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Temperature shocks and the cost of equity capital: Implications for climate change perceptions

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Cited by:

  1. Gong, Xue & Lai, Ping & He, Mengxi & Wen, Danyan, 2024. "Climate risk and energy futures high frequency volatility prediction," Energy, Elsevier, vol. 307(C).
  2. Fahmy, Hany, 2025. "Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?," International Review of Financial Analysis, Elsevier, vol. 105(C).
  3. Jiang, Chuyu & Li, Yating & Zhang, Xuan & Zhao, Yang, 2025. "Climate risk and corporate debt decision," Journal of International Money and Finance, Elsevier, vol. 151(C).
  4. Chen, Jiusheng & Wang, Xianning, 2025. "Climate policy uncertainty and the Chinese sectoral stock market: A multilayer network analysis," Economic Systems, Elsevier, vol. 49(1).
  5. Bardos, Katsiaryna Salavei & Mishra, Dev R. & Somé, Hyacinthe Y., 2025. "Firm-level climate sentiments, climate politics and implied cost of equity capital," Journal of Corporate Finance, Elsevier, vol. 94(C).
  6. Michael Donadelli & Marcus Jüppner & Sergio Vergalli, 2022. "Temperature Variability and the Macroeconomy: A World Tour," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 83(1), pages 221-259, September.
  7. Elie Bouri & Rangan Gupta & Asingamaanda Liphadzi & Christian Pierdzioch, 2024. "Forecasting Stock Returns Volatility of the G7 Over Centuries: The Role of Climate Risks," Working Papers 202424, University of Pretoria, Department of Economics.
  8. Chen, Yiyang & Mamon, Rogemar & Spagnolo, Fabio & Spagnolo, Nicola, 2025. "Stock market returns and climate risk in the U.S," Journal of Multinational Financial Management, Elsevier, vol. 77(C).
  9. Renatas Kizys & Wael Rouatbi & Zaghum Umar & Adam Zaremba, 2024. "Air temperature and sovereign bond returns," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 33(2), pages 179-209, May.
  10. Munyanyi, Musharavati Ephraim & Grote, Ulrike, 2025. "Temperature shocks and multidimensional energy poverty: Evidence from Malawi," Energy Economics, Elsevier, vol. 152(C).
  11. Li, Yunhe & Zhang, Zhaolong, 2023. "Corporate climate risk exposure and capital structure: Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 51(C).
  12. Mohammed S. Albarrak & Marwa Elnahass & Aly Salama, 2019. "The effect of carbon dissemination on cost of equity," Business Strategy and the Environment, Wiley Blackwell, vol. 28(6), pages 1179-1198, September.
  13. Srivastav, Shashank Prakash & Kannadhasan, M., 2025. "Environment and Energy: Does climate risk shape the energy consumption behavior of firms?," Energy Economics, Elsevier, vol. 148(C).
  14. Tzouvanas, Panagiotis & Mamatzakis, Emmanuel C., 2021. "Does it pay to invest in environmental stocks?," International Review of Financial Analysis, Elsevier, vol. 77(C).
  15. Xu Zhang & Xing Bao, 2025. "Sustainable Transformation: The Impact of Climate Risk Perception on Corporate Operational Resilience in China," Sustainability, MDPI, vol. 17(8), pages 1-19, April.
  16. Md Lutfur Rahman & Sudipta Bose, 2025. "Firm-level Climate Vulnerability and Corporate Risk-taking: International Evidence," Working Papers DP-2024-36, Economic Research Institute for ASEAN and East Asia (ERIA).
  17. Ai, Li & Gao, Lucia S., 2023. "Firm-level risk of climate change: Evidence from climate disasters," Global Finance Journal, Elsevier, vol. 55(C).
  18. Mokni, Khaled & Nammouri, Hela & Dhaoui, Chedia & Ben Jabeur, Sami, 2025. "Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks," Finance Research Letters, Elsevier, vol. 81(C).
  19. Dieter Gramlich & Thomas Walker & Yunfei Zhao & Mohammad Bitar, 2023. "After the Storm: Natural Disasters and Bank Solvency," International Journal of Central Banking, International Journal of Central Banking, vol. 19(2), pages 199-249, June.
  20. Naseer, Mirza Muhammad & Guo, Yongsheng & Bagh, Tanveer & Zhu, Xiaoxian, 2024. "Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  21. Wang, Yong & Wang, Chao, 2025. "Climate risk and firms’ R&D investment: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 99(C).
  22. Lu, Xinjie & Zeng, Qing & Huang, Yisu & Wu, Hanlin, 2025. "Management climate risk concern and corporate bond credit spread," Journal of International Money and Finance, Elsevier, vol. 153(C).
  23. Xu, Weidong & Zhu, Danyu & Gao, Xin & Xing, Lu & Li, Donghui, 2025. "The price of realized extreme climate events in the implied cost of equity capital: International evidence," Journal of Banking & Finance, Elsevier, vol. 180(C).
