Latest Breaking News On - Climate change disclosure - Page 1 : comparemela.com

This thesis on climate change disclosures comprises three empirical studies in which computerised textual analysis is used to develop a climate change disclosure score linked to asset pricing, analyst forecasts, and carbon emissions from the different perspectives of investors, analysts, and corporate management in capital markets. The first study examines the role of climate change disclosures in predicting stock returns. I find that a long-short trading portfolio sorted on climate change disclosures earns an annualised risk-adjusted return of 9.11% and 6.96% in Australia and the US respectively, after controlling for common risk factors. The Fama-MacBeth regressions consistently show that climate change disclosures negatively predict stock returns in both countries. I also find that lower climate change disclosure scores are associated with greater return volatility in firms, indicating higher future risk. This suggests that investors face greater uncertainty with climate risk assess

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