{"id":"https://openalex.org/W3014433028","doi":null,"title":"Climate Change Risk in Stock Markets","display_name":"Climate Change Risk in Stock Markets","publication_year":2020,"publication_date":"2020-01-20","ids":{"openalex":"https://openalex.org/W3014433028","mag":"3014433028"},"language":"en","primary_location":{"id":"pmh:oai:uwspace.uwaterloo.ca:10012/15504","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10012/15504","pdf_url":"https://uwspace.uwaterloo.ca/bitstreams/8e924b9a-1109-4da3-85ec-e7fed257c7fd/download","source":{"id":"https://openalex.org/S4306401661","display_name":"UWSpace (University of Waterloo)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I151746483","host_organization_name":"University of Waterloo","host_organization_lineage":["https://openalex.org/I151746483"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Master Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://uwspace.uwaterloo.ca/bitstreams/8e924b9a-1109-4da3-85ec-e7fed257c7fd/download","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112850525","display_name":"Ruihong Jiang","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Ruihong Jiang","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5112850525"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8949999809265137,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8949999809265137,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.09880000352859497,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/climate-risk","display_name":"climate risk","score":1.0},{"id":"https://openalex.org/keywords/stock-market-efficiency","display_name":"stock market efficiency","score":0.7260000109672546},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.7020000219345093},{"id":"https://openalex.org/keywords/arbitrage-opportunities","display_name":"arbitrage opportunities","score":0.7429999709129333},{"id":"https://openalex.org/keywords/agricultural-companies","display_name":"agricultural companies","score":0.7260000109672546},{"id":"https://openalex.org/keywords/firm-profitability","display_name":"firm profitability","score":0.8820000290870667},{"id":"https://openalex.org/keywords/market-inefficiency","display_name":"market inefficiency","score":0.6019999980926514}],"concepts":[{"id":"https://openalex.org/C132651083","wikidata":"https://www.wikidata.org/wiki/Q7942","display_name":"Climate change","level":2,"score":0.5968258380889893},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5724238157272339},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.44018229842185974},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.43455949425697327},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.34133630990982056},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.31078508496284485},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.10683807730674744},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.10656940937042236},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:uwspace.uwaterloo.ca:10012/15504","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10012/15504","pdf_url":"https://uwspace.uwaterloo.ca/bitstreams/8e924b9a-1109-4da3-85ec-e7fed257c7fd/download","source":{"id":"https://openalex.org/S4306401661","display_name":"UWSpace (University of Waterloo)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I151746483","host_organization_name":"University of Waterloo","host_organization_lineage":["https://openalex.org/I151746483"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Master Thesis"},{"id":"mag:3014433028","doi":null,"is_oa":false,"landing_page_url":"https://uwspace.uwaterloo.ca/handle/10012/15504","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:uwspace.uwaterloo.ca:10012/15504","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10012/15504","pdf_url":"https://uwspace.uwaterloo.ca/bitstreams/8e924b9a-1109-4da3-85ec-e7fed257c7fd/download","source":{"id":"https://openalex.org/S4306401661","display_name":"UWSpace (University of Waterloo)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I151746483","host_organization_name":"University of Waterloo","host_organization_lineage":["https://openalex.org/I151746483"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Master Thesis"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/13","score":0.9786999821662903,"display_name":"Climate action"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320322676","display_name":"University of Waterloo","ror":"https://ror.org/01aff2v68"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3014433028.pdf","grobid_xml":"https://content.openalex.org/works/W3014433028.grobid-xml"},"referenced_works_count":22,"referenced_works":["https://openalex.org/W1989874885","https://openalex.org/W1992563875","https://openalex.org/W1995409889","https://openalex.org/W1995834279","https://openalex.org/W2029056003","https://openalex.org/W2057045198","https://openalex.org/W2104795328","https://openalex.org/W2109890836","https://openalex.org/W2125520394","https://openalex.org/W2131773668","https://openalex.org/W2135977675","https://openalex.org/W2136120210","https://openalex.org/W2151306296","https://openalex.org/W2337695238","https://openalex.org/W2625434553","https://openalex.org/W2890448903","https://openalex.org/W2904980512","https://openalex.org/W2947450215","https://openalex.org/W2970849976","https://openalex.org/W2973329892","https://openalex.org/W2979887574","https://openalex.org/W3123146428"],"related_works":["https://openalex.org/W3008976483","https://openalex.org/W4390263299","https://openalex.org/W3158386555","https://openalex.org/W1576463054","https://openalex.org/W3124185111","https://openalex.org/W4396769597","https://openalex.org/W4390456400","https://openalex.org/W3208352570","https://openalex.org/W7223228665","https://openalex.org/W7000898020"],"abstract_inverted_index":{"Climate":[0,66],"change":[1,33,49,73,103,133,186,292],"is":[2,179],"becoming":[3],"a":[4,60,76,124,136,153,247],"common":[5],"threat":[6],"to":[7,36,111,131,181],"the":[8,20,45,52,88,114,117,150,160,164,172,176,200,239,260,282],"world":[9],"and":[10,91,166,192,197,265,281],"has":[11],"been":[12],"studied":[13],"by":[14],"scholars":[15],"in":[16,34,51,171,216,230,252],"various":[17],"fields.":[18],"In":[19],"field":[21],"of":[22,47,59,78,94,101,116,163,199,232,250,256,262,284],"finance,":[23],"many":[24],"papers":[25],"have":[26,83],"discussed":[27],"financial":[28],"market":[29,178,257,279],"efficiency":[30,280],"toward":[31,184,275,290],"climate":[32,48,63,72,102,132,185,285,291],"order":[35],"better":[37],"manage":[38],"related":[39],"risks.":[40],"Our":[41],"work":[42],"focuses":[43],"on":[44,87,105,119,241,287],"topic":[46],"risk":[50,104],"stock":[53,120,126,173,177,242],"market.":[54,174],"We":[55,97,122,188],"use":[56],"long-term":[57],"trends":[58,82],"newly":[61],"released":[62],"index,":[64],"Actuaries":[65],"Index":[67],"(ACI),":[68],"as":[69],"proxies":[70],"for":[71,194],"risk.":[74,134,187,293],"As":[75],"type":[77],"production":[79,90],"risk,":[80],"ACI":[81,118,165],"an":[84],"adverse":[85],"impact":[86,283],"agricultural":[89],"corporate":[92,106],"profitability":[93],"agriculture-related":[95],"companies.":[96],"find":[98,223],"significant":[99],"predictability":[100,115,240],"profits.":[107],"This":[108,254],"motivates":[109],"us":[110],"further":[112],"test":[113,155],"returns.":[121],"construct":[123],"risk-adjusted":[125],"trading":[127],"strategy":[128,142,214,226],"that":[129,224,268],"adjusts":[130],"With":[135],"one-year":[137],"holding":[138],"period,":[139],"our":[140,225],"non-overlapping":[141,201],"earns":[143],"positive":[144,234],"returns":[145,215,235,243],"with":[146],"zero":[147],"cost":[148],"at":[149,213],"beginning":[151],"over":[152,246],"26-year":[154],"period.":[156],"The":[157],"outperformance":[158],"suggests":[159],"predictive":[161],"ability":[162],"creates":[167],"potential":[168],"arbitrage":[169],"opportunities":[170],"Thus,":[175],"believed":[180],"be":[182,272],"inefficient":[183],"get":[189],"similar":[190],"results":[191],"conclusions":[193,205],"different":[195],"versions":[196],"extensions":[198],"strategy.":[202],"However,":[203],"these":[204],"are":[206],"no":[207],"longer":[208],"attainable":[209],"when":[210],"we":[211,222,266],"look":[212],"shorter":[217],"periods.":[218],"From":[219],"subsample":[220],"tests,":[221],"performs":[227],"considerably":[228],"well":[229],"terms":[231],"abnormally":[233],"before":[236],"2015.":[237],"But":[238],"degenerates":[244],"quickly":[245],"short":[248],"period":[249],"time":[251],"2017.":[253],"\"overturn\"":[255],"inefficiency":[258],"highlights":[259],"importance":[261],"follow-up":[263],"studies":[264],"suggest":[267],"future":[269],"research":[270],"could":[271],"devoted":[273],"more":[274],"discovering":[276],"evidence":[277],"about":[278],"events":[286],"investors'":[288],"attention":[289]},"counts_by_year":[],"updated_date":"2026-08-21T09:56:20.448147","created_date":"2020-04-10T00:00:00"}