- Published
- 2023-02-28
- Venue
- The Journal of Finance, vol. 78, no. 3, pp. 1449-1498
- Cited by
- 1,400
- Open access
- Yes, hybrid
- DOI
- 10.1111/jofi.13219
Abstract
We develop a method that identifies the attention paid by earnings call participants to firms' climate change exposures. The method adapts a machine learning keyword discovery algorithm and captures exposures related to opportunity, physical, and regulatory shocks associated with climate change. The measures are available for more than 10,000 firms from 34 countries between 2002 and 2020. We show that the measures are useful in predicting important real outcomes related to the net‐zero transition, in particular, job creation in disruptive green technologies and green patenting, and that they contain information that is priced in options and equity markets.
Cite this paper
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- APA 7
Sautner, Z., Lent, L. V., Vilkov, G., & ZHANG, R. (2023). Firm‐Level Climate Change Exposure. The Journal of Finance, 78(3), 1449–1498. https://doi.org/10.1111/jofi.13219
- MLA 9
Sautner, Zacharias, et al. "Firm‐Level Climate Change Exposure." The Journal of Finance, vol. 78, no. 3, 2023, pp. 1449–1498, https://doi.org/10.1111/jofi.13219.
- Chicago
Sautner, Zacharias, Laurence van Lent, Grigory Vilkov, and RUISHEN ZHANG. "Firm‐Level Climate Change Exposure." The Journal of Finance 78, no. 3 (2023): 1449–1498. https://doi.org/10.1111/jofi.13219.
- GOST
Sautner Z., Lent L. V., Vilkov G. [и др.] Firm‐Level Climate Change Exposure // The Journal of Finance. — 2023. — Vol. 78, № 3. — P. 1449–1498. — URL: https://doi.org/10.1111/jofi.13219
- BibTeX
@article{sautner2023firmlevel, title = {{Firm‐Level Climate Change Exposure}}, author = {Zacharias Sautner and Laurence van Lent and Grigory Vilkov and RUISHEN ZHANG}, journal = {The Journal of Finance}, year = {2023}, volume = {78}, number = {3}, pages = {1449--1498}, doi = {10.1111/jofi.13219}, url = {https://doi.org/10.1111/jofi.13219} }- RIS
TY - JOUR AU - Sautner, Zacharias AU - Lent, Laurence van AU - Vilkov, Grigory AU - ZHANG, RUISHEN TI - Firm‐Level Climate Change Exposure JO - The Journal of Finance VL - 78 IS - 3 SP - 1449 EP - 1498 PY - 2023 DA - 2023/02/28 DO - 10.1111/jofi.13219 UR - https://doi.org/10.1111/jofi.13219 ER -