Climate Sin Stocks: Stock price reactions to global climate strikes

Arbeitspapier

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.

Object Details

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

References and Relationships

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

Classification and Topics

• 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

Contributors, Places and Time

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

Further information

• DOI: doi:10.2760/422081
• Handle: http://hdl.handle.net/10419/249355
• Last update: 10.03.2025, 11:43 AM CET