公司层面气候变化暴露指数简介

Firm-level Climate Change Exposure

  • Contributors: Zacharias Sautner, Laurence van Lent, Grigory Vilkov, Ruishen Zhang
  • Date created: 2020-06-29 10:50 PM | Last Updated: 2021-10-08 05:02 PM
  • Identifier: DOI 10.17605/OSF.IO/FD6JQ
  • Description: We introduce a method that identifies firm-level climate change exposures from conversation in earnings conference calls of more than 10,000 firms from 34 countries between 2002 and 2020. The method captures exposures related to opportunity, physical, and regulatory shocks associated with climate change. The exposure measures exhibit cross-sectional and time-series variations which align with reasonable priors, and are better in capturing firm-level variation than carbon intensities or ratings. The exposure measures relate to economic factors that prior work has identified as important correlates of climate change exposure (e.g., public climate attention). Exposure to regulatory shocks negatively correlates with firm valuations, but only in recent years.
  • Background: For an extensive description of this data, please read the data and methodology sections of the paper cited below. For convenience, here is a brief description.The exposure measures count the frequency with which certain climate change bigrams occur in the transcript, scaled by the total number of bigrams in the transcript. We construe these measures as indicating the occurrence of climate change events or shocks at the firm. Our method also allows us to construct measures of the first and second moment associated with these shocks. In other words, whether the events represent (in expectation) good or bad news to the firm and whether the shocks are uncertain. For the first moment, we construct "sentiment'' measures, which count the relative frequency of climate change bigrams that occur in the vicinity of positive and negative tone words (Loughran and McDonald2011). For the second moment, or risk measures, we count the relative frequency of climate change bigrams mentioned in the same sentence as the words "risk" or "uncertainty" (or their synonyms). Following prior practice in Hassan et al. (2019), we interpret these sentiment and risk measures as components of the exposure measures.
  • Updates 2021-05-14: We have updated our data to 2020Q4.
  • Updates 2021-04-03: Last update missed 2019 Q3 and Q4. We added the data of these two quarters in the latest version.
  • Updates 2021-01-19: We have updated our data to 2020Q3.

Please cite the following study when using this Climate Change Exposure/Risk/Sentiment data:

The data is publicly available and free to use, provided its source is acknowledged as follows:

and both data and the associated paper are cited in any work that uses these resources.

经上海财经大学会计学院张瑞申教授授权,CnOpenData建立了该数据的展示区及数据索引,便于学者浏览。

数据下载请点击Firm-level Climate Change Exposure,或在本页页末直接下载。


时间区间

2001-2020


字段展示

firm-year-level Climate Change Exposurefirm-quarter-level Climate Change Exposure
isinisin
yeardateQ
cc_expocc_expo
cc_riskcc_risk
cc_poscc_pos
cc_negcc_neg
cc_senticc_senti
op_cc_expoop_cc_expo
op_cc_riskop_cc_risk
op_cc_posop_cc_pos
op_cc_negop_cc_neg
op_cc_sentiop_cc_senti
rg_cc_exporg_cc_expo
rg_cc_riskrg_cc_risk
rg_cc_posrg_cc_pos
rg_cc_negrg_cc_neg
rg_cc_sentirg_cc_senti
ph_cc_expoph_cc_expo
ph_cc_riskph_cc_risk
ph_cc_posph_cc_pos
ph_cc_negph_cc_neg
ph_cc_sentiph_cc_senti
gvkeygvkey
headquarterscountryheadquarterscountry
hqcountrycodehqcountrycode

