This study examines the market reaction to the approval of the Nature Restoration Law, a key component of the EU Biodiversity Strategy, and its implications for biodiversity-related financial risks. Using an event study methodology, we analyze the equity price movements of companies listed in...

Extreme weather events are becoming more frequent with climate change, yet cold stress events remain understudied. I use the 2021 Texas freeze to examine household adaptation to extreme weather-induced blackouts, focusing on (1) adaptation uptake, (2) socio-economic disparities in adaptive...

We show that the widespread approach to estimate the career costs of motherhood - so- called "child penalties" - is prone to produce biased results, as it pools first-time mothers of all ages without accounting for their differences in characteristics and outcomes. We propose a novel method...

We employ "doubly robust" event studies and matching methods to explore whether public participation in Constitution-making can curb political corruption moving forward. Measures of public participation are drawn from the Constitutionalism and Democracy Database (CDD) (Eisenstadt et al., 2015,...

The introduction of the EU Carbon Border Adjustment Mechanism (CBAM) has triggered statistically significant negative stock market responses for firms within the EU. Comparing EU customers that have non-EU suppliers in CBAM-affected industries with their non- treated peers in the control group,...

Financial markets are filled with rumors because of information asymmetry. Although issuing clarification announcements is the most straightforward approach for organizations, previous research has mostly focused on analyzing the influence of rumors and the heterogeneity of their clarification...

This study examines the impact of Conference of the Parties (COP) summits on innovation using an event study framework. Innovation is measured by patent grants, distinguishing between the total number of patents and the number of patents in environmental technologies, based on the World...

This paper investigates the behavior of stock prices around ex-dividend dates in Europe over the period 2018-2022. In the early months of the COVID-19 pandemic in 2020, a significant fraction of firms cut, suspended, or reduced their dividend payments, leading to a shortage. Using a...

We perform a quantitative synthesis of 807 estimates of the effect of macroeconomic news announcements on exchange rates, as reported in 25 studies. Estimates are tested for publication selection using visual examination of funnel plots, linear asymmetry tests, and recent non-linear testing...

Purpose - This study investigates the impact of financial statements disclosed in accordance with the Turkish Tax Procedure Code (TPC) and International Financial Reporting Standards (IFRS) on stock prices at Borsa Istanbul. It aims to explore how each type of disclosure affects market reactions...

The capital markets are sensitive to geopolitical events. It is important to provide evidence of reactions to specific geopolitical events in order to identify general patterns and effective risk management strategies. This study follows the event study approach to assess the reactions of...

This study measured the individual and conjoint effects of Argentina's primaries and first- and second-voting presidential election results, as well as their post-election comparative effects, on the stock market performance of its most relevant economic sectors. Within four different estimation...

In this event study, we analyze the effect of market segmentation on stock returns in Europe amid extreme weather events. We show that local institutional ownership (LIO) mitigates the negative effect of the uncertainty from the occurrence of extreme weather events on stock prices. We assess...

Purpose - This study investigates how the Russian invasion of Ukraine affected the stock markets of the Gulf Cooperation Council (GCC) countries in comparison to Europe and explores the varying responses of GCC markets. Design/methodology/approach - Using an event study framework, the impact of...

We show that the widespread approach to estimate the career costs of motherhood – so called “child penalties” – is prone to produce biased results, as it pools first-time mothers of all ages without accounting for their differences in characteristics and outcomes. We propose a novel...

This study examines market reactions to the US-Houthi conflict on January 11, 2024, across various markets, regions, and industries within the financial sector, emphasizing the role of military strength in shaping global financial responses. An event study methodology is applied to a sample of...