This paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond to climate risks. Our validation analysis shows that our measures capture firm-level variations in respective climate risk exposure. Firms facing high transition risk, especially those that do not proactively respond, have been valued at a discount in recent years as aggregate investor attention to climate-related issues has been increasing. We document differences in how firms respond through investment, green innovation, and employment when facing high climate risk exposure. (JEL G12, G31, C82, E44)

中文翻译：

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企业气候风险：测量和应对

本文对财报电话会议记录进行了文本分析，以量化公司层面的气候风险敞口。我们构建了分别衡量物理和转型气候风险的词典，并识别出主动应对气候风险的公司。我们的验证分析表明，我们的措施捕捉到了企业层面各自气候风险暴露的变化。近年来，随着投资者对气候相关问题的总体关注度不断增加，面临高转型风险的公司，尤其是那些没有主动应对的公司，其估值已经打折。我们记录了企业在面临高气候风险时通过投资、绿色创新和就业做出反应的差异。(JEL G12、G31、C82、E44)