This study investigates the effect of climate change on Asian stock markets using Generalized Autoregressive Conditional Heteroskedasticity variant of Mixed Data Sampling (GARCH-MIDAS) model. The results reveal that long-term stock return volatility of about 40% of Asian stock markets are unaffected by climate change. This implies that about 40% of investments in the Asian stock markets are insensitive to climate change financing. More awareness about investment in climate-oriented stocks is recommended.
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Oloko et al. (2022) studied this question.
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