N°23-92: Climate Value and Values Discovery

We examine how analysts discuss value-and values-related climate concerns in earnings calls. Climate questions often employ quantitative language, and are tailored to a firm's industry and periods when climate concerns are considered relevant. Climate questions increased over time, with value questions becoming relatively more important. Trading volume increases with climate questions, especially value-related ones, reflecting higher investor disagreement about how to interpret the information provided. Being "green" is not an analyst trait: only 3% of the variance in climate questions is due to analyst fixed effects. Climate questions predict analysts' career trajectories, with value questions showing more pronounced effects.