| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25310 |
| 来源ID | Working Paper 25310 |
| Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock | |
| Stefano Ramelli; Alexander F. Wagner; Richard J. Zeckhauser; Alexandre Ziegler | |
| 发表日期 | 2018-12-03 |
| 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 ; Financial Markets ; Corporate Finance ; Behavioral Finance |
| URL | https://www.nber.org/papers/w25310 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582984 |
| 推荐引用方式 GB/T 7714 | Stefano Ramelli,Alexander F. Wagner,Richard J. Zeckhauser,et al. Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25310.pdf（476KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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