Media Climate Change Concern and Stock Returns


3:30 PM - 4:30 PM



  • 时间: 15:30-16:30 pm (Beijing Time)
  • 日期: Tuesday,May 21, 2024
  • 地点: MB341
  • 主讲人:Professor Jun Tu, Shanghai Jiaotong University
  • 主持人:Dr. Lu Zong


This paper introduces a media climate change concern (ΔCMCCC) index, derived from unexpected climate change coverage across diverse media channels, including print (newspapers), voice (radio), and video (television). The index negatively predicts aggregate stock market returns, both in-sample and out-of-sample, offering potential gains for investors. Our findings emphasize the media’s influence on market returns through climate change discussions, mainly via the cash-flow channel, not the discount-rate channel. This reveals possible shifts in product demand, while demand for green or brown stocks may not be altered as expected, possibly due to “greenwashing” by institutional investors exaggerating their environmental commitments.


Professor Jun Tu is currently a professor in the Department of Finance,Antai School of Economics and Management, Shanghai Jiaotong University, and a professor at the BOC Institute of Technology and Finance, Shanghai Jiaotong University. He obtained his PhD in Finance from the University of Washington in 2004 and joined the Lee Kong Chian School of Business at Singapore Management University in the same year. His research interests cover behavioral finance, financial technology, text analysis and machine learning, financial measurement, asset pricing, investor sentiment, media and capital markets, asset return forecasting, portfolio management, corporate finance, and more.

Professor Tu Jun has published numerous academic papers in top international financial journals, including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Management Science. His research has been recognized with numerous awards, including the Review of Financial Studies Highest Number of Reads Award and Highest Cited Paper Award in 2015-2016, Lee Foundation Fellowship for Research Excellence, Sing Lun Fellowship, Pacific Basin Finance Journal Prize (First Prize), and the University of Washington Research Fellowship. Professor Tu Jun currently serves as an associate editor of Journal of Economic Dynamics and Control, an associate editor of China Finance Review International, and an area editor of Emerging Markets Finance and Trade.