While previous studies mainly focus on the valuation of greenhouse gas (GHG) emissions and climate risk exposure, climate opportunity exposure is less frequently visited in the current literature. We use an international sample from 23 countries that have participated in the CDP. By categorizing climate risks/opportunities into physical, regulatory and other, the study suggests that investors have an asymmetrical valuation for different categories of risks and opportunities. Specifically, investors value climate regulatory risk and other (market‐based) climate risks negatively, but not similarly for recognized climate opportunities. Finally, our findings confirm industry matters for investors' valuation decisions by altering their perceptions of the significance of climate risks and opportunities.

中文翻译：

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气候风险和机遇暴露以及公司价值：一项国际调查

虽然之前的研究主要集中在温室气体（GHG）排放和气候风险暴露的评估上，但当前文献中很少涉及气候机会暴露。我们使用来自参与 CDP 的 23 个国家的国际样本。通过将气候风险/机遇分为物理风险/机遇、监管风险/机遇和其他风险/机遇，该研究表明投资者对不同类别的风险和机遇的估值不对称。具体而言，投资者对气候监管风险和其他（基于市场的）气候风险持负面评价，但对公认的气候机会则不然。最后，我们的研究结果通过改变投资者对气候风险和机遇重要性的看法，证实了行业对投资者估值决策的影响。