Temperature shocks and stock returns: evidence from major markets

被引：4
|
作者：
Apergis, Nicholas [1 ]
机构：
[1] Univ Piraeus, Piraeus, Greece
来源：
APPLIED ECONOMICS LETTERS | 2024年 / 31卷 / 17期
关键词：
Temperature shocks; stock returns; transmission channels;
D O I：
10.1080/13504851.2023.2206611
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Global temperatures have increased at a historically unprecedented pace. The paper finds the negative impact of high temperatures on global stock prices and offers evidence on three channels that justify this impact, i.e. the effect on firms' assets, on investments, and on leverage costs. The results encourage market stakeholders to consider the role of temperature shocks in their market involvement.
引用
收藏
页码：1757 / 1765
页数：9
相关论文
共 50 条
  • [1] Stock returns' sensitivities to crisis shocks: Evidence from developed and emerging markets
    Calomiris, Charles W.
    Love, Inessa
    Peria, Maria Soledad Martinez
    [J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2012, 31 (04) : 743 - 765
  • [2] Long memory in stock returns: evidence from the major emerging Central European stock markets
    Kasman, Saadet
    Turgutlu, Evrim
    Ayhan, A. Duygu
    [J]. APPLIED ECONOMICS LETTERS, 2009, 16 (17) : 1763 - 1768
  • [3] GREEDS and Stock Returns: Evidence from Global Stock Markets
    Goel, Garima
    Dash, Saumya Ranjan
    [J]. JOURNAL OF BEHAVIORAL FINANCE, 2023, 24 (04) : 479 - 494
  • [4] Liquidity and stock returns: Evidence from international markets
    Chiang, Thomas C.
    Zheng, Dazhi
    [J]. GLOBAL FINANCE JOURNAL, 2015, 27 : 73 - 97
  • [5] Leveraged trading and stock returns: Evidence from international stock markets*
    Chen, Zhuo
    Li, Pengfei
    Wang, Zhengwei
    Zhang, Bohui
    [J]. JOURNAL OF FINANCIAL MARKETS, 2024, 69
  • [6] EMPIRICAL ANALYSIS OF STOCK RETURNS AND VOLATILITY: EVIDENCE FROM ASIAN STOCK MARKETS
    Ahmad, Nawaz
    Ahmed, Rizwan Raheem
    Vveinhardt, Jolita
    Streimikiene, Dalia
    [J]. TECHNOLOGICAL AND ECONOMIC DEVELOPMENT OF ECONOMY, 2016, 22 (06) : 808 - 829
  • [7] Stock Returns and Volatility: Evidence from Select Emerging Markets
    Arora, Ravinder Kumar
    Das, Himadri
    Jain, Pramod Kumar
    [J]. REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES, 2009, 12 (04) : 567 - 592
  • [8] Monetary policy shocks and stock returns: Evidence from the british Market
    Gregoriou A.
    Kontonikas A.
    MacDonald R.
    Montagnoli A.
    [J]. Financial Markets and Portfolio Management, 2009, 23 (4): : 401 - 410
  • [9] Stock returns after major price shocks: The impact of information
    Savor, Pavel G.
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2012, 106 (03) : 635 - 659
  • [10] Idiosyncratic tail risk and expected stock returns: Evidence from the Chinese stock markets
    Long, Huaigang
    Jiang, Yuexiang
    Zhu, Yanjian
    [J]. FINANCE RESEARCH LETTERS, 2018, 24 : 129 - 136
12345