Climate capitalists

Abstract

NBER WORKING PAPER SERIES CLIMATE CAPITALISTS Niels Joachim Gormsen Kilian Huber Sangmin Simon Oh Working Paper 32933 http://www.nber.org/papers/w32933 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 2024, Revised May 2025 We are grateful to Kent Daniel, Theis Ingerslev Jensen, Sydney Ludvigson, Lasse Pedersen, Monika Piazzesi, Martin Schneider, Lucian Taylor, David Thesmar, and many seminar participants for helpful comments. This research was supported by the Asness Junior Faculty Fellowship, the Becker Friedman Institute, the Fishman Faculty Research Fund, the Fama-Miller Center, the Lamfalussy Research Fellowship, and the William S. Fishman Fund. We thank Rahul Chauhan, Jason Jia, Sonali Mishra, Esfandiar Rouhani, Felix Trikos, and Raymon Yue for outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2024 by Niels Joachim Gormsen, Kilian Huber, and Sangmin Simon Oh. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Climate Capitalists Niels Joachim Gormsen, Kilian …

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