样本数据

firm-year-level Climate Change Exposure

isinyearcc_expocc_riskcc_poscc_negcc_sentiop_cc_expoop_cc_riskop_cc_posop_cc_negop_cc_sentirg_cc_exporg_cc_riskrg_cc_posrg_cc_negrg_cc_sentiph_cc_expoph_cc_riskph_cc_posph_cc_negph_cc_sentigvkeyheadquarterscountryhqcountrycode
AEA00200101320160.0003215430000000000000000000284153United Arab EmiratesAE
AEA00200101320170.0003137020000000000000000000284153United Arab EmiratesAE
AEA002001013201800000000000000000000284153United Arab EmiratesAE
AEA002001013201900000000000000000000284153United Arab EmiratesAE
AEA00200101320200.00108519600.000688055-0.000714754-2.67E-050.0001323800-0.00013238-0.000132380.00019179100.000191791-0.000191791000000284153United Arab EmiratesAE
AEA002301017201100000000000000000000274887United Arab EmiratesAE
AEA00240101520090.00231000400.000591299-0.0005826128.69E-060.0007293250.0001467140.000435898-0.0002913060.0001445920.00015105700.00015105700.0001510570.00015105700.00015105700.000151057279336United Arab EmiratesAE
AEA00240101520100.0018459900-0.000510032-0.0005100320.000544780000000000.00018910700-0.000189107-0.000189107279336United Arab EmiratesAE
AEA00240101520110.00180556700.000394011-0.000625029-0.0002310180.00068150200.00019700600.000197006000000.00026652500-0.000266525-0.000266525279336United Arab EmiratesAE
AEA00240101520120.0014718920.000414250-0.000528821-0.0005288210.0002644100000000000000279336United Arab EmiratesAE
AEA00240101520170.00229950900-0.000837521-0.0008375210.00083752100-0.000837521-0.0008375210000000000279336United Arab EmiratesAE
AEA00240101520180.00219643400000.00115207400000000000000279336United Arab EmiratesAE
AEA00240101520190.0041760420.0011013220-0.001101322-0.0011013220.00163920700000.0005506610.0005506610-0.000550661-0.00055066100000279336United Arab EmiratesAE
AEA00240101520200.00627172900.002159462-0.0014722710.0006871910.00401009800.001472271-0.001609709-0.0001374380.00027487600.000274876-0.000274876000000279336United Arab EmiratesAE
AEA00300101220090.0007429420000000000000000000285482United Arab EmiratesAE
AEA00300101220100.00056184700-0.000561847-0.0005618470.0002927400-0.00029274-0.000292740000000000285482United Arab EmiratesAE
AEA00300101220110.00016869100.00016869100.000168691000000000000000285482United Arab EmiratesAE
AEA00300101220120.00041701400.000208507-0.0002085070000000000000000285482United Arab EmiratesAE
AEA003001012201300000000000000000000285482United Arab EmiratesAE
AEA0030010122014000000.00014731900000000000000285482United Arab EmiratesAE
AEA00300101220150.0004003200.0004003200.00040032000000000000000285482United Arab EmiratesAE
AEA00300101220160.0006934130.000173130.000175685-0.0001756850000000000000000285482United Arab EmiratesAE
