Stock price rewards to climate saints and sinners : evidence from the Trump election

Stefano Ramelli (University of Zurich), Alexander F. Wagner (University of Zurich), Richard J. Zeckhauser (Harvard Kennedy School), Alexandre Ziegler (University of Zurich)

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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Year of publication:	September 25, 2018
Authors:	Ramelli, Stefano ; Wagner, Alexander F. ; Zeckhauser, Richard ; Ziegler, Alexandre
Publisher:	[Cambridge, MA] : Harvard Kennedy School, John F. Kennedy School of Government
Subject:	Climate finance \| climate policy \| CSR \| election surprise \| ESG \| event study \| institutional investors \| stock returns \| Börsenkurs \| Share price \| Klimapolitik \| Climate policy \| Präsidentschaftswahl \| Presidential election \| Kapitaleinkommen \| Capital income \| Portfolio-Management \| Portfolio selection \| Corporate Social Responsibility \| Corporate social responsibility

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Extent:	1 Online-Ressource (circa 60 Seiten) Illustrationen
Series:	Faculty research working paper series / John F. Kennedy School of Government, Harvard University. - Cambridge, Mass., ZDB-ID 2123740-2. - Vol. RWP18, 037 (November 2018) Swiss Finance Institute Research Paper ; No. 18-63 Research paper series / Swiss Finance Institute. - Geneva, ZDB-ID 2392286-2. - Vol. no 18, 63
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.2139/ssrn.3254526 [DOI]
Classification:	G14 - Information and Market Efficiency; Event Studies ; G38 - Government Policy and Regulation ; g41
Source:	ECONIS - Online Catalogue of the ZBW

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