Hedge funds and climate news risk: Evidence from stock holdings in fossil fuel firms
研究对冲基金如何应对气候新闻风险，发现2013年后对冲基金减少了对阻碍脱碳进程的化石燃料公司的持仓，表明其在推动低碳转型中发挥作用。
Abstract We examine the role of hedge funds in facilitating the transition to a low‐carbon economy. As highly informed and relatively unregulated investors, hedge funds are in a unique position to recognize and address climate change risks. We analyze hedge fund ownership of fossil fuel firms in response to climate news risk and the related lobbying activities of their portfolio firms. With the rise of the divestment movement after 2013, the hedge fund sector reduced its portfolio commitment to risk‐exposed lobbyists that are slowing progress towards decarbonization. Our results suggest that hedge funds help facilitate the transition to low‐carbon energy sources.