The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Temperature shocks and industry earnings news
Open accessAbstract
Climate scientists project a rise in both average temperatures and the frequency of temperature extremes. We study how extreme temperatures affect companies' earnings 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, but earnings forecasts account for temperature effects by quarter-end in many, though not all, industries.
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Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Malmendier, U., & Nagel, S. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjq004 · Cited by 2,480
Estimating economic damage from climate change in the United States
Hsiang, S., Kopp, R., Jina, A., Rising, J., Delgado, M., Mohan, S., Rasmussen, D. J., Muir-Wood, R., Wilson, P., Oppenheimer, M., et al. (2017) · Science · doi:10.1126/science.aal4369 · Cited by 1,239
Temperature and the Allocation of Time: Implications for Climate Change
Graff Zivin, J., & Neidell, M. (2014) · Journal of Labor Economics · doi:10.1086/671766 · Cited by 1,024
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Climate risks and market efficiency
Hong, H., Li, F. W., & Xu, J. (2019) · Journal of Econometrics · doi:10.1016/j.jeconom.2018.09.015 · Cited by 967
Red and blue investing: Values and finance
Hong, H., & Kostovetsky, L. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.01.006 · Cited by 749
Negative impacts of climate change on cereal yields: statistical evidence from France
Gammans, M., Mérel, P., & Ortiz-Bobea, A. (2017) · Environmental Research Letters · doi:10.1088/1748-9326/aa6b0c · Cited by 185
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Cited by
This changes everything: Climate shocks and sovereign bonds⁎
Cevik, S., & Jalles, J. T. (2022) · Energy Economics · doi:10.1016/j.eneco.2022.105856 · Cited by 206
Climate Risk and Capital Structure
Ginglinger, E., & Moreau, Q. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3327185 · Cited by 71
Climate Sensitivity and Predictable Returns
Kumar, A., Xin, W., & Zhang, C. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3331872 · Cited by 55
Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock
Ramelli, S., Wagner, A., Zeckhauser, R., & Ziegler, A. (2018) · doi:10.3386/w25310 · Cited by 37
Reduction in Corporate Greenhouse Gas Emissions Under Prescriptive Disclosure Requirements
Jouvenot, V., & Krueger, P. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3434490 · Cited by 26
Metadata
- Authors
- Addoum, J. M., Ng, D. T., & Ortiz-Bobea, A.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2023-10
- Volume
- 150
- Issue
- 1
- Pages
- 1-45
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W4385574626
- Cited by
- 318
- References
- 8
- FWCI
- 58.56
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Addoum, J. M., Ng, D. T., & Ortiz-Bobea, A. (2023). Temperature shocks and industry earnings news. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2023.07.002
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
