Stock Price Effects of Climate Activism: Evidence from the First Global Climate Strike
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.
RAMELLI Stefano;
OSSOLA Elisa;
RANCAN Michela;
2021-07-23
ELSEVIER
JRC125719
0929-1199 (online),
https://www.sciencedirect.com/science/article/pii/S0929119921001395,
https://publications.jrc.ec.europa.eu/repository/handle/JRC125719,
10.1016/j.jcorpfin.2021.102018 (online),
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