We empirically test the prediction of Pastor, Stambaugh, and Taylor 2020 that green firms can outperform brown firms when climate change concerns strengthen unexpectedly for S&P 500 companies over the period January 2010 - June 2018. To capture unexpected increases in climate change concerns, we...

Manufacturing Value Added (MVA) is the key indicator of a country's industrial production. In order to facilitate international comparisons it is published in UNIDO's International Yearbook of Industrial Statistics for a large set of countries. Because of a time-gap of at least one year between...