| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13206 |
| DP13206 Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock | |
| Stefano Ramelli; Alexander F. Wagner; Richard Zeckhauser; Alexandre Ziegler | |
| 发表日期 | 2018-09-26 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Donald Trump's election and his nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate-change policy. We study firms' stock-price reactions and institutional investors' portfolio adjustments after these events. As expected, carbon-intensive firms benefited. Should not companies with responsible strategies on climate change have lost value, since they were paying for actions that were now less urgent? In fact, investors actually rewarded such firms. The premium the firms received resulted, at least in part, from the move into climate-responsible stocks by long-horizon investors presumably expecting a post-Trump rebound to green policy. |
| 主题 | Financial Economics |
| 关键词 | Climate finance Climate policy Csr Election surprise Esg Event study Institutional investors Stock returns |
| URL | https://cepr.org/publications/dp13206-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542010 |
| 推荐引用方式 GB/T 7714 | Stefano Ramelli,Alexander F. Wagner,Richard Zeckhauser,et al. DP13206 Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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