Arbeitspapier

Climate Sin Stocks: Stock price reactions to global climate strikes

The first Global Climate Strike on March 15, 2019 has represented a historical turn in climate activism. We investigate the cross-section of European stock price reactions to this event. Looking at a large sample of European firms, we find that the unanticipated success of this event caused a substantial stock price reaction on high-carbon intensity companies. These findings are likely driven by an update of investors' beliefs about the level of environmental social norms in the economy and the anticipation of future developments of climate regulation.

ISBN
978-92-76-19455-2
Language
Englisch

Bibliographic citation
Series: JRC Working Papers in Economics and Finance ; No. 2020/03

Classification
Wirtschaft
Sustainable Development
Information and Market Efficiency; Event Studies; Insider Trading
Behavioral Finance: General‡
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Subject
Climate risks
stock returns
event study
environmental preferences
sustainable finance
investor attention

Event
Geistige Schöpfung
(who)
Stefano, Ramelli
Elisa, Ossola
Michela, Rancan
Event
Veröffentlichung
(who)
Publications Office of the European Union
(where)
Luxembourg
(when)
2020

DOI
doi:10.2760/422081
Handle
Last update
10.03.2025, 11:43 AM CET

Data provider

This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.

Object type

  • Arbeitspapier

Associated

  • Stefano, Ramelli
  • Elisa, Ossola
  • Michela, Rancan
  • Publications Office of the European Union

Time of origin

  • 2020

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