Climate change is surely one of the most debated phenomena of the present day. The unfavourable impacts engendered by global warming are unequivocable: sea level rise, episodes of extreme temperatures, floods and droughts are just few examples of the consequences produced by anthropogenic emissions. Nevertheless, the far-reaching implications provoked by the climate emergency involve not just the natural environment, but the financial and economic landscape as well. Numerous are the initiatives put in place by institutional bodies to cope with the climatic crisis and to provide support to financial institutions and corporations. Being able to account for the physical and transition risks deriving from climate change, towards which enterprises are more and more exposed, is crucial for facing effectively this system-wide challenge today as in the future. Therefore, after an introduction about this thematic, one of the first objective of the thesis regards the assessment of the level of awareness and disclosure of climate information in the official financial statements and sustainability reports of companies listed on the Italian Stock Exchange. Having explained why extreme weather events represent one of the major sources of physical risks and damages suffered by firms, the ultimate goal of the research concerns the evaluation of the investors’ behavior on the market at the occurrence of natural disasters in the proximity of companies’ facilities. After collecting in a dataset information regarding the location of the main infrastructures of firms listed on the STAR segment, the event study methodology is applied to examine market’s reaction to extreme natural calamities happened in between 2008 and 2018. Evidence from the analysis shows that investors are yet to fully acknowledge this kind of threat in most of the industries.
Il cambiamento climatico è sicuramente uno dei fenomeni più dibattuti dei giorni nostri. Gli impatti sfavorevoli generati dal surriscaldamento globale sono inequivocabili: innalzamento del livello del mare, episodi di temperature estreme, inondazioni e siccità sono solo alcuni esempi delle conseguenze prodotte dalle emissioni antropogeniche. Tuttavia, le implicazioni di vasta portata provocate dall'emergenza climatica coinvolgono non solo l'ambiente naturale, ma anche il panorama finanziario ed economico. Numerose sono le iniziative messe in campo dagli organi istituzionali per far fronte alla crisi climatica e per fornire supporto alle istituzioni finanziarie e alle imprese. La capacità di gestire i rischi fisici e quelli di transizione derivanti dai cambiamenti climatici, ai quali le compagnie sono sempre più esposte, è fondamentale per affrontare efficacemente questa sfida universale oggi come in futuro. Pertanto, dopo un'introduzione a tali tematiche, uno dei primi obiettivi di questa tesi concerne la valutazione del livello di consapevolezza e divulgazione delle informazioni relative al cambiamento climatico nei bilanci ufficiali e nei rapporti di sostenibilità delle società quotate in Borsa Italiana. Dopo aver argomentato il perché gli eventi meteorologici estremi rappresentano una delle principali fonti di rischi fisici per le imprese, l'obiettivo finale di questa tesi consiste nella valutazione del comportamento degli investitori al verificarsi di disastri naturali in prossimità delle strutture aziendali. Dopo aver raccolto in un dataset le principali informazioni riguardanti la localizzazione delle maggiori infrastrutture delle compagnie quotate nel segmento STAR, la metodologia event study viene applicata per esaminare la reazione del mercato in seguito alle calamità naturali estreme verificatesi tra il 2008 e il 2018. Le evidenze dell'analisi mostrano come gli investitori debbano ancora comprendere pienamente la pericolosità di tali rischi nella maggior parte delle industrie.
Climate change finance : an assessment of investors' reaction to extreme weather events
Cincotto, Davide;Barbaglia, Martina
2019/2020
Abstract
Climate change is surely one of the most debated phenomena of the present day. The unfavourable impacts engendered by global warming are unequivocable: sea level rise, episodes of extreme temperatures, floods and droughts are just few examples of the consequences produced by anthropogenic emissions. Nevertheless, the far-reaching implications provoked by the climate emergency involve not just the natural environment, but the financial and economic landscape as well. Numerous are the initiatives put in place by institutional bodies to cope with the climatic crisis and to provide support to financial institutions and corporations. Being able to account for the physical and transition risks deriving from climate change, towards which enterprises are more and more exposed, is crucial for facing effectively this system-wide challenge today as in the future. Therefore, after an introduction about this thematic, one of the first objective of the thesis regards the assessment of the level of awareness and disclosure of climate information in the official financial statements and sustainability reports of companies listed on the Italian Stock Exchange. Having explained why extreme weather events represent one of the major sources of physical risks and damages suffered by firms, the ultimate goal of the research concerns the evaluation of the investors’ behavior on the market at the occurrence of natural disasters in the proximity of companies’ facilities. After collecting in a dataset information regarding the location of the main infrastructures of firms listed on the STAR segment, the event study methodology is applied to examine market’s reaction to extreme natural calamities happened in between 2008 and 2018. Evidence from the analysis shows that investors are yet to fully acknowledge this kind of threat in most of the industries.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/166549