The Importance of Climate Risks for Institutional Investors
The Importance of Climate Risks for Institutional Investors
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DOI：
10.1093/rfs/hhz137
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发表时间：
2020-03-01
影响因子：
8.2
通讯作者：
Starks, Laura T.
中科院分区：
文献类型：
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作者：
Krueger, Philipp;Sautner, Zacharias;Starks, Laura T.
根据我们对气候风险认知的调查，机构投资者认为气候风险对其投资组合公司具有财务影响，并且这些风险，特别是监管风险，已经开始显现。许多投资者，尤其是长期、规模较大且注重 ESG 的投资者，认为风险管理和参与（而不是撤资）是应对气候风险的更好方法。尽管接受调查的投资者认为一些股票估值并未完全反映气候风险，但他们认为估值过高的幅度并不大。
According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term, larger, and ESG-oriented ones, consider risk management and engagement, rather than divestment, to be the better approach for addressing climate risks. Although surveyed investors believe that some equity valuations do not fully reflect climate risks, their perceived overvaluations are not large.