Climate Change, Firm Performance, and Investor Surprises

The authors thank Pat Akey, Jaap Bos, Andreas Breitenfellner (discussant), Craig Doidge, Alexander Dyck, Marc Goergen (discussant), Jisung Park, Peiran Jiao, David Kelly (discussant), Sebastien Pouget, Paulo Rodrigues, Peter Schotman, and Mike Simutin for many valuable suggestions. They also thank the participants of seminars at the University of Toronto, HEC Paris, Maastricht University, and 427 Climate Solutions as well as participants of the EDHEC Conference on Climate Change and Finance 2019, European Commission Conference on Promoting Sustainable Finance 2019, the Center for European Policy-Network for Greening the Financial System Conference 2018, the Global Research Alliance for Sustainable Finance and Investment Doctoral Consortium 2018, the 10th North American Productivity Workshop, and the Young Scholars Finance Academy 2017 for valuable comments and feedback. The views expressed in this paper are solely those of the authors and do not necessarily reflect the views of the Federal Reserve System.