Overview

This study aimed to investigate the relationship between climate risk disclosure and abnormal returns on Brazilian companies' share prices between 2009 and 2014. The final sample, obtained by matching companies listed on the Bovespa stock exchange that publish sustainability reports in accordance with the Global Reporting Initiative (GRI), consisted of 67 companies. To measure the level of climate risk disclosure, content analysis was used on the reports. Preliminary results of the content analysis reveal that there was no significant evolution in the level of disclosure over the study period (2009 to 2014). The research was based on the main hypothesis that there is a relationship between the level of disclosure of information related to climate risks and abnormal stock price returns. The central idea advocated in this study is that investors would buy more shares in companies that disclose climate risks more than those that disclose less or not at all.

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