Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections

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	Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections
	Stefano Ramelli; Alexander Wagner; Alexandre Ziegler; Richard Zeckhauser
	05 2021
出版年	05 2021
国家	美国
领域	气候变化
英文摘要	Donald Trump’s 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations on U.S. policy toward climate change. Joseph Biden’s 2020 election shifted them dramatically upward. The authors study firms’ stock-price movements in reaction. As expected, the 2016 election boosted carbon-intensive firms. Surprisingly, firms with climate-responsible strategies also gained, especially those firms held by long-run investors. Such investors appear to have bet on a ‘‘boomerang’’ in climate policy. Harbingers of a boomerang already appeared during Trump’s term. The 2020 election marked its arrival.
URL	查看原文
来源平台	Harvard Project on Climate Agreements
文献类型	科技报告
条目标识符	http://119.78.100.173/C666/handle/2XK7JSWQ/326872
专题	气候变化
推荐引用方式 GB/T 7714	Stefano Ramelli,Alexander Wagner,Alexandre Ziegler,et al. Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections,05 2.