Media Climate Change Concern and Stock Returns

Liya Chu, Xinrui Duan, Jun Tu and Luying Wang
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Liya Chu: Xjtu - Xi'an Jiaotong University
Xinrui Duan: Audencia Business School, SZU - Shenzhen University [Shenzhen] = 深圳大学
Jun Tu: Shanghai Jiaotong University
Luying Wang: HUST - Huazhong University of Science and Technology [Wuhan]

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Abstract: ABSTRACT This study introduces a media climate change concern index, derived from unexpected climate change coverage across diverse media channels, including print (newspapers), voice (radio), and video (television). The index negatively predicts aggregate stock market returns, both in‐sample and out‐of‐sample, offering potential gains for investors. Our findings emphasize the media's influence on market returns through climate change discussions, mainly via the cash‐flow channel. This reveals possible shifts in product demand, while demand for green or brown stocks may not be altered as expected, possibly due to "greenwashing" by institutional investors exaggerating their environmental commitments.

Keywords: climate change; media; return predictability; sustainable finance (search for similar items in EconPapers)
Date: 2025-09-28
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Published in Financial Management, 2025, ⟨10.1111/fima.70011⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05362258

DOI: 10.1111/fima.70011

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