Attention to Global Warming

Clicks: 78
ID: 301697
2019
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Ranked #4 of 192 articles by views in review of financial studies

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Abstract
Abstract We find that people revise their beliefs about climate change upward when experiencing warmer than usual temperatures in their area. Using international data, we show that attention to climate change, as proxied by Google search volume, increases when the local temperature is abnormally high. In financial markets, stocks of carbon-intensive firms underperform firms with low carbon emissions in abnormally warm weather. Retail investors (not institutional investors) sell carbon-intensive firms in such weather, and return patterns are unlikely to be driven by changes in fundamentals. Our study sheds light on peoples’ collective beliefs and actions about global warming.
Reference Key
openalex_W2884202799 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Darwin Choi, Zhenyu Gao, Wenxi Jiang
Journal review of financial studies
Year 2019
DOI
10.1093/rfs/hhz086
URL
https://doi.org/10.1093/rfs/hhz086
Keywords Keywords not found

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