Dear all,

we are happy to announce the next seminar by *Luca Taschini*, Chair of Climate Change Finance - University of Edinburgh Business School and Grantham Research Institute the LSE:

*Title: Equity Returns and Firm Performance*

17 Oct 2024 - 12:00 / 13:00 Viale Romania Meeting room: TD2 AB

*Abstract:* We present a statistic representing the variability of temperature anomalies and demonstrate its impact on US firms and investors. A long-short strategy that sorts firms based on spatial exposure earns a market- adjusted alpha of 39 basis points per month. The metric is related to aggregate decreases in firm profitability, with asymmetric effects across industries. These outcomes are driven by reductions in consumer demand and labor productivity coupled with changes in investor and media attention. The geographically scalable statistical framework provides a reference for assessing the quantitative effects of physical climate risks, offering a metric for improving the disclosure of material climate risks.

*Online participation*

link: https://luiss.webex.com/luiss/j.php?MTID=mb1bba82226a8ed98cee062b608143886

user: w_guest@luiss.it

pw: iWM6dnD4k0Q

*Ciao, Sara*

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