Corporate Climate Risk: Measurements and Responses
通过对财报电话会议记录进行文本分析，构建了度量企业物理和转型气候风险的词典，并识别主动应对风险的企业，发现高转型风险且未主动应对的企业近年估值折价。
Abstract This paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond to climate risks. Our validation analysis shows that our measures capture firm-level variations in respective climate risk exposure. Firms facing high transition risk, especially those that do not proactively respond, have been valued at a discount in recent years as aggregate investor attention to climate-related issues has been increasing. We document differences in how firms respond through investment, green innovation, and employment when facing high climate risk exposure.