  24. Yang, Junqi & Geng, Jiang-Bo, 2025. "Dissecting the financial impact of climate risk," Energy Economics, Elsevier, vol. 143(C).
  25. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
  26. Adhikari, Hari P. & More, Deepak G. & Sah, Nilesh B., 2025. "Climate change exposure and short-termism: Evidence from net trade credit," International Review of Financial Analysis, Elsevier, vol. 103(C).
  27. Michael Donadelli & Patrick Grüning & Steffen Hitzemann, 2019. "Understanding Macro and Asset Price Dynamics During the Climate Transition," Bank of Lithuania Discussion Paper Series 18, Bank of Lithuania.
  28. Ding, Qian & Huang, Jianbai & Chen, Jinyu & Luo, Xianfeng, 2024. "Climate warming, renewable energy consumption and rare earth market: Evidence from the United States," Energy, Elsevier, vol. 290(C).
  29. Donadelli, M. & Jüppner, M. & Riedel, M. & Schlag, C., 2017. "Temperature shocks and welfare costs," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 331-355.
  30. Gregory, Richard Paul, 2024. "Climatic oscillations and sovereign debt crises," International Review of Economics & Finance, Elsevier, vol. 95(C).
  31. Zhang, Lei & Sun, Shanghong, 2025. "Physical climate risk, fund holdings, and idiosyncratic risk," International Review of Financial Analysis, Elsevier, vol. 103(C).
  32. Bellavite Pellegrini, Carlo & Pellegrini, Laura & Vismara, Silvio, 2026. "Climate change and systemic risk: Evidence from financial intermediaries," Technological Forecasting and Social Change, Elsevier, vol. 222(C).
  33. Elie Bouri & Rangan Gupta & Asingamaanda Liphadzi & Christian Pierdzioch, 2026. "Forecasting the volatility of stock returns in the G7 countries over centuries: the role of climate risks," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 50(1), pages 1-32, December.
  34. Khalfaoui, Rabeh & Mefteh-Wali, Salma & Viviani, Jean-Laurent & Ben Jabeur, Sami & Abedin, Mohammad Zoynul & Lucey, Brian M., 2022. "How do climate risk and clean energy spillovers, and uncertainty affect U.S. stock markets?," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
  35. Roy Kouwenberg & Chenglong Zheng, 2023. "A Review of the Global Climate Finance Literature," Sustainability, MDPI, vol. 15(2), pages 1-32, January.
  36. Wang, Qiao, 2024. "Carbon pricing and the commodity risk premium," Journal of Commodity Markets, Elsevier, vol. 36(C).
  37. Ongsakul, Viput & Chatjuthamard, Pattanaporn & Chintrakarn, Pandej & Jiraporn, Pornsit, 2025. "Climate change exposure in uncertain times: A text-based approach," International Review of Economics & Finance, Elsevier, vol. 100(C).
  38. Naseer, Mirza Muhammad & Guo, Yongsheng & Zhu, Xiaoxian, 2025. "The dynamics of corporate climate risk and market volatility: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
  39. Xinqi Chen & Yilei Luo & Qing Yan, 2024. "Does Extreme Weather Impact Performance in Capital Markets? Evidence from China," Sustainability, MDPI, vol. 16(16), pages 1-22, August.
  40. Chen, Pinghua & Abedin, Mohammad Zoynul & Zhao, Xin & Peng, Jun, 2025. "The impact of climate risk on local government financing costs: A mediation and threshold model analysis," Ecological Economics, Elsevier, vol. 237(C).
  41. Donadelli, Michael & Gerotto, Luca, 2019. "Non-macro-based Google searches, uncertainty, and real economic activity," Research in International Business and Finance, Elsevier, vol. 48(C), pages 111-142.
  42. Mo, Yan & Jiang, Huifeng & Chong, Cong, 2025. "Climate risk and corporate charitable donations –evidence from China," International Review of Economics & Finance, Elsevier, vol. 98(C).
  43. Kejin Wu & Sayar Karmakar & Rangan Gupta & Christian Pierdzioch, 2023. "Climate Risks and Stock Market Volatility Over a Century in an Emerging Market Economy: The Case of South Africa," Working Papers 202326, University of Pretoria, Department of Economics.
  44. Luis Ángel Meneses Cerón & Aaron van Klyton & Albano Rojas & Jefferson Muñoz, 2024. "Climate Risk and Its Impact on the Cost of Capital—A Systematic Literature Review," Sustainability, MDPI, vol. 16(23), pages 1-21, December.
  45. Reghezza, Alessio & Altunbas, Yener & Marques-Ibanez, David & Rodriguez d’Acri, Costanza & Spaggiari, Martina, 2022. "Do banks fuel climate change?," Journal of Financial Stability, Elsevier, vol. 62(C).
