Firm?Level Climate Change Exposure

We develop a method that identifies the attention paid by earnings call participants to firms' climate change exposures. The adapts machine learning keyword discovery algorithm and captures exposures related opportunity, physical, regulatory shocks associated with change. measures are available for more than 10,000 firms from 34 countries between 2002 2020. show useful in predicting important real outcomes net-zero transition, particular, job creation disruptive green technologies patenting, they contain information is priced options equity markets.