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Firms finance and the weather: the UK weather derivatives market

Randalls, Samuel Cecil (2006)
Ph.D. thesis, University of Birmingham.

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Abstract

The spectre of climate change is motivating businesses to evaluate the weather sensitivity of their operations and earnings. Persistent changes in day-to-day weather, such as a warmer than average winter, may prove very costly for businesses and since 1997 a new financial market has grown up around the mitigation of these day-to-day weather risks. This weather derivatives market has expanded from being a small US energy product to become a $45.2 billion industry by 2006. In the process this commodification of weather indexes is re-valuing meteorological data, forecasts and expertise, as well as changing the ways in which firms have traditionally considered weather as unmanageable. This thesis presents an empirical examination of the weather derivatives market, particularly focusing upon the UK, drawing upon in-depth interviews with market participants. Setting this within the context of current theories in human geography and science studies, the research also illustrates the material and discursive implications weather derivatives are having not just on firms and meteorology, but also climate change policies.

Type of Work:Ph.D. thesis.
Supervisor(s):Oldfield, Jonathan and Pollard, Jane and Thornes, John E
School/Faculty:Schools (1998 to 2008) > School of Geography, Earth & Environmental Sciences
Department:School of Geography, Earth and Environmental Sciences
Subjects:GE Environmental Sciences
HG Finance
Institution:University of Birmingham
Library Catalogue:Check for printed version of this thesis
ID Code:327
This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.
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