Do Fund Managers Misestimate Climatic Disaster Risk
研究发现专业基金经理在重大气候灾害后过度反应，倾向于低配灾区股票，这种偏差随时间和距离衰减，且可利用此过度反应获得超额收益。
Abstract We examine whether professional money managers overreact to large climatic disasters. We find that managers within a major disaster region underweight disaster zone stocks to a much greater degree than distant managers and that this aversion to disaster zone stocks is related to a salience bias that decreases over time and distance from the disaster, rather than to superior information possessed by close managers. This overreaction can be costly to fund investors for some especially salient disasters like hurricanes and tornadoes: a long-short strategy that exploits the overreaction generates a significant DGTW-adjusted return over the following 2 years.