  46. Panagiotis Tzouvanas & Renatas Kizys & Ioannis Chatziantoniou & Roza Sagitova, 2019. "Can Variations in Temperature Explain the Systemic Risk of European Firms?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(4), pages 1723-1759, December.
  47. Michael Donadelli & Marcus Jüppner & Antonio Paradiso & Christian Schlag, 2019. "Temperature Volatility Risk," Working Papers 2019:05, Department of Economics, University of Venice "Ca' Foscari".
  48. González-Sánchez, Mariano & Arguedas Sanz, Raquel & Segovia San Juan, Ana I., 2024. "The extreme temperature factor in asset pricing models: Evidence from Europe," Finance Research Letters, Elsevier, vol. 66(C).
  49. Liu, Xinheng & Lv, Shumei & Yang, Xin & Cao, Jie & Huang, Chuangxia, 2025. "Extreme temperature shocks and firms’ financial distress," International Review of Economics & Finance, Elsevier, vol. 98(C).
  50. Michael Donadelli & Marcus Jüppner & Antonio Paradiso & Christian Schlag, 2021. "Computing Macro-Effects and Welfare Costs of Temperature Volatility: A Structural Approach," Computational Economics, Springer;Society for Computational Economics, vol. 58(2), pages 347-394, August.
  51. Ni, Xiaoran & Yin, David, 2023. "Is institutional common ownership commonly priced? Insights from the cost of equity capital," Journal of Banking & Finance, Elsevier, vol. 155(C).
  52. Shivam Swarup & Gyaneshwar Singh Kushwaha, 2022. "Effects of Temperature Rise on Clean Energy-Based Capital Market Investments: Neural Network-Based Granger Causality Analysis," Sustainability, MDPI, vol. 14(18), pages 1-12, September.
  53. Jingbin He & Xinru Ma, 2021. "Extreme Temperatures and Firm-Level Stock Returns," IJERPH, MDPI, vol. 18(4), pages 1-22, February.
  54. Xu, Xin & An, Haizhong & Huang, Shupei & Jia, Nanfei & Qi, Yajie, 2024. "Measurement of daily climate physical risks and climate transition risks faced by China's energy sector stocks," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 625-640.
  55. Gregory, Richard P., 2021. "The pricing of global temperature shocks in the cost of equity capital," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
  56. Zhao, Lili & Lin, Yutong & Liu, Zhenhao & Yang, Guozheng, 2026. "Examining climate risk attention in stock markets: insights from quantile-on-quantile regression," The North American Journal of Economics and Finance, Elsevier, vol. 81(C).
  57. Ren, Yinghua & Wang, Nairong & Zhu, Huiming, 2025. "Dynamic connectedness of climate risks, oil shocks, and China’s energy futures market: Time-frequency evidence from Quantile-on-Quantile regression," The North American Journal of Economics and Finance, Elsevier, vol. 75(PA).
  58. Donadelli, M. & Jüppner, M. & Paradiso, A. & Ghisletti, M., 2020. "Tornado activity, house prices, and stock returns," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
  59. Mohammed S. Albarrak & Ngan Duong Cao & Aly Salama & Abdullah A. Aljughaiman, 2023. "Twitter carbon information and cost of equity: the moderating role of environmental performance," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(3), pages 693-718, September.
  60. Ding Du & Stephen A Karolyi, 2023. "Energy Transitions and Household Finance: Evidence from U.S. Coal Mining," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(4), pages 723-760.
  61. Cepni, Oguzhan & Şensoy, Ahmet & Yılmaz, Muhammed Hasan, 2024. "Climate change exposure and cost of equity," Energy Economics, Elsevier, vol. 130(C).
  62. Gregory, Richard P., 2024. "Risk premiums from temperature trends," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 505-525.
  63. Gong, Xu & Song, Yijie & Fu, Chengbo & Li, Huijing, 2023. "Climate risk and stock performance of fossil fuel companies: An international analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
  64. Afees A. Salisu & Christian Pierdzioch & Rangan Gupta & Reneé van Eyden, 2023. "Climate risks and U.S. stock‐market tail risks: A forecasting experiment using over a century of data," International Review of Finance, International Review of Finance Ltd., vol. 23(2), pages 228-244, June.
  65. Zannatus Saba, 2025. "Risk of rising temperature and newly issued debt maturity: size, industry and regional perspective," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(4), pages 986-1024, December.
  66. Su, Jiaming & Wang, Yongqiao, 2025. "Hydroclimatic risk mispricing: Evidence from China," Global Finance Journal, Elsevier, vol. 67(C).
  67. Anton, Sorin Gabriel, 2021. "The impact of temperature increase on firm profitability. Empirical evidence from the European energy and gas sectors," Applied Energy, Elsevier, vol. 295(C).
  68. Zhang, Wenzhe & Kong, Dongmin, 2025. "Climate risks and corporate leverage," International Review of Financial Analysis, Elsevier, vol. 106(C).
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