Do climate risk disclosures matter to financial analysts?
研究了企业气候风险披露是否影响金融分析师的盈利预测准确性和分歧度，发现只有当气候风险在行业层面具有财务物质性时，披露才与更高预测精度和更低分歧度相关。
Abstract This paper examines whether and when corporate disclosures about a firm's exposure to climate risks matter to financial analysts. More specifically, we investigate the association between climate risk disclosure (CRD) and two properties of financial analysts’ earnings forecasts (accuracy and dispersion). We predict that climate risk financial materiality at the industry level moderates this association. Using a sample of 2184 US nonfinancial firm‐year observations over the period 2010–2016, we show that CRD is associated with higher forecast precision and lower dispersion only when climate risks are perceived by investors as being financially material at the industry level. We also find that while corporate disclosures about transition risks are not associated with financial analyst forecast properties, 10‐K disclosures about climate‐related material physical risks reduce analyst forecast error and dispersion.