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The weather largely affects economic activity, and thus, companies vulnerable to weather risk need to plan ahead to cope with unexpected weather changes, just as they do for changes in interest rates, oil prices, or foreign exchange rates to stabilize their earning stream. Weather derivatives can be a useful tool for weather risk management.

This paper focuses on pricing one of the most popular weather derivatives -HDD/CDD options- and estimating the market price of weather risk (MPR). Historical data are used to construct the stochastic process of temperature, while the current market prices of Chicago and New York HDD futures options are used to extract the implied MPR. The Monte-Carlo Simulation Method is proposed to estimate the price of weather derivatives numerically. In addition, the approximate closed form formula for the options is provided modifying the Alaton, Djehiche, and Stillberg (2002) model. Finally, option price sensitivity to changes in MPR is analyzed to show the important role of the MPR in the weather option pricing model.

This study aims to explore possible ways to promote uptake and integration of climate-smart agriculture (CSA)-Technologies, Innovations and Management Practices (TIMPS) into policy and practice in Nigeria through the development of actionable roadmaps to facilitate the process.

Two hundred and fifty-two stakeholders for the policy discourse and survey were purposively drawn from both government and private agencies, NGOs and community-based associations from the six geo-political zones of the country. Data collection was done using a mixed method comprising questionnaire administration, in-depth interviews and panel discussion. Data collected was summarised using descriptive statistics.

The major findings were lack of existing policies on CSA, lack of farmers’ awareness of CSA-TIMPs, neglect of extension programmes that can help to enlighten farmers on the importance of CSA and insufficient extension personnel to cater for farmers’ needs. Challenges to CSA-TIMPs uptake in Nigeria were: insufficient funding and support by government in programme planning and implementation, policy inconsistencies and poor farmers’ attitude and resistance to change.

This research will facilitate CSA uptake and integration through the provision of data for informed decision and action by the responsible agencies.

Suggested actionable roadmaps across the zones were robust awareness campaign and advocacy on uptake of CSA-TIMPs through e-extension, community TV/radio in local dialects; revitalisation of policy programmes such as monthly meetings should be reintroduced and creation of CSA Departments/Stations in each state; increased budget allocation to a minimum of 10% for agriculture, revitalisation of Researchers-Extension Agents-Farmers Linkage, employment of qualified extension agents and retraining of extension agents.

The increasing frequency and intensity of the extreme weather events could cause devastating consequences in tourism. Climate change–related extreme weather events and their relation to tourism is an emerging field for education and research. The purpose of this study is to categorize the impact of climate change on tourist destinations with regard to extreme weather-related risks in outdoor recreation and tourism. Managerial implications for policymakers and stakeholders are discussed.

To outline the risks from climate change associated with tourism, this study uses the Prisma analysis for identification, screening, checking for eligibility and finding relevant literature for further categorization.

Based on a thoroughly examination of relevant literature, risks and threats posed by climate change could be categorized into following four areas: reduced experiential value in outdoor winter recreation; reduced value in beach scenery and comfort; land degradation and reduced biodiversity; and reduced value in personal safety and comfort in tourism. It also focuses on the significance of using big data applications in catastrophic disaster management and risk reduction. Recommendations with technology and data analytics to continuously improve the disaster management process in tourism education are provided based on findings of this study.

Primary contributions of this study include the following: providing a summarized overview of the risks associated with climate change in terms of tourist experiential value for educational implications; and revealing the role of data analytics in disaster management in the context of tourism and climate change for tourism education.

This study aims to analyze the media coverage of the impact of extreme weather events (EWE) and related risk management activities in Brazil.

Using a documentary analysis, the authors examined the media coverage of droughts and floods from 2003 to 2013 with concomitant official reports.

The results indicate that although media coverage conveys the direct impact of floods and droughts on society, it underemphasizes the importance of risk management activities. Moreover, the private sector rarely engages in risk management and mitigation activities, despite the documented supply chain disruptions.

This study focuses solely on media coverage as provided by wide-circulation newspaper in Brazil and would benefit by being extended to all media platforms.

The results highlight the need for private sector involvement in risk management activities to facilitate the adaptation to climate change.

The study reveals the deficiency of existing reports and lack of awareness regarding EWE.

The study contributes by focusing on climate awareness and how society can adapt to climate change, as well as how businesses can improve supply chain operations to facilitate smoother risk management.

The purpose of this study is to investigate the determinants of agricultural insurance adoption by farmers of the state of São Paulo, Brazil.

Primary data from the 2015/2016 crop season was collected from a sample of 175 farmers. Logit econometric models were applied to identify the variables that affect the probability of agricultural insurance adoption.

The empirical results show that the education level, access to technical assistance, use of management tools and farm size positively affect the probability of adopting agricultural insurance. In addition, farmers who produce soybean and/or corn are more likely to use insurance. On the other hand, the higher the farmers’ propensity to take risk the lower the likelihood of using insurance.

The empirical analysis is based on cross-sectional data of a sample of 175 farmers of the state of São Paulo. The use of panel data with a larger sample of farmers, considering a period of years, could provide additional information.

To the best of the knowledge, this is the first empirical analysis about determinants of agricultural insurance adoption by Brazilian farmers, considering behavioral factors. The findings provide useful insights for policymakers in formulating risk management programs in the Brazilian agricultural markets. A better understanding about the determinants of insurance adoption is also relevant for private companies that sell insurance to farmers. Therefore, the paper may contribute with the diffusion of rural insurance as risk management tool in Brazilian agriculture.

