Asleep at the Wheel? The Risk of Sudden Price Adjustments for Climate Risk
研究发现气候风险溢价或气候贝塔不显著，最可能的原因是错误定价，这可能导致未来价格突然调整，对长期投资者构成新风险。
A large number of studies have failed to identify a robust and economically significant climate risk premium or climate beta, either at the aggregate or at the sectoral level. The author examines several explanations of why this may be the case and finds that a mispricing of climate risk is the most likely explanation. If this is true, price adjustments will eventually occur, either in a gradual or in an abrupt way. This is a novel source of risk that should be on the radar screen of long-term investors.