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Essays in Climate and Behavioral Finance
Essays in Climate and Behavioral Finance
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20260202102936
- ISBN
- 9798280777286
- DDC
- 658
- 서명/저자
- Essays in Climate and Behavioral Finance
- 발행사항
- [Sl] : New York University, 2023
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2023
- 형태사항
- 58 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 86-12, Section: A.
- 주기사항
- Advisor: Stroebel, Johannes.
- 학위논문주기
- Thesis (Ph.D.)--New York University, 2023.
- 초록/해제
- 요약As the change in the Earth's climate becomes more tangible, its repercussions are broadening to most domains of human activity. In particular, financial markets and economic agents are becoming more and more accustomed to incorporating climate risks when forming expectations of the future. In this dissertation, I aim to uncover some interesting mechanisms underlying the behavior of market participants in such changing world. In chapter 1, titled "Climate Change Expectations: Evidence from Earnings Forecasts", I study the effects of changes in climate change expectations on forecasts of cash flows of public firms. I use data on financial analysts' forecasts of firm earnings, and local temperatures as shifters of their perception of climate change. Analysts experiencing warmer temperatures tend to issue more pessimistic forecasts. The effect is correlated with firm exposure to both regulatory and physical climate change risks. The sensitivity of forecasts to temperatures is more negative for carbon-intensive industries, while for firms in the renewable sector the effect has an opposite, positive, sign. The negative effect is related to firm exposure to physical climate risks as well, especially for some risks such as hurricanes and storms. This effect is amplified for analysts that directly experience extreme weather events, consistently with a mechanism related to the salience of climate change. Exploiting forecasts issued for different future horizons, I pin down the timing at which climate risks are expected to materialize. The reaction of forecasts to temperatures is concentrated in horizons between eight and ten quarters in the future.In chapter 2, titled "Retail Traders Through the Covid Pandemic: Evidence from Robinhood", I analyze the investment decisions of a peculiar sample of retail investors around the Covid-19 pandemic, employing a novel data-set from a popular brokerage platform. After dividing the sample period into three periods - pre-pandemic, crash and recovery - we investigate which firm characteristics predict the popularity of stocks among retail traders. We find that these characteristics change across the three periods: since the onset of the pandemic, traders became attracted to stocks and sectors that performed the worst in the crisis. This behavior is distant from a flight to quality dynamic and rather consistent with a contrarian strategy. The findings have implications for financial stability as a larger fraction of the population gains access to financial markets through technology.
- 일반주제명
- Finance
- 키워드
- Climate risks
- 키워드
- Public firms
- 키워드
- Trading
- 기타저자
- New York University Finance
- 기본자료저록
- Dissertations Abstracts International. 86-12A.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■007cr#unu||||||||
■020 ▼a9798280777286
■035 ▼a(MiAaPQ)AAI30486495
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a658
■1001 ▼aReggiani, Pietro.
■24510▼aEssays in Climate and Behavioral Finance
■260 ▼a[Sl]▼bNew York University▼c2023
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2023
■300 ▼a58 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 86-12, Section: A.
■500 ▼aAdvisor: Stroebel, Johannes.
■5021 ▼aThesis (Ph.D.)--New York University, 2023.
■520 ▼aAs the change in the Earth's climate becomes more tangible, its repercussions are broadening to most domains of human activity. In particular, financial markets and economic agents are becoming more and more accustomed to incorporating climate risks when forming expectations of the future. In this dissertation, I aim to uncover some interesting mechanisms underlying the behavior of market participants in such changing world. In chapter 1, titled "Climate Change Expectations: Evidence from Earnings Forecasts", I study the effects of changes in climate change expectations on forecasts of cash flows of public firms. I use data on financial analysts' forecasts of firm earnings, and local temperatures as shifters of their perception of climate change. Analysts experiencing warmer temperatures tend to issue more pessimistic forecasts. The effect is correlated with firm exposure to both regulatory and physical climate change risks. The sensitivity of forecasts to temperatures is more negative for carbon-intensive industries, while for firms in the renewable sector the effect has an opposite, positive, sign. The negative effect is related to firm exposure to physical climate risks as well, especially for some risks such as hurricanes and storms. This effect is amplified for analysts that directly experience extreme weather events, consistently with a mechanism related to the salience of climate change. Exploiting forecasts issued for different future horizons, I pin down the timing at which climate risks are expected to materialize. The reaction of forecasts to temperatures is concentrated in horizons between eight and ten quarters in the future.In chapter 2, titled "Retail Traders Through the Covid Pandemic: Evidence from Robinhood", I analyze the investment decisions of a peculiar sample of retail investors around the Covid-19 pandemic, employing a novel data-set from a popular brokerage platform. After dividing the sample period into three periods - pre-pandemic, crash and recovery - we investigate which firm characteristics predict the popularity of stocks among retail traders. We find that these characteristics change across the three periods: since the onset of the pandemic, traders became attracted to stocks and sectors that performed the worst in the crisis. This behavior is distant from a flight to quality dynamic and rather consistent with a contrarian strategy. The findings have implications for financial stability as a larger fraction of the population gains access to financial markets through technology.
■590 ▼aSchool code: 0146.
■650 4▼aFinance
■653 ▼aFinancial analysts
■653 ▼aClimate risks
■653 ▼aPublic firms
■653 ▼aPessimistic forecasts
■653 ▼aTrading
■690 ▼a0508
■690 ▼a0501
■690 ▼a0511
■690 ▼a0272
■71020▼aNew York University▼bFinance.
■7730 ▼tDissertations Abstracts International▼g86-12A.
■790 ▼a0146
■791 ▼aPh.D.
■792 ▼a2023
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17356497▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
