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Temperature shocks and stock returns: evidence from major markets

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  • Nicholas Apergis

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.

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  • Nicholas Apergis, 2024. "Temperature shocks and stock returns: evidence from major markets," Applied Economics Letters, Taylor & Francis Journals, vol. 31(17), pages 1757-1765, October.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:17:p:1757-1765
    DOI: 10.1080/13504851.2023.2206611
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