Climate risk and opportunity exposure and firm value: An international investigation
基于23个国家的国际样本，研究了投资者对不同类别气候风险和机遇的估值差异，发现投资者对监管风险等负面估值，但对机遇未给予类似重视，且行业因素影响估值判断。
Abstract While previous studies mainly focus on the valuation of greenhouse gas (GHG) emissions and climate risk exposure, climate opportunity exposure is less frequently visited in the current literature. We use an international sample from 23 countries that have participated in the CDP. By categorizing climate risks/opportunities into physical, regulatory and other, the study suggests that investors have an asymmetrical valuation for different categories of risks and opportunities. Specifically, investors value climate regulatory risk and other (market‐based) climate risks negatively, but not similarly for recognized climate opportunities. Finally, our findings confirm industry matters for investors' valuation decisions by altering their perceptions of the significance of climate risks and opportunities.