Investor climate sentiment and financial markets

被引：40
|
作者：
Santi, Caterina [1 ]
机构：
[1] Univ Liege, HEC Liege Management Sch, Liege, Belgium
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2023年 / 86卷
关键词：
Climate change Sentiment Asset pricing Sustainable investing Textual analysis; HYPOTHESIS EVIDENCE; STOCK; RISK; ATTENTION; MEDIA; NOISE; MODEL;
D O I：
10.1016/j.irfa.2023.102490
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We propose to measure investor climate sentiment by performing sentiment analysis on StockTwits posts on climate change and global warming. In financial markets, stocks of emission (carbon-intensive) firms underperform clean (low-emission) stocks when investor climate sentiment is more positive. We document investors overreaction to climate change risk and reversal in longer horizons. Salient but uninformative climate change events, such as the release of a report on climate change and abnormal weather events, facilitate the investor learning process and correction of the mispricing.
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收藏
页数：18
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