{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T16:47:31Z","timestamp":1791996451656,"version":"4.4.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":88,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>U.S. equity returns respond to abnormal temperature variability, a distinct and economically consequential dimension of temperature exposure not subsumed by extreme temperatures or heatwave persistence. Using state-level shocks assigned to firms with geographically concentrated operations, we find that low-exposure firms contemporaneously outperform high-exposure firms by 4.4\\% per year. Elevated variability is associated with lower firm revenues and profits, reduced household spending, and fewer hours worked. Yet the firm-level cash-flow implications of these shocks remain difficult to assess as analyst disagreement rises and subsequent earnings surprises become more negative. Despite this uncertainty, returns adjust primarily as the shock materializes.<\/jats:p>","DOI":"10.2139\/ssrn.4023755","type":"posted-content","created":{"date-parts":[[2022,2,3]],"date-time":"2022-02-03T14:26:21Z","timestamp":1643898381000},"source":"Crossref","is-referenced-by-count":1,"title":["What Do Weather Shocks Reveal? 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