| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13206 |
| DP13206 Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections | |
| 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 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations on U.S. policy toward climate change. Joseph Biden's 2020 election shifted them dramatically upward. We study firms' stock-price movements in reaction. As expected, the 2016 election boosted carbon-intensive firms. Surprisingly, firms with climate-responsible strategies also gained, especially those firms held by long-run investors. Such investors appear to have bet on a "boomerang" in climate policy. Harbingers of a boomerang already appeared during Trump's term. The 2020 election marked its arrival. |
| 主题 | Financial Economics |
| 关键词 | Climate finance Climate policy Csr Election surprise Esg Event study Institutional investors Stock returns Policy boomerang |
| URL | https://cepr.org/publications/dp13206-2 |
| 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/542011 |
| 推荐引用方式 GB/T 7714 | Stefano Ramelli,Alexander F. Wagner,Richard Zeckhauser,et al. DP13206 Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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