exhibit higher factor loadings in market, size, and momentum. In particular, they...

In this study, we examine the effect of CEO abilities on the firm-level climate risk. Using firm-level climate change risk data, we show that the firms with high managerial skills have lower levels of climate risk. Our findings are consistent with the alternative measures of managerial...