Article
Environmental Sciences
Maria-Gloria Barbera-Marin, Laura Fabregat-Aibar, Andreu-Michael Neumann-Calafell, Antonio Terceno
Summary: This paper analyzes the impact of climate change on the stock returns of European companies and finds that carbon emissions have a negative effect on company performance, while a higher environmental rating has a positive impact on returns.
JOURNAL OF ENVIRONMENTAL MANAGEMENT
(2023)
Article
Business, Finance
Hail Jung, Chang-Keun Song
Summary: This study finds a negative relationship between manager's climate change perspective and future stock price crash risk. Investor attention and analyst coverage are potential channels through which a firm's climate change perspective affects financial stability and crash risk.
FINANCE RESEARCH LETTERS
(2023)
Article
Environmental Sciences
Zhiying Li, Steven M. Quiring
Summary: This study predicts future streamflow changes in 889 watersheds in the contiguous United States based on projected climate and land use changes. The results show that the random forest model can explain over 85% of the variance in most watersheds. The study also found that relative cumulative moisture surplus, forest coverage, crop land, and urban land are the most important variables affecting the time-varying omega.
WATER RESOURCES RESEARCH
(2022)
Article
Business, Finance
Boqiang Lin, Nan Wu
Summary: Climate change is a significant challenge for the global economy and has a major impact on the valuation of financial assets and the stability of the financial system. This study finds that active disclosure of climate risk by listed companies can effectively reduce the risk of future stock price crashes. Enhancing information disclosure primarily helps mitigate the risk of stock price crashes by raising public awareness of climate risk.
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
(2023)
Article
Environmental Sciences
Naiqian Wu, Weiguo Xiao, Wei Liu, Zhan Zhang
Summary: This study examines the valuation consequence of climate risk in financial markets, focusing on the stock price reaction to firms' climate-risk-related information. Using Chinese listed firms' performance briefings, the study finds that greater corporate climate risks lead to negative market reactions over a short time window, which is quickly comprehended by the market. The study further demonstrates that the negative impact operates through increased market trading activities, greater investor attention, and reduced positive media coverage. Various factors such as industry carbon emission, local abnormal temperature, state ownership, institutional shareholding, and dividend payout moderate the association between corporate climate risk and adverse market reaction.
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
(2022)
Article
Economics
Maximilian Duesterhoeft, Frank Schiemann, Thomas Walther
Summary: We analyze the relationship between risk reporting by European energy utilities and uncertainty about firms' future prospects. Using an unsupervised machine learning topic model, we classify the content of risk reports into different risk topics over a 10-year period. The study finds that more risk reporting is associated with lower idiosyncratic volatility, especially for credit risk, risk management processes, economic risk, and accounting related risk. Additionally, risk disclosure is positively related to firm value. The study highlights the need for increased transparency in risk reporting and further climate-related risk disclosures.
Article
Meteorology & Atmospheric Sciences
R. Vinnarasi, C. T. Dhanya, Hemant Kumar
Summary: The Standardized Precipitation Index (SPI) is a commonly used meteorological drought index, but its reliability has been questioned due to the time-varying characteristics observed in historical precipitation data. To improve upon existing nonstationary drought indices, a new framework for a drought index is proposed that captures the temporal dynamics of precipitation.
JOURNAL OF CLIMATE
(2023)
Article
Business, Finance
Roman Mestre
Summary: This study proposes a wavelets approach to estimating time-frequency-varying betas in the capital asset pricing model (CAPM) framework. The dynamic of systematic risk across time and frequency is analyzed to investigate stock risk-profile robustness. We conclude that the standard CAPM assumes short-run investment. Then, investors should consider time-frequency CAPM to perform systematic risk analysis and portfolio allocation.
FINANCIAL INNOVATION
(2023)
Article
Economics
Fabio Busetti, Michele Caivano, Davide Delle Monache, Claudia Pacella
Summary: This paper investigates the predictive distribution of Italian GDP growth, finding that financial conditions impact the left tail of the distribution, while global trade and uncertainty indicators have explanatory power for both tails. The study suggests that Italian GDP risks have been driven by foreign developments around the Great Recession, domestic financial conditions during the Sovereign Debt Crisis, and economic policy uncertainty in recent years.
ECONOMIC MODELLING
(2021)
Article
Environmental Studies
L. Marti, R. Cervello-Royo, R. Puertas
Summary: There is currently a two-way link between financial risk and climate change. Adequate economic and financial capacity is necessary for implementing pro-climate policies, but not sufficient. The USA, Canada, and Australia need to intensify their efforts in supporting renewable energy supply and reducing greenhouse gas emissions. Good living conditions help drive climate change action and financial market access.
ENERGY RESEARCH & SOCIAL SCIENCE
(2022)
Review
Environmental Sciences
Patrick T. Gauthier, Tamzin A. Blewett, Emily R. Garman, Christian E. Schlekat, Elizabeth T. Middleton, Emily Suominen, Anne Cremazy
Summary: The Arctic faces various environmental challenges, including the exploitation of mineral resources like nickel. Responsible development of nickel mining in the Arctic requires a risk assessment framework specific to the region. Further research is needed to assess the exposure and effects of nickel in aquatic Arctic ecosystems.
SCIENCE OF THE TOTAL ENVIRONMENT
(2021)
Article
Environmental Sciences
Mohammad Javad Zare Sakhvidi, Jun Yang, Danial Mohammadi, Hussein FallahZadeh, Amirhooshang Mehrparvar, Mark Stevenson, Xavier Basagana, Antonio Gasparrini, Payam Dadvand
Summary: Extreme temperatures can affect the risk of traffic crashes, particularly motorcycle crashes. Exposure to extremely cold and hot temperatures increases the risk of seeking medical attention for motorcycle crashes, especially within 0 to 3 days after exposure. The study estimates that approximately 11.01% of motorcycle crash medical attendances are attributable to non-optimal temperatures.
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
(2022)
Article
Environmental Sciences
Mario Schuster, Sophie Constance Bornhoft, Rainer Lueg, Yassin Denis Bouzzine
Summary: This research examines the impact of the Fridays for Future movement on the European and U.S. stock markets. Through an event study on stocks listed in the Stoxx Europe 600 and S&P 500, the study analyzes the price reactions during the Global Climate Strikes 1-11. The findings reveal that climate activism significantly influenced stock valuation and that superior environmental performance is beneficial when climate activism receives high public attention. The study also highlights the differences in market reactions between Europe and the U.S. and contributes to the literature by showing that investors react not only to primary stakeholder events but also to secondary stakeholder pressure.
JOURNAL OF ENVIRONMENTAL MANAGEMENT
(2023)
Article
Business
Dongmin Kong, Jia Liu, Yanan Wang, Ling Zhu
Summary: This study provides novel evidence of the incentives effect of non-executive employee stock ownership plans (ESOPs) on corporate environmental engagement. Granting ESOPs to non-executive employees promotes greater corporate ecological engagement in terms of environmental protection expenditures, environmental information disclosure quality, and environmental, social, and governance (ESG) ratings. ESOPs unite members in a common interest, empowering them to pressure management for carbon emissions reduction, benefiting their physical wellbeing and increasing their long-term interest in corporate wealth.
JOURNAL OF BUSINESS ETHICS
(2023)
Review
Business, Finance
Alessio Venturini
Summary: This article delves into how climate change could be a source of market risk, discussing the data needed to analyze climate risk drivers and how the equity market prices climate change and related risks. It compares top-down and bottom-up approaches to understand which climate risk is more likely to affect stock returns, and emphasizes on investors’ beliefs and asset pricing implications related to climate change risks. It concludes by suggesting further directions for empirical and theoretical research in climate finance.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2022)
Article
Ecology
James T. Thorson, Mayumi L. Arimitsu, Taal Levi, Gretchen H. Roffler
Summary: This article introduces a new method using a Tweedie generalized linear model (GLM) to analyze compositional data of prey. By statistically deriving the predator foraging process, future theoretical and applied developments can be inspired. The authors provide a new mvtweedie package and use two examples to demonstrate the application of this method and software.
Article
Fisheries
Nicholas D. Ducharme-Barth, Arnaud Gruss, Matthew T. Vincent, Hidetada Kiyofuji, Yoshinori Aoki, Graham Pilling, John Hampton, James T. Thorson
Summary: Abundance indices derived from fisheries-dependent data have the potential for bias, but spatiotemporal delta-GLMMs can better standardize and predict abundance in unfished areas, improving the estimation of fisheries stock assessments. However, further evaluation is needed on the performance of spatiotemporal delta-GLMMs in situations where fisheries spatial sampling patterns change over time.
FISHERIES RESEARCH
(2022)
Article
Fisheries
Kristen L. Omori, James T. Thorson
Summary: This article investigates the management of data-limited species by grouping them into species complexes. By analyzing spatial and temporal similarities among species using cluster analysis and species distribution models, the study finds that some rockfish species can be consistently grouped together, although the arrangement and number of clusters may vary depending on the data used.
ICES JOURNAL OF MARINE SCIENCE
(2022)
Article
Fisheries
Martin Lindegren, Mikael van Deurs, Aurore Maureaud, James T. Thorson, Dorte Bekkevold
Summary: Many marine fish species have wide distribution, but failing to acknowledge distinct populations within these species may lead to overestimation of stock's harvest potential. This study developed a statistical approach to identify population boundaries for European sprat, revealing regional differences in abundance patterns and confirming genetic studies showing reproductive isolation between different regions. The statistical approach can complement genetic methods and guide spatial management efforts for sustainable exploitation under changing climate conditions.
ICES JOURNAL OF MARINE SCIENCE
(2022)
Article
Fisheries
James T. Thorson
Summary: This study demonstrates the importance of density dependence in species distribution models and proposes several new approaches to address density dependence. They find that the impact of species abundance on habitats is spatiotemporally varied, and this relationship can be detected using SDMs.
ICES JOURNAL OF MARINE SCIENCE
(2022)
Article
Fisheries
Matthew R. Siskey, Andre E. Punt, Peter-John F. Hulson, Meaghan D. Bryan, James N. Ianelli, James T. Thorson
Summary: This study developed a framework for evaluating the impact of survey sampling designs on stock assessments and found that decreasing the number of tows sampled led to an increase in the uncertainty of the overfishing limit (OFL). The study also found that reducing the number of otoliths per tow had a smaller impact on OFL uncertainty. Applying this framework to all monitored stocks is important to identify which stocks benefit the most from increased sampling or have the least impact on OFL uncertainty with reduced sampling.
CANADIAN JOURNAL OF FISHERIES AND AQUATIC SCIENCES
(2023)
Article
Fisheries
Julia Indivero, Timothy E. Essington, James N. Ianelli, James T. Thorson
Summary: Environmental conditions can lead to variability in growth and distribution processes, but current stock assessment methods often neglect these patterns. This study used data on walleye pollock in the Bering Sea to demonstrate a feasible approach for incorporating spatially unbalanced size-at-age samples into stock assessments. The analysis revealed extensive variation in size-at-age at fine spatial scales, with year-to-year differences in spatial patterning. Integrating spatiotemporally explicit size-at-age processes improved stock assessment consistency and provided insights into demographic processes. This approach could enhance stock-assessment forecasts under climate change.
ICES JOURNAL OF MARINE SCIENCE
(2023)
Article
Ecology
Merja Elo, Mira H. Kajanus, Jere Tolvanen, Vincent Devictor, Jukka T. Forsman, Aleksi Lehikoinen, Mikko Monkkonen, James T. Thorson, Maximilian G. R. Vollstadt, Sami M. Kivela
Summary: This study investigates the impacts of environmental filtering and biotic interactions on spatial and temporal associations among bird species using a novel hypothesis-testing framework based on joint dynamic species distribution models and functional trait similarity. The findings suggest that the aggregation of species is mainly driven by environmental filtering and heterospecific attraction, with no evidence of competition.
JOURNAL OF BIOGEOGRAPHY
(2023)
Article
Fisheries
Arnaud Gruss, James T. Thorson, Owen F. Anderson, Richard L. O'Driscoll, Madison Heller-Shipley, Scott Goodman
Summary: This study developed a spatio-temporal modelling framework that integrates research survey data and other data sources. It demonstrated the effectiveness of this framework through two case studies.
CANADIAN JOURNAL OF FISHERIES AND AQUATIC SCIENCES
(2023)
Article
Biodiversity Conservation
James T. Thorson, Cheryl L. Barnes, Sarah T. Friedman, Janelle L. Morano, Margaret C. Siple
Summary: Species distribution models (SDMs) are commonly used to analyze the relationship between species occurrence/density and environmental conditions, often including a spatially correlated variable. Spatially varying coefficients (SVCs) in SDMs have received less attention but have the potential to improve interpretability and descriptive power. This article reviews the benefits of using SVCs in ecological contexts such as ecological teleconnections, density-dependent habitat selection, spatially varying detectability, and interactions with unmeasured covariates. Detailed examples using the vector autoregressive spatio-temporal (VAST) model illustrate the advantages of SVCs in analyzing decadal trends, community assembly, and population dynamics. SVCs extend the capabilities of SDMs and enhance our understanding of ecological processes.
Article
Ecology
James T. T. Thorson, Aurore A. A. Maureaud, Romain Frelat, Bastien Merigot, Jennifer S. S. Bigman, Sarah T. T. Friedman, Maria Lourdes D. Palomares, Malin L. L. Pinsky, Samantha A. A. Price, Peter Wainwright
Summary: This study extends previous methods by using structural equation models and associations among categorical traits to achieve mixed-trait imputation. Results show that a one-degree increase in habitat temperature is associated with an average 3.5% increase in natural mortality and a 3.0% decrease in fecundity.
METHODS IN ECOLOGY AND EVOLUTION
(2023)
Article
Fisheries
A. Gruess, A. R. Charsley, J. T. Thorson, O. F. Anderson, R. L. O'Driscoll, B. Wood, O. N. Breivik, C. A. O'Leary
Summary: Species distribution models often require multiple data sources to achieve their objectives. In this study, we developed a spatio-temporal modelling framework that integrated research survey data and observer data from fishing vessels, while accounting for physical barriers. Applying this framework to deepwater fisheries in New Zealand, we found that using both observer-only data and integrated data is essential for mapping fish biomass at a large scale and interpolating local biomass indices in years without survey data. We also demonstrated the importance of considering the reliability of interannual variability when choosing between models relying on integrated data or survey-only data for a given geographic area. Moreover, our simulation experiment revealed that the predictions of our spatio-temporal models were not significantly affected by the presence of physical barriers.
ICES JOURNAL OF MARINE SCIENCE
(2023)
Article
Fisheries
J. J. Badger, S. Large, J. T. Thorson
Summary: Many economic sectors rely on marine ecosystem services, and integrated ecosystem assessments (IEAs) are necessary for holistic management and sustainable use. This study demonstrates the utility of spatially and temporally explicit ecological indicators in assessing ecosystem performance and identifying localized processes. The examples highlight the benefits of spatio-temporal methods for integrated ecosystem analysis in the northeast US Shelf Ecosystem.
ICES JOURNAL OF MARINE SCIENCE
(2023)
Article
Fisheries
Daniel Ovando, Darcy Bradley, Echelle Burns, Lennon Thomas, James Thorson
Summary: Designing effective spatial management strategies for marine ecosystems is challenging due to their complexity and uncertainties. This paper presents a modelling framework called marlin, which can simulate the bio-economic dynamics of marine systems efficiently. The framework can be used for both management and research purposes. The study demonstrates the capabilities of marlin through two case studies on marine protected areas (MPAs) and their impacts on conservation and food production. It shows how the framework can assess the distributional outcomes and climate resilience of different MPA design strategies and fishing fleets. The paper highlights the importance of intermediate complexity simulation in predicting and managing trade-offs among conservation, fisheries yields, and distributional outcomes of management policies affected by spatial bio-economic dynamics.
FISH AND FISHERIES
(2023)
Article
Fisheries
James T. Thorson
Summary: Phylogenetic comparative methods (PCM) and phylogenetic structural equation models (PSEM) can replace linear models and improve performance in fisheries meta-analyses, but they are rarely applied in fisheries science.
FISH AND FISHERIES
(2023)