AEA003001012201700000000000000000000285482United Arab EmiratesAE
AEA00610101720190.00040338800000.0002016940.0002016940-0.000201694-0.0002016940000000000326213United Arab EmiratesAE
AEA00610101720200.00055020700.00027510300.0002751030.0005319320.0001771480.000159363-0.000256829-9.75E-050000000000326213United Arab EmiratesAE
AED000201015201000000000000000000000251246United Arab EmiratesAE
AED000201015201300000000000000000000251246United Arab EmiratesAE
AED000201015201400000000000000000000251246United Arab EmiratesAE
AED0002010152016000000.0004266210.0004266210000000000000251246United Arab EmiratesAE
AED000201015201700000000000000000000251246United Arab EmiratesAE
AED00020101520188.26E-050000000000000000000251246United Arab EmiratesAE
AED000201015201900000000000000000000251246United Arab EmiratesAE
AED000201015202000000000000000000000251246United Arab EmiratesAE
AED00070101420100.0008775080.0001517910.000151791-0.000590545-0.0004387540.00028696300-0.000286963-0.0002869630.000135172000000000282884United Arab EmiratesAE
AED00070101420110.00160840200.000208855-0.000245459-3.66E-05000000.00045431400.00020885500.00020885500000282884United Arab EmiratesAE
AED00070101420180.00109090400.000436872-0.00043687200.00048344200000000000000282884United Arab EmiratesAE
AED00070101420190.0006326450000000000000000000282884United Arab EmiratesAE
AED00070101420200.00184212300.000780375-0.00078037500.00049900200.000249501-0.00024950100000000000282884United Arab EmiratesAE
AED00110101620120.000300120000000000000000000291718United Arab EmiratesAE
AED001101016201300000000000000000000291718United Arab EmiratesAE
AED001101016201400000000000000000000291718United Arab EmiratesAE
AEDFXA0M6V00201600000000000000000000284856United Arab EmiratesAE
AEDFXA0M6V00201700000000000000000000284856United Arab EmiratesAE
AEDFXA0M6V0020180.00057803500000.00057803500000000000000284856United Arab EmiratesAE
AEDFXA0M6V0020190.00039617500000.00018740600000000000000284856United Arab EmiratesAE
AEDFXA0M6V00202000000000000000000000284856United Arab EmiratesAE
AEDFXA14NUL720170.00180453900.000923965-0.0004402870.0004836790.00024455900.00024455900.000244559000000.0004402870000319332United Arab EmiratesAE
AEDFXA14NUL720180.001808070.0002160290.001182213-0.001486009-0.0003037960.0015042740.0002160290.001182213-0.0008601520.0003220610000000000319332United Arab EmiratesAE
AEDFXA14NUL720190.001399520.000247770.00139952-0.0008142350.0005852850.00039646300.00039646300.0003964630000000000319332United Arab EmiratesAE
AEDFXA14NUL720200.00019688909.84E-05-9.84E-0500.00031817709.84E-0509.84E-050000000000319332United Arab EmiratesAE

firm-quarter-level Climate Change Exposure

isindateQcc_expocc_riskcc_poscc_negcc_sentiop_cc_expoop_cc_riskop_cc_posop_cc_negop_cc_sentirg_cc_exporg_cc_riskrg_cc_posrg_cc_negrg_cc_sentiph_cc_expoph_cc_riskph_cc_posph_cc_negph_cc_sentigvkeyheadquarterscountryhqcountrycode
AEA0020010132016q40.0003215430000000000000000000284153United Arab EmiratesAE
AEA0020010132017q10.000738280000000000000000000284153United Arab EmiratesAE
AEA0020010132017q200000000000000000000284153United Arab EmiratesAE
AEA0020010132017q300000000000000000000284153United Arab EmiratesAE
AEA0020010132017q40.0005165290000000000000000000284153United Arab EmiratesAE
AEA0020010132018q100000000000000000000284153United Arab EmiratesAE
AEA0020010132018q200000000000000000000284153United Arab EmiratesAE
AEA0020010132018q300000000000000000000284153United Arab EmiratesAE
AEA0020010132018q400000000000000000000284153United Arab EmiratesAE
AEA0020010132019q100000000000000000000284153United Arab EmiratesAE
AEA0020010132019q200000000000000000000284153United Arab EmiratesAE
AEA0020010132019q300000000000000000000284153United Arab EmiratesAE
AEA0020010132019q400000000000000000000284153United Arab EmiratesAE
AEA0020010132020q10.00073152900.00073152900.000731529000000000000000284153United Arab EmiratesAE
AEA0020010132020q20.00115141100.001151411-0.0011514110000000.00057537400.000575374-0.000575374000000284153United Arab EmiratesAE
AEA0020010132020q30.00238284400-0.001985703-0.0019857030.00079428100-0.000794281-0.0007942810000000000284153United Arab EmiratesAE
AEA0020010132020q40.0003624500.0003624500.00036245000000000000000284153United Arab EmiratesAE
AEA0023010172011q400000000000000000000274887United Arab EmiratesAE
AEA0024010152009q10.0003753750000000000000000000279336United Arab EmiratesAE
AEA0024010152009q20.00234741800-0.001173709-0.0011737090.0017605630.0005868540.000586854-0.00058685400000000000279336United Arab EmiratesAE
AEA0024010152009q30.00289184500.001156738-0.00115673800.00115673800.001156738-0.0005783690.0005783690000000000279336United Arab EmiratesAE
AEA0024010152009q40.00362537800.00120845900.001208459000000.0006042300.0006042300.000604230.0006042300.0006042300.00060423279336United Arab EmiratesAE
AEA0024010152010q10.00171159600-0.001283697-0.0012836970.00085579800000000000000279336United Arab EmiratesAE
AEA0024010152010q20.00113378700000.00056689300000000000000279336United Arab EmiratesAE
AEA0024010152010q30.00453857800-0.00075643-0.000756430.000756430000000000.0007564300-0.00075643-0.00075643279336United Arab EmiratesAE
AEA0024010152010q400000000000000000000279336United Arab EmiratesAE
AEA0024010152011q10.00315208800.001576044-0.0007880220.0007880220.00078802200.00078802200.0007880220000000000279336United Arab EmiratesAE
AEA0024010152011q20.00213219600-0.001066098-0.00106609800000000000.00106609800-0.001066098-0.001066098279336United Arab EmiratesAE
AEA0024010152011q30.00193798400-0.000645995-0.0006459950.00193798400000000000000279336United Arab EmiratesAE
AEA0024010152011q400000000000000000000279336United Arab EmiratesAE
AEA0024010152012q10.00211528300-0.001057641-0.0010576410.00052882100000000000000279336United Arab EmiratesAE
AEA0024010152012q20.00082850.0008285000000000000000000279336United Arab EmiratesAE
AEA0024010152017q30.00167504200-0.001675042-0.0016750420.00167504200-0.001675042-0.0016750420000000000279336United Arab EmiratesAE
AEA0024010152017q40.0029239770000000000000000000279336United Arab EmiratesAE
AEA0024010152018q10.00460829500000.00460829500000000000000279336United Arab EmiratesAE
AEA0024010152018q20.0023980820000000000000000000279336United Arab EmiratesAE
AEA0024010152018q30.0017793590000000000000000000279336United Arab EmiratesAE
AEA0024010152018q400000000000000000000279336United Arab EmiratesAE
AEA0024010152019q10.0016977930000000000000000000279336United Arab EmiratesAE
AEA0024010152019q20.00251256300000.00251256300000000000000279336United Arab EmiratesAE
AEA0024010152019q30.00368324100000.00184162100000000000000279336United Arab EmiratesAE
AEA0024010152019q40.0088105730.0044052860-0.004405286-0.0044052860.00220264300000.0022026430.0022026430-0.002202643-0.00220264300000279336United Arab EmiratesAE
AEA0024010152020q10.00411522600000.00137174200000000000000279336United Arab EmiratesAE
AEA0024010152020q30.01209455700.006597031-0.0038482680.0027487630.00989554700.003848268-0.004398021-0.0005497530.00109950500.001099505-0.001099505000000United Arab EmiratesAE
AEA0024010152020q40.00476190500.002040816-0.00204081600.00340136100.002040816-0.00204081600000000000United Arab EmiratesAE
AEA0030010122009q40.0007429420000000000000000000285482United Arab EmiratesAE
AEA0030010122010q10.0011709600-0.00117096-0.001170960.0011709600-0.00117096-0.001170960000000000285482United Arab EmiratesAE
AEA0030010122010q200000000000000000000285482United Arab EmiratesAE
AEA0030010122010q30.00107642600-0.001076426-0.001076426000000000000000285482United Arab EmiratesAE
AEA0030010122010q400000000000000000000285482United Arab EmiratesAE

参考文献


数据更新频率

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