期刊
JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT
卷 -, 期 -, 页码 -出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/20430795.2021.1929804
关键词
Climate change; stock market; returns; Paris agreement; event study; empirical finance
The study reveals significant impacts of climate change policy-related events on the stock market, with the clean energy sector benefiting and the fossil energy sector suffering. Investors quickly adapt to climate change-related information, and policymakers should take note of these events' influence on the stock market.
Using an event study methodology, we investigate how unexpected political events affect climate-sensitive sectors. We find that events related to climate change policy have significantly impacted returns. The clean energy sector benefitted from the Paris Agreement, Climategate, and Fukushima since these events increased climate change awareness and favor toward policies related to reducing the impact of climate change. For the utilities, energy-intensive, and transport sectors, these events imply increased transition-related political and market risks, which should be compensated. Events weakening climate change policy are associated with positive abnormal returns for the fossil energy sector. We further find that stock market investors are quick to adapt to new information related to climate change. Policymakers should be aware of such events' impact on the stock market because the investors are likely to price in both climate risk and expectation about sectors' growth.
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