Taking advantage of a distinctive measure of firm-specific exposure to climate change derived from sophisticated textual analysis, we examine the effect of climate change exposure on shareholder value using the signing of the Paris climate agreement. We find that companies more exposed to climate change experience more favorable market reactions to the adoption of the agreement. Specifically, a rise in climate change exposure by one standard deviation improves market reactions by 7.3%–8.8%. Further analysis corroborates the results, including propensity score matching, entropy balancing, an instrumental-variable analysis and Oster (2019) assessment of coefficient stability. Notably and somewhat surprisingly, the positive market reactions can be more attributed to the new business opportunities associated with the actions enabled by the Paris agreement than to the reduction in the physical and regulatory risk.

中文翻译：

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气候变化风险、股东财富和《巴黎协定》的通过：基于文本的方法

利用复杂的文本分析得出的公司特定气候变化暴露程度的独特衡量标准，我们利用巴黎气候协议的签署来研究气候变化暴露对股东价值的影响。我们发现，更容易受到气候变化影响的公司对协议的通过经历了更有利的市场反应。具体而言，气候变化风险增加一个标准差，市场反应就会改善 7.3%–8.8%。进一步的分析证实了结果，包括倾向得分匹配、熵平衡、工具变量分析和 Oster (2019) 系数稳定性评估。值得注意且有些令人惊讶的是，积极的市场反应更多地归因于与《巴黎协定》所带来的行动相关的新商机，而不是物理和监管风险的降低。