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Regime-Aware Portfolio Robustness Across Emerging and Developed Equity Markets

Author

Listed:
  • Poonguzhali R. P.

    (Pre-doctoral fellow, Indian Institute of Management, Bangalore)

  • Brinda Viswanathan

    (Professor, Madras School of Economics, Chennai, India.)

  • K.S. Kavi Kumar

    (Professor, Madras School of Economics, Chennai, India.)

Abstract

Changing climatic conditions are likely to increase the heat stress and the corresponding risk of vulnerable population in society. This study investigates the impact of heat stress on rural women in India aged 15-35, using the Intergovernmental Panel on Climate Change (IPCC) Assessment Report 5 (AR5) risk assessment framework. The study uses Universal Thermal Climate Index (UTCI) data sourced from the Copernicus Climate Change Service from 1994 to 2024 to assess heat stress, and demographic and social indicators from National Family Health Survey (NFHS) 2015–2016 for constructing the risk index. By integrating environmental and demographic indicators for rural women to analyse the impact of heat stress, the study reveals regional disparities in heat stress risk. The results suggest that while Jharkhand, Madhya Pradesh and Bihar rank highest in terms of heat stress risk, Sikkim and Himachal Pradesh exhibit low risk. Southern states like Kerala and Tamil Nadu despite facing high heat stress, exhibit relatively lower heat stress risk due to better adaptive capacity. These results highlight the need for region-specific targeted policy interventions to mitigate the effects of heat stress among rural Indian women.

Suggested Citation

  • Poonguzhali R. P. & Brinda Viswanathan & K.S. Kavi Kumar, 2026. "Regime-Aware Portfolio Robustness Across Emerging and Developed Equity Markets," Working Papers 2026-303, Madras School of Economics,Chennai,India.
    • Handle: RePEc:mad:wpaper:2026-303
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    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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