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Climate risks and market efficiency
Hong, Harrison G.; Li, Weikai; Xu, Jiangmin - 2016
Persistent link: https://www.econbiz.de/10011581399
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Climate Risks and Market Efficiency
Hong, Harrison G. - 2016
drought, the most damaging natural disaster for crops and food-company cash flows. We show that prolonged drought in a country …, measured by the Palmer Drought Severity Index (PDSI) from climate studies, forecasts both declines in profitability ratios and … poor stock returns for food companies in that country. A portfolio short food stocks of countries in drought and long those …
Persistent link: https://www.econbiz.de/10012978090
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Climate Risks and Market Efficiency
Hong, Harrison G. - 2017
-traded food companies, we rank these countries each year based on their long-term trends toward droughts using the Palmer Drought …
Persistent link: https://www.econbiz.de/10012969336
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Climate Risks and Market Efficiency
Hong, Harrison - 2016
drought, the most damaging natural disaster for crops and food-company cash flows. We show that prolonged drought in a country …, measured by the Palmer Drought Severity Index (PDSI) from climate studies, forecasts both declines in profitability ratios and … poor stock returns for food companies in that country. A portfolio short food stocks of countries in drought and long those …
Persistent link: https://www.econbiz.de/10012455790
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Price of long-run temperature shifts in capital markets
Bansal, Ravi; Kiku, Dana; Ochoa, Marcelo - 2016
Persistent link: https://www.econbiz.de/10011538930
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The risk of policy tipping and stranded carbon assets
Ploeg, Frederick van der; Rezai, Armon - 2019 - Revised July 2019
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012039083
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Climate policy and stranded carbon assets : a financial perspective
Ploeg, Frederick van der; Rezai, Armon - 2018
Persistent link: https://www.econbiz.de/10011896486
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Pricing climate change risks : CAPM with rare disasters and stochastic probabilities
Karydas, Christos; Xepapadeas, Anastasios - 2019
these events. Using theory and simulations we study the implications of the imminent threat of climate change on different …
Persistent link: https://www.econbiz.de/10011962146
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Predicting anomaly performance with politics, the weather, global warming, sunspots, and the stars
Novy-Marx, Robert - In: Journal of financial economics 112 (2014) 2, pp. 137-146
Persistent link: https://www.econbiz.de/10010410738
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Asset Pricing with Disagreement about Climate Risks
Lontzek, Thomas; Pohl, Walt; Schmedders, Karl; … - 2023
This paper analyzes how climate risks are priced on financial markets. We show that climate tipping thresholds, disagreement about climate risks, and preferences that price in long-run risks are crucial to an understanding of the impact of climate change on asset prices. Our model simultaneously...
Persistent link: https://www.econbiz.de/10014350146