We show that carbon-intensive firms experienced significant negative cumulative abnormal returns when the historically unprecedented haze from Canadian wildfires reached the New York City area in June 2023. Our findings cannot be explained by energy price shocks, negative productivity effects of air pollution, aversion to highly polluting industries, or concurrent political events. Our results indicate that firsthand exposure to wildfire haze possibly altered the beliefs of non-institutional investors, leading them to discount carbon-intensive stocks.

中文翻译：

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野火烟雾对碳密集型种群的影响

我们表明，当 2023 年 6 月加拿大野火造成的史无前例的雾霾席卷纽约市地区时，碳密集型企业经历了显著的负累积异常回报。我们的研究结果不能用能源价格冲击、空气污染对生产力的负面影响、对高污染行业的厌恶或同时发生的政治事件来解释。我们的结果表明，直接暴露于野火雾霾可能会改变非机构投资者的信念，导致他们对碳密集型股票进行贴现。