The current pandemic and ongoing climate risks highlight the limited capacity of various systems, including health and social ones, to respond to population-scale and long-term threats. Practices to reduce the impacts on the health and well-being of populations must evolve from a reactive mode to preventive, proactive and concerted actions beginning at individual and community levels. Experiences and lessons learned from the pandemic will help to better prevent and reduce the psychosocial impacts of floods, or other hydroclimatic risks, in a climate change context.

The present paper first describes the complexity and the challenges associated with climate change and systemic risks. It also presents some systemic frameworks of mental health determinants, and provides an overview of the different types of psychosocial impacts of disasters. Through various Quebec case studies and using lessons learned from past and recent flood-related events, recommendations are made on how to better integrate individual and community factors in disaster response.

Results highlight the fact that people who have been affected by the events are significantly more likely to have mental health problems than those not exposed to flooding. They further demonstrate the adverse and long-term effects of floods on psychological health, notably stemming from indirect stressors at the community and institutional levels. Different strategies are proposed from individual-centered to systemic approaches, in putting forward the advantages from intersectoral and multirisk researches and interventions.

The establishment of an intersectoral flood network, namely the InterSectoral Flood Network of Québec (RIISQ), is presented as an interesting avenue to foster interdisciplinary collaboration and a systemic view of flood risks. Intersectoral work is proving to be a major issue in the management of systemic risks, and should concern communities, health and mental health professionals, and the various levels of governance. As climate change is called upon to lead to more and more systemic risks, close collaboration between all the areas concerned with the management of the factors of vulnerability and exposure of populations will be necessary to respond effectively to damages and impacts (direct and indirect) linked to new meteorological and compound hazards. This means as well to better integrate the communication managers into the risk management team.

This paper aims to investigate aspects of flood experience, attitudes and responses of micro-, small- and medium-sized enterprises (MSMEs) in Greece and to indicate a typology of strategies associated with their relative effort to build flood resilience capacity.

A qualitative study protocol was used, based on pertinent literature that considers how business entities withstand, adapt and/or recover from non-linear climate change impacts, natural hazards and extreme weather. Data was obtained by conducting semi-structured interviews with 82 MSMEs’ owners-managers who had recently experienced flooding.

The study reports limited activities of MSMEs towards flood resilience capacity despite the threat of relevant disasters. Findings suggest that most owners-managers of these enterprises are not adequately preparing their businesses for the impacts of flooding.

The findings call for multi-level and dynamic perspectives to be examined in assessing MSME resilience capacity to floods. It is attitudinal, managerial, organisational, behavioural and regulatory (as well as other institutional) factors that merit further investigation. Such an investigation would allow a better understanding as to whether these factors hinder or enable conditions for microeconomic flood preparedness and resilience as well as how they may interact with each other or create feedback loops.

The study carries managerial implications and policy recommendations in terms of nurturing opportunities towards awareness-raising campaigns for reducing deficits in managerial knowledge and competencies. It also encapsulates practical implications in terms of emphasising supporting mechanisms from key institutional stakeholders to allow MSMEs scan available options they have in effectively reinforcing the business premises from the forces of rising waters.

Most of the related studies have examined flood impacts, responses and/or resilience capacity at the household- or community-level. Empirical work that is conducted to ascertain how MSMEs cope with flooding remains thin on the ground. In response to this, the current study and the typology of MSMEs’ strategic postures that are suggested seek to contribute to this under-researched topic.

This study aims to examine the various climate change practices adopted by firms and develop a set of corporate indexes that measure the level of climate change corporate commitment, climate change risk management integration and climate change strategies adoption. Moreover, this study examines the relationship between the aforementioned indexes. The authors claim that there is a positive relationship between the adoption of climate change strategies, corporate commitment and risk management integration. The aforementioned indexes have been used to assess the largest companies in the oil and gas sectors.

To assess this study’s sample companies, a content analysis of their carbon disclosure project (CDP) reports for the years 2012-2015 was conducted. Finally, weights were assigned to the content analysis data based on the results of a survey regarding the difficulty of implementing each climate change practice included in the respective index. The survey sample included climate change experts who are either currently employed in companies that are included in the Financial Times Global 500 (FT 500) list, or work as external partners with these companies.

The present study results highlight the need for developing elaborate corporate indexes, as the various climate change practices have different degrees of difficulty regarding their implementation. Additionally, a general trend in adopting climate change strategies is observed, especially in the field of carbon reduction strategies, which mainly involve the implementation of low carbon technologies. Finally, a positive and significant relationship was found between carbon reduction targets, risk management integration and climate change strategies.

Although international research has extensively examined the importance of managers’ perceptions on environmental issues as an enabling factor in developing environmental strategies, according to the results of our survey, corporations must go beyond top management commitment towards climate change to be able to successfully implement climate change strategies. Incorporation of climate change risk management procedures into a company’s core business activities as well as the establishment of precise carbon reduction targets can provide the basis on which successful climate change strategies are implemented.

Most studies address the issue of climate change management in terms of environmental or sustainability management. Furthermore, research on climate change and its relationship with business management is mainly theoretical, and climate change corporate performance is measured with aggregate indexes. This study focuses on climate change which is examined from a five-dimensional perspective: top management commitment, carbon reduction targets, risk management integration, carbon reduction and carbon compensation strategies. This allows us to conduct an in-depth analysis of the various climate change practices of firms.