The first Global Climate Strike on March 15, 2019, represented a historical turning point in climate activism. We investigate the cross-section of stock price reactions to this event for a large sample of European firms. The strike's unanticipated success caused a decrease in the stock prices of carbon-intensive firms. The effect appears to be driven by the increased public attention to climate activism. Furthermore, after the first Global Climate Strike financial analysts downgraded their longer-term earnings forecasts on carbon-intensive firms.
Stock price effects of climate activism: Evidence from the first Global Climate Strike / S. Ramelli, E. Ossola, M. Rancan. - In: JOURNAL OF CORPORATE FINANCE. - ISSN 0929-1199. - 69:(2021), pp. 102018.1-102018.14. [10.1016/j.jcorpfin.2021.102018]
Stock price effects of climate activism: Evidence from the first Global Climate Strike
M. RancanUltimo
2021
Abstract
The first Global Climate Strike on March 15, 2019, represented a historical turning point in climate activism. We investigate the cross-section of stock price reactions to this event for a large sample of European firms. The strike's unanticipated success caused a decrease in the stock prices of carbon-intensive firms. The effect appears to be driven by the increased public attention to climate activism. Furthermore, after the first Global Climate Strike financial analysts downgraded their longer-term earnings forecasts on carbon-intensive firms.
| File | Dimensione | Formato | |
|---|---|---|---|
|
ROssolaRancan_JCF_2021.pdf
accesso aperto
Tipologia:
Publisher's version/PDF
Dimensione
665.91 kB
Formato
Adobe PDF
|
665.91 kB | Adobe PDF | Visualizza/Apri |
Pubblicazioni consigliate
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
