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Climate Sin Stocks: Stock Price Reactions to Global Climate Strikes


Ramelli, Stefano; Ossola, Elisa; Rancan, Michela (2020). Climate Sin Stocks: Stock Price Reactions to Global Climate Strikes. JRC Working Papers in Economics and Finance JRC120974, University of Zurich.

Abstract

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.

Abstract

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.

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:31 January 2020
Deposited On:10 Jul 2020 05:33
Last Modified:10 Jul 2020 05:35
Series Name:JRC Working Papers in Economics and Finance
ISSN:2467-2203
OA Status:Green
Free access at:Official URL. An embargo period may apply.
Official URL:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544669
Other Identification Number:merlin-id:19581

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