Climate change exposure and mutual fund ownership
研究发现美国公司气候变化暴露程度与共同基金持股变化呈负相关，表明基金对气候风险持谨慎态度，且这一关系主要由气候相关机会和监管风险驱动。
Using a sample of U.S. firms and a text-based measure of managerial and analyst attention to climate change issues during earnings calls, we document a negative association between firms’ climate change exposure and changes in U.S. mutual fund ownership, suggesting U.S. mutual funds’ cautious investment approach to climate change. We further provide causal evidence for this relation using the staggered adoptions of state-level climate change adaptation plans and renewable portfolio standards. Additional analyses show that our finding is driven by climate-related opportunities and regulatory risks, rather than physical risks. Changes in U.S. mutual fund ownership reflect concerns over firms’ transition risks and stock performance pressures. Extending the analysis to non-U.S. mutual funds, we find similar results among funds domiciled in countries with strong environmental norms.