Regime-Aware Portfolio Robustness Across Emerging and Developed Equity Markets

Poonguzhali R. P., Brinda Viswanathan () and K.S. Kavi Kumar ()
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Poonguzhali R. P.: Pre-doctoral fellow, Indian Institute of Management, Bangalore
Brinda Viswanathan: Professor, Madras School of Economics, Chennai, India.
K.S. Kavi Kumar: Professor, Madras School of Economics, Chennai, India.

Working Papers from Madras School of Economics,Chennai,India

Abstract: Changing climatic conditions are likely to increase the heat stress and the corresponding risk of vulnerable population in society. This study investigates the impact of heat stress on rural women in India aged 15-35, using the Intergovernmental Panel on Climate Change (IPCC) Assessment Report 5 (AR5) risk assessment framework. The study uses Universal Thermal Climate Index (UTCI) data sourced from the Copernicus Climate Change Service from 1994 to 2024 to assess heat stress, and demographic and social indicators from National Family Health Survey (NFHS) 2015–2016 for constructing the risk index. By integrating environmental and demographic indicators for rural women to analyse the impact of heat stress, the study reveals regional disparities in heat stress risk. The results suggest that while Jharkhand, Madhya Pradesh and Bihar rank highest in terms of heat stress risk, Sikkim and Himachal Pradesh exhibit low risk. Southern states like Kerala and Tamil Nadu despite facing high heat stress, exhibit relatively lower heat stress risk due to better adaptive capacity. These results highlight the need for region-specific targeted policy interventions to mitigate the effects of heat stress among rural Indian women.

Keywords: Universal Thermal Climate Index; Heat Stress; Risk Assessment; India; Women (search for similar items in EconPapers)
JEL-codes: I15 J16 O13 Q54 R11 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2026-05
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