Firm-level climate sentiments, climate politics and implied cost of equity capital
研究发现美国企业盈利电话会议中参与者对气候变化的情绪越积极，其隐含权益资本成本越低，且这一效应在碳排放高、气候灾害多及政治环境不友好的地区更显著，支持了绿色企业因对冲地方气候风险而享有更低融资成本的“回旋镖假说”。
In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered in RED and SWING states, supporting “boomerang hypothesis” that green firms are hedged against potential changes in local climate standards and thus enjoy considerably cheaper financing in the localities marred with greenhouse gas emission concerns, climate related physical disasters, and climate unfriendly political environment. We utilize the variation in regionwide and statewide public beliefs about scientists' beliefs regarding the occurrence of global warming as an instrument to address endogeneity issues, among other tests.