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SUMMARY:Temperature Shocks and Industry Earnings News - Jawad M. Addoum (C
 ornell)
DTSTART:20220609T120000Z
DTEND:20220609T130000Z
UID:TALK161953@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:Climate scientists project a rise in both average temperatures
  and the frequency of temperature extremes. We study how extreme temperatu
 res affect companies' earnings across different industries and whether sel
 l-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 temper
 ature exposures. Extreme temperatures significantly impact earnings in ove
 r 40% of industries\, with bi-directional effects that harm some industrie
 s while others benefit. Analysts and investors do not immediately react to
  observable intra-quarter temperature shocks\, but earnings forecasts acco
 unt for temperature effects by quarter-end in many\, though not all\, indu
 stries.
LOCATION:Online
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