Climate risk disclosures: Why more information isn’t always better for investors by Professor Simone Varotto

Professor Simone Varotto analysed the financial reports of UK-listed companies from 1996-2018 and found a surprising pattern in how markets respond to different types of climate disclosures after natural disasters strike.

News in Detail

The article reflects a study that revealed a counterintuitive truth about corporate climate disclosures: more disclosure doesn’t necessarily translate to better market performance during climate-related emergencies.

Companies that simply disclosed their exposure to climate risks saw smaller stock price declines following disasters compared to their non-disclosing peers. Yet, firms that went further by detailing their climate adaptation strategies experienced stock price drops just as severe as companies that made no disclosures at all.

Next Steps

News in Detail

Professor Simone Varotto

Professor of Finance

Published	26 February 2025
Topics: Research news

Professor Adrian Bell to present at the Financial Services Forum annual conference 2013

26 November 2013

The Financial Services Forum annually invites a broad range of industry leaders, academics and researchers to share what the future holds for the financial services industry in B2B marketing. Presentations include: considered first-hand experiences from leading B2B practitioners, parallels between medieval and modern age finance, global perspectives of best practice B2B marketing and the political and regulatory challenges in this space.

Farewell Martyn!

15 December 2016

As the year comes to a close, we say a fond farewell to Martyn Drage from the Henley Careers team who is retiring after 19 years working in the ICMA Centre.

The ICMA Centre launches new Masters Degree in International Shipping and Finance

4 November 2010

The ICMA Centre, part of the world ranked Henley Business School at the University of Reading , UK and ALBA Graduate Business School in Athens, Greece are proud to introduce a new Masters Degree (MSc) in International Shipping and Finance.