Extreme high surface temperature events and equity-related physical climate risk

Our findings imply that the equity market recognizes but underprices physical climate risk, consistent with forming biased expectations of future equity returns
https://reader.elsevier.com/reader/sd/pii/S2212094719300817?token=840FCEA8739A901958BDB8CC5E46A9B0D2C2748C7DE78BECDAF3C4763742331BAA0969CA03A45AC9E30715C8033B3CBB
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