Temperature shocks and industry earnings news
研究极端温度如何影响不同行业的企业盈利，以及卖方分析师是否理解这些关系，发现超过40%的行业盈利受显著影响，且分析师和投资者对季度内的温度冲击反应滞后。
Climate scientists project rising average temperatures and increasing frequency of temperature extremes. We study how extreme temperatures affect corporate profitability 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, though earnings forecasts account for temperature effects by quarter-end in many industries.