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| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Cheap talk and cherry-picking: What climatebert has to say on corporate climate risk disclosures |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Finance Research Letters |
| Publisher | Elsevier |
| Geographical Reach | international |
| ISSN | 1544-6123 |
| Volume | 47 |
| Page Range | 102776 |
| Date | 2022 |
| Abstract Text | Disclosure of climate-related financial risks greatly helps investors assess companies’ preparedness for climate change. Voluntary disclosures such as those based on the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD) are being hailed as an effective measure for better climate risk management. We ask whether this expectation is justified. We do so by training ClimateBERT, a deep neural language model fine-tuned based on the language model BERT. In analyzing the disclosures of TCFD-supporting firms, ClimateBERT comes to the sobering conclusion that the firms’ TCFD support is mostly cheap talk and that firms cherry-pick to report primarily non-material climate risk information. |
| Free access at | DOI |
| Official URL | https://doi.org/10.1016/j.frl.2022.102776 |
| Related URLs | |
| Digital Object Identifier | 10.1016/j.frl.2022.102776 |
| Other Identification Number | merlin-id:22388 |
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