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Temperature Shocks and Industry Earnings News

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  • UserJawad M. Addoum (Cornell) World_link
  • ClockThursday 09 June 2022, 13:00-14:00
  • HouseOnline.

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Climate scientists project a rise in both average temperatures and the frequency of temperature extremes. We study how extreme temperatures affect companies’ earnings across different industries and whether sell-side analysts understand these relationships. We combine granular daily data on temperatures across the continental U.S. with locations of public companies’ establishments and build a panel of quarterly firm-level temperature exposures. Extreme temperatures significantly impact earnings in over 40% of industries, with bi-directional effects that harm some industries while others benefit. Analysts and investors do not immediately react to observable intra-quarter temperature shocks, but earnings forecasts account for temperature effects by quarter-end in many, though not all, industries.

This talk is part of the Cambridge Finance Workshop Series series.

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