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[{"key": "dc.contributor.advisor", "value": "Lehkonen, Heikki", "language": null, "element": "contributor", "schema": "dc", "qualifier": "advisor"}, {"key": "dc.contributor.author", "value": "Lehtinen, Ilkka", "language": null, "element": "contributor", "schema": "dc", "qualifier": "author"}, {"key": "dc.date.accessioned", "value": "2025-05-23T10:25:55Z", "language": null, "element": "date", "schema": "dc", "qualifier": "accessioned"}, {"key": "dc.date.available", "value": "2025-05-23T10:25:55Z", "language": null, "element": "date", "schema": "dc", "qualifier": "available"}, {"key": "dc.date.issued", "value": "2025", "language": null, "element": "date", "schema": "dc", "qualifier": "issued"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/102726", "language": null, "element": "identifier", "schema": "dc", "qualifier": "uri"}, {"key": "dc.description.abstract", "value": "Climate change is one of the biggest challenges today, and global warming has consequences for the whole economy. Climate-related news coverage can shift the attention to climate-related risks and impact investor decision-making. In recent years, different authors have documented stock market reactions to climate news. However, the climate risk exposures are different in each sector of the economy, and therefore, the stock market reactions can vary between industries. This study investigated whether the stock market reactions to climate news vary between climate risks and industries. In addition, the time variance of these effects was analyzed as the attention to climate-related risks has increased in recent decades. The stock market reactions were examined using daily industry portfolio returns, media-based climate risk indices, and common asset pricing factors from 2003 to 2024. The analysis was conducted using the climate risk variables together with a six-factor asset pricing model. The results showed that the stock market reactions were strongest for physical risk news and weakest for regulatory risk news. Both negative and positive reactions were observed, but the negative reactions were stronger. The negative reactions were strongest for brown industries. After the Paris Agreement, the stock market reactions decreased significantly in magnitude. Overall, the results suggest that before the Paris Agreement, investors were most sensitive to news concerning the direct consequences of global warming, and adverse climate coverage most severely impacted unsustainable industries. Furthermore, climate risks seem to be more accurately priced in the stock markets after the Paris Agreement.", "language": "en", "element": "description", "schema": "dc", "qualifier": "abstract"}, {"key": "dc.description.abstract", "value": "Ilmastonmuutos on yksi nykyajan suurimpia haasteita, ja ilmaston l\u00e4mpenemisell\u00e4 on vaikutuksia koko maailmantalouteen. Median ilmastouutisointi voi korostaa ilmastonmuutokseen liittyvi\u00e4 riskej\u00e4 ja siten vaikuttaa my\u00f6s sijoittajien p\u00e4\u00e4t\u00f6ksentekoon. Viime vuosina tutkijat ovatkin havainneet osakemarkkinoiden reagoivan ilmastouutisointiin. Ilmastonmuutoksen vaikutukset vaihtelevat talouden eri sektorien v\u00e4lill\u00e4, ja osakemarkkinoiden reaktiot voivat t\u00e4ten vaihdella toimialan mukaan. T\u00e4m\u00e4n tutkimuksen tarkoituksena oli selvitt\u00e4\u00e4, miten osakemarkkinoiden reaktiot vaihtelevat eri ilmastoriskien ja toimialojen v\u00e4lill\u00e4. Ilmastouutisten vaikutuksia tutkittiin eri ajanjaksoilla, koska huomio ilmastoriskeihin on lis\u00e4\u00e4ntynyt viime vuosikymmenien aikana. Osakemarkkinoiden reaktioita tutkittiin k\u00e4ytt\u00e4en toimialasalkkujen p\u00e4ivitt\u00e4isi\u00e4 tuottoja, uutisvolyymiin ja sentimenttiin perustuvia ilmastoriski-indeksej\u00e4 sek\u00e4 rahoitusteoriassa yleisesti k\u00e4ytettyj\u00e4 kontrollimuuttujia. Aineisto ker\u00e4ttiin vuosilta 2003\u20132024. Toimialasalkkujen tuottoja tutkittiin regressioanalyysilla, jossa hy\u00f6dynnettiin rahoitusteoriassa tunnettua kuusifaktorimallia ja ilmastoriskimuuttujia. Tulokset osoittivat, ett\u00e4 osakemarkkinat reagoivat voimakkaimmin uutisiin, jotka k\u00e4sitteliv\u00e4t ilmastonmuutoksen v\u00e4litt\u00f6miin seurauksiin liittyvi\u00e4 riskej\u00e4. Heikoimmat reaktiot liittyiv\u00e4t uutisiin, jotka k\u00e4sitteliv\u00e4t ilmastolains\u00e4\u00e4d\u00e4nt\u00f6\u00f6n liittyvi\u00e4 riskej\u00e4. Osakemarkkinat reagoivat ilmastouutisiin sek\u00e4 positiivisesti ett\u00e4 negatiivisesti, mutta negatiiviset reaktiot olivat vahvempia. Reaktiot olivat vahvimmat saastuttavilla toimialoilla. Pariisin ilmastosopimuksen j\u00e4lkeen osakemarkkinoiden reaktiot pieneniv\u00e4t huomattavasti. Kokonaisuudessaan tulokset viittaavat siihen, ett\u00e4 ennen Pariisin ilmasto-sopimusta sijoittajat reagoivat herkimmin ilmastonmuutoksen v\u00e4litt\u00f6miin seurauksiin ja negatiivinen mediahuomio vaikutti eniten ymp\u00e4rist\u00f6lle haitallisiin toimialoihin. Lis\u00e4ksi tulokset osoittavat, ett\u00e4 Pariisin ilmastosopimuksen j\u00e4lkeen sijoittavat huomioivat osakkeiden hinnoittelussa tarkemmin ilmastonmuutokseen liittyvi\u00e4 riskej\u00e4.", "language": "fi", "element": "description", "schema": "dc", "qualifier": "abstract"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2025-05-23T10:25:54Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "schema": "dc", "qualifier": "provenance"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2025-05-23T10:25:55Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "schema": "dc", "qualifier": "provenance"}, {"key": "dc.format.extent", "value": "53", "language": null, "element": "format", "schema": "dc", "qualifier": "extent"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "schema": "dc", "qualifier": "mimetype"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "schema": "dc", "qualifier": "iso"}, {"key": "dc.rights", "value": "CC BY 4.0", "language": null, "element": "rights", "schema": "dc", "qualifier": null}, {"key": "dc.title", "value": "Market reactions to climate news: Assessing industry portfolio performance", "language": null, "element": "title", "schema": "dc", "qualifier": null}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "schema": "dc", "qualifier": null}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202505234561", "language": null, "element": "identifier", "schema": "dc", "qualifier": "urn"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "schema": "dc", "qualifier": "faculty"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "schema": "dc", "qualifier": "faculty"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "schema": "dc", "qualifier": "organization"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "schema": "dc", "qualifier": "organization"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "fi", "element": "subject", "schema": "dc", "qualifier": "discipline"}, {"key": "dc.subject.discipline", "value": "Master's Degree Programme in Banking and International Finance", "language": "en", "element": "subject", "schema": "dc", "qualifier": "discipline"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "schema": "dc", "qualifier": "coar"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "schema": "dc", "qualifier": "copyright"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "schema": "dc", "qualifier": "accesslevel"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "schema": "dc", "qualifier": "publication"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "schema": "dc", "qualifier": "content"}, {"key": "dc.rights.url", "value": "https://creativecommons.org/licenses/by/4.0/", "language": null, "element": "rights", "schema": "dc", "qualifier": "url"}, {"key": "dc.description.accessibilityfeature", "value": "ei tietoa saavutettavuudesta", "language": "fi", "element": "description", "schema": "dc", "qualifier": "accessibilityfeature"}, {"key": "dc.description.accessibilityfeature", "value": "unknown accessibility", "language": "en", "element": "description", "schema": "dc", "qualifier": "accessibilityfeature"}]
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