Temperature shocks and stock returns: evidence from major markets

Nicholas Apergis ()

Applied Economics Letters, 2024, vol. 31, issue 17, 1757-1765

Abstract: 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.

Date: 2024
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DOI: 10.1080/13504851.2023.2206611

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