Reportgreen2018

Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock

Stefano Ramelli · Alexander F. Wagner · Richard Zeckhauser · Alexandre Ziegler

37 citations0/0 files storedNational Bureau of Economic Research

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Sustainable Finance and Green Bonds Financial Markets and Investment Strategies Corporate Social Responsibility Reporting

Abstract

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.

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References

1997On Persistence in Mutual Fund Performance 1989Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence 2019The Importance of Climate Risks for Institutional Investors 2009The price of sin: The effects of social norms on markets 2018Do institutional investors drive corporate social responsibility? International evidence 2009Individual and Corporate Social Responsibility 2015Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach 2014Corporate goodness and shareholder wealth

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