全球变暖：超高温度、气候关注与资本市场（RFS2020）

题目：Attention to Global Warming

作者：Darwin Choi, Zhenyu Gao and Wenxi Jiang

摘要：We find that people revise their beliefs about climate change upward when experiencing warmer than usual temperatures in their area. Using international data, we show that attention to climate change, as proxied by Google search volume, increases when the local temperature is abnormally high. In financial markets, stocks of carbon-intensive firms underperform firms with lowcarbon emissions in abnormallywarm weather. Retail investors (not institutional investors) sell carbon-intensive firms in such weather, and return patterns are unlikely to be driven by changes in fundamentals. Our study sheds light on peoples’ collective beliefs and actions about global warming. (JEL D83, G12, G14, G15, Q54)