ECB paper examines equity markets’ treatment of climate risk
Researchers look at public perceptions, investors’ judgement and firms’ risk premia
A working paper published by the European Central Bank looks at whether firms listed on eurozone equity markets are subject to climate change-related risk premia.
In Transition versus physical climate risk pricing in European financial markets: a text-based approach, Giovanna Bua et al present two indicators measuring public perceptions. The indicators are based on text analysis, taking terms from scientific texts on climate change to create “two distinct vocabularies”.
One vocabulary relates
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