Attention to Global Warming
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AbstractWe find that people revise their beliefs about climate change upwards 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 the return patterns are unlikely to be driven by changes in fundamentals. Our study sheds light on understanding collective beliefs and actions in response to global warming.
All Author(s) ListDarwin Choi, Zhenyu Gao, Wenxi Jiang
Journal nameReview of Financial Studies
Year2020
Month3
Volume Number33
Issue Number3
PublisherOxford University Press
Pages1112 - 1145
ISSN0893-9454
eISSN1465-7368
LanguagesEnglish